HMRC Clearance on pension transfer
Ssasquatch
Member
Hi all,
We have recently recommended a client transfers their DB pension from Fujitsu pension scheme (WTW administered) to the Wealthtime platform.
All documents were submitted in mid-January, and we had confirmation on 21/01 that all documents had been received and the guarantee was secured. The CETV deadline was 28/01.
Since then, nothing has happened despite several regular chasers from us, the client, and the receiving scheme. The ceding scheme are waiting for 'formal confirmation from HMRC that the receiving scheme is registered under their administrative records'. This means that we are now approaching eight weeks where nothing has happened, and as we would expect from WTW, we are getting nothing by the way of constructive responses. We've never come across a delay such as this and are concerned it is potentially leading to a worse outcome for a vulnerable client.
Anybody have any experience of something like this or have any ideas how to chase it up?
Comments
Get Weaslthime to send you a copy of their PSTR notification from HMRC and then end it to WTW and ask them if they have ever actually asked for it and if so, who and when.
If this is down to red and amber flags which I suspect it might be you are better getting the client to send in the info - an adviser trying to move along a transfer can be a flag in itself (and no time to check regs but I think it actually has to come from the member)
We had a long delay on one once but when we queried this, the administrator (who I think were WTW) rightly claimed they were within the regulatory timescales of six months from the guarantee date so we didn't take it further and waited it out. Which I suspect WTW in your case will rely on if you try to raise this further.