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Thread: Pension transfer can be complex

  1. #21
    Join Date
    Aug 2004
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    Leeds now Auckland
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    Following on from my previous posts we have now successfully transferred 3 pensions over here. We used ASB who were great no fees, good exchange rate and we can access 20% of the cash now and the rest at 50.

    They did just about everthing possible to get it through so we didn't get hit with the 40% tax and I believe they are ammending their scheme so it complies with the new rules that come into force 6th April.

    Michelle

  2. #22
    Join Date
    Jul 2005
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    1,521

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    Wish I cvould say the same for Brittania

    They had the Cheques on the 8th March, and so far cant even tell me the $$$ value, despite a number of phone calls.

    I cant fill in the paperwork for release of the money until I have the numbers, and we are away for a month from next Wednesday.

    So - they have about 25K of OUR money sitting in THIER account and have done for nearly a month. And I have to sit here twiddling my thumbbs because they cant be arsed to check the numbers. I mean - are they really saying taht after 1 month they dont know what the bank transfered the money at?????

    Also, in hindsiggt - Brittania make a big deal out of the fact that this process can take months because of teh delays from the UK pension companies. In our case - a load of hooey! The Uk companies were fantastic: GE Pensions, Friends Provident and CIS Pensions. From the time Britannia fianlly bothered to get the paperwork to them it took them a whole week to sort everything out and send letters to us telling us the cheques ahd been sent. Britannia is the company that is holding things up - at almost every step.

    Im VERY P.O'd. And at this point do NOT recommend Brittania.

  3. #23
    Join Date
    Aug 2004
    Location
    Leeds now Auckland
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    Definitely not the case with us, we have had letters from the UK firms confirming its been settled and almost at the same time letters from ASB confirming its gone through and the conversion amount. The do say its 21 days from issue of the cheque in the UK to clearance here in NZ but ours have gone through and we had a letter clearly showing exchange rates and values

    ASB pensions do not conform with the new rules however only minor changes are required and so will be fine for future transfers, or thats what we have been told !

    Michelle

  4. #24
    Join Date
    Jul 2005
    Posts
    1,521

    Angry

    Well, any hopes that Brittania might turn this mess round into a half positive experience have been dashed. They have had the cheques for a month, still cant tell us how much it transfered at (though they can tell us it has cleared today!) , wont even acknowledge emails or reply to phone calls, cant even get the right client, and absolutely do not give a stuff about thier clients (unless you arent one yet - they can spend all day out of the office trying to get new clients to screw over!)



    Utterly incompetent. whats worse - they have our money, and are going to cream off 5%. God knows when we are going to get the rest of it - but at the moment no one there can even make up thier minds what forms we are supposed to fill in at this point.

    Now im being told that they cant give us the $ value till we gave signed the release forms - only its the release forms we are trying to fill in but cant because we need the $ value But they have managed to give us 1 of the $ values

    Is this the NZ Van lines of Pension transfers????

  5. #25
    Join Date
    Jul 2005
    Posts
    1,521

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    Ps. Sorry for ranting - really needed to get that out.

    We now have the figures at last so we may even see the money in our bank accounts before we get back from the Uk in a month

  6. #26
    Join Date
    Aug 2004
    Location
    Leeds now Auckland
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    495

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    no apology needed I would do the same, if its any consolation (and I am not sure it will be)hopefully others will read your story and not go with them

    Michelle

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