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Towers Watson pension transfer out
Sarah Cook
Posted: 04 February 2018 13:36:02(UTC)
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Hi
Im currently transferring my pension out of towers Watson into a new provider but this has been held up due to TWR stating they need HMRC pension scheme confirmation first.

Has anyone encountered this and how long did it take?

Or are TwT stalling?
HUFC
Posted: 05 February 2018 16:24:28(UTC)
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It's standard practice for a pension administrator to check that the receiving pension provider is registered with HMRC, so that they don't end up sending the money to a scammer or an unauthorised pension arrangement
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Sarah Cook on 07/02/2018(UTC)
Sarah Cook
Posted: 05 February 2018 20:38:48(UTC)
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Thank you for your reply, do you know how long it usually takes for these checks to come back?
S_M
Posted: 05 February 2018 21:07:46(UTC)
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Sarah Cook;56549 wrote:
Thank you for your reply, do you know how long it usually takes for these checks to come back?


It’s all dependant on how quickly Towers Watson respond to HL. It used to be done by confirming the pension scheme registration number on a form. You might want to give Towers Watson a nudge.
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Sarah Cook on 06/02/2018(UTC)
Sarah Cook
Posted: 06 February 2018 08:26:20(UTC)
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Thanks for this seems such a long process when the screen print confirmation when the documents are submitted. The request was sent to HMRC just over 2 weeks ago now. This transfers has going since November so it feels like it's taking forever
PaulSh
Posted: 06 February 2018 09:12:53(UTC)
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I had a somewhat similar experience with Towers Watson around 18 months ago. They really are very slow at transferring pensions out as it appears to be an almost entirely manual process for them. Definitely chase both them and HL up, although it also has to be said that this is one of the busiest times of year anyway for HMRC.
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Sarah Cook on 06/02/2018(UTC)
Sarah Cook
Posted: 06 February 2018 10:37:38(UTC)
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Thanks just out of interest if you don't mind how long did it take your transfer to complete?
PaulSh
Posted: 06 February 2018 11:24:37(UTC)
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I can't say exactly, but it was certainly well over 2 months.
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Sarah Cook on 06/02/2018(UTC)
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