Financials

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I thought I'd start this 'discussion' based on a few comments across some others.

My dealings with financial companies? It's been a mixed bag to be honest. For me the banks and life insurance companies acted quite quickly, and I was quite surprised by that. The pension providers however? Well, that's another story! Still waiting even though it's been nearly six months. Granted paperwork didn't start immediately but it's approaching 18 weeks since that certainly did!

One situation did make me laugh. To change my status to widower for the car insurance cost me £10. The laugh was that I did the 'administration task' myself - online!

The other matter I'd be interested in asking about is probate. Some companies seem to not bother, and some do. There is no consistency and I think the remit of anything between £5k and £50k is far too wide to allow companies to state whether they want probate to settle things. Seems like a delaying tactic to me. I really think that legislation should stipulate the minimum and not allow the companies to dictate that themselves.

I'd be interested to hear what some of you think.

Take care,

WDJ

Jillybean74 over 2 years ago

I had exactly the same as you. Banks and building societies fantastic. Prudential pension (which was by far the biggest pot) and NUM pension both easy but the small workplace pension company were a joke. There was less than £6k in it yet they insisted that we open an joint account (myself and my daughter as the two executors) and would not release the money until we did so - even though I had a solicitor write to them saying they were dealing with the estate and the funds should be paid into their client account. Fortunately they didn’t then insist that the account was an “ executors account” I’m not sure they realised the difference- if it had been an executors account we would have had to apply for Probate purely to get that small pension pot. No one made me jump through the hoops that they did. At a time when i was struggling to get through the days as it is they really didn’t help. NOW pensions.

BootsyD over 2 years ago in reply to Jillybean74

It's my personal pension that I'm going to looking at taking as soon as I can. I have had a financial adviser from Unbiased visit me and he covered all different options from pensions, property, is and savings. I am a bit of a chicken on investing because I'd hate to lose anything (I know values go up and down) these people do talk sense about making your money work for you but it scares the out of me! All my original intention was to get my 25% tax free and split the rest up until my state pension kicks in in 2030 when I'll be 67- unless they move the age again!!!

Tomorrow is another day

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