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Virgin Super ....beware!

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Virgin Super ....beware!

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Old Jun 6th 2011 | 12:03 am
  #16  
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Default Re: Virgin Super ....beware!

Originally Posted by johnnye
Why not move it all to an indusry standard QROPS fund instead?
Thanks,

I only found out today that i cant transfer it. When i was on the phone being told we are keeping your money haha i just said transfer my australian contributions to my already set up company fund. That way atleast i take some of my money off their incompetent hands asap (as transfer request already lodged and fund set up)

I have also asked for them to confirm in writing that i can transfer my UK Pension to a QROPS pension without penalties. Once i get that confirmation i will open another super account and transfer the UK part out of virgin. Problem is knowing Virgin that will be 5 mnths before it is transferred as will prob have to go through the whole proof of address, ID, date of birth, whether my house is made out of wood, am i right handed etc. I would rather some of my money in another super than wait 5mnths for virgin to try to weasel out of transferring it.

Out of all of this and all the complaints, etc they have never said we are really sorry for this and to compensate you for this issue we are going to " make your account priority, give you 1 mnths fees back etc" They dont give a s**t about customer service all they want is to keep your money for as long as possible.

I wouldnt be surprised if when you retire they find some loop hole to say your account was opened incorrectly and you are not entitled to your money.
 
Old Jun 6th 2011 | 12:05 am
  #17  
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Default Re: Virgin Super ....beware!

We had a Virgin credit card when we got here - no fees. Then one fine day they transferred us to a Westpac card, no asking, just done. The fact that Westpac had been doing all the Virgin card handling was irrelevant. I have also ditched the Virgin mobile account.

Branson cultivates the slightly loopy "mate" persona, but he's a calculating businessman who can turn a quick buck. Good luck to him, but don't be fooled that he's in it for *you*.
 
Old Jun 6th 2011 | 12:55 am
  #18  
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Default Re: Virgin Super ....beware!

Originally Posted by Oz Dreaming
Thanks,

I only found out today that i cant transfer it. When i was on the phone being told we are keeping your money haha i just said transfer my australian contributions to my already set up company fund. That way atleast i take some of my money off their incompetent hands asap (as transfer request already lodged and fund set up)

I have also asked for them to confirm in writing that i can transfer my UK Pension to a QROPS pension without penalties. Once i get that confirmation i will open another super account and transfer the UK part out of virgin. Problem is knowing Virgin that will be 5 mnths before it is transferred as will prob have to go through the whole proof of address, ID, date of birth, whether my house is made out of wood, am i right handed etc. I would rather some of my money in another super than wait 5mnths for virgin to try to weasel out of transferring it.

Out of all of this and all the complaints, etc they have never said we are really sorry for this and to compensate you for this issue we are going to " make your account priority, give you 1 mnths fees back etc" They dont give a s**t about customer service all they want is to keep your money for as long as possible.

I wouldnt be surprised if when you retire they find some loop hole to say your account was opened incorrectly and you are not entitled to your money.
You can transfer to another QROPS. I was with VS and completed my transfer in Feb. I had all the hassle you talk about. Anyway you can transfer it to a non qrops but you will be liable for uk tax if still inside the qualifying period. So the fact they've said you cannot may be incorrect. You are lucky they didn't transfer it though, as you may have had to pay the tax. If you want more info PM as I've been through it all.
 
Old Jun 7th 2011 | 5:50 pm
  #19  
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Default Re: Virgin Super ....beware!

Originally Posted by Wol
We had a Virgin credit card when we got here - no fees. Then one fine day they transferred us to a Westpac card, no asking, just done. The fact that Westpac had been doing all the Virgin card handling was irrelevant. I have also ditched the Virgin mobile account.

Branson cultivates the slightly loopy "mate" persona, but he's a calculating businessman who can turn a quick buck. Good luck to him, but don't be fooled that he's in it for *you*.
I was also attracted by the "no fees" Virgin visa card and asked on the phone a few months ago whether I was eligible to apply one based on my circumstances. After giving my details, the guy said it's OK and I would get an approval letter within a few days. I had to mail copy of documents like driver licence, utility bill, pay-slip to support the application. I was also requested subsequently to mail another clearer copy of driver licence to see the birthdate. After another week when I called again on the status, I was only told then my application was rejected as my employment income was not strong enough". It pissed me off as they should have said no in the first place without wasting me time and money in checking and sending over documents. Interestingly, I went ahead then to apply for a HSBC visa (also no fees) and got a card with a good credit limit in just more than a week!
 
Old Jun 9th 2011 | 5:31 pm
  #20  
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Default Re: Virgin Super ....beware!

I thought that I would just update this thread, and let you know that my VirginSuper account has now been unsuppressed, and I now have full online access again.

Only took a year...


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