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Scottish unFriendly!

Scottish unFriendly!

Old Jun 15th 2021, 2:24 pm
  #46  
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Default Re: Scottish unFriendly!

Originally Posted by FenTiger
I'm also looking into the possibility of my wife's pension being transferred to a Hungarian private pension provider.
I would never transfer my pension to a Hungarian pension provider.
Hungary does not have the financial safeguards for the consumer that the UK finance, banking and pension industry has. There have been several incidences in recent years where clients have been left without funds in their pension with no real explanation as to what happened and without any chance of compensation. Very few people in Hungary have private pensions with most relying on the State earnings related pension consequently the private pension market is small and very unprotected (for the consumer) compared to the UK.

Do you have an independent financial advisor in the UK ??
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Old Jun 16th 2021, 4:52 am
  #47  
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Default Re: Scottish unFriendly!

Originally Posted by Peter_in_Hungary
I would never transfer my pension to a Hungarian pension provider.
Hungary does not have the financial safeguards for the consumer that the UK finance, banking and pension industry has. There have been several incidences in recent years where clients have been left without funds in their pension with no real explanation as to what happened and without any chance of compensation. Very few people in Hungary have private pensions with most relying on the State earnings related pension consequently the private pension market is small and very unprotected (for the consumer) compared to the UK.

Do you have an independent financial advisor in the UK ??
Independent financial advisor - nope ... we don't have one but will have to look into this. I do have a friend who works for a pension provider. He's not responded to my message explaining wife's situation.
I just cannot wait to move to new house where we will have more space and a proper table/desk for laptop, second monitor and paperwork. Unfortunately, I've been "corrupted" by the benefits of using two monitors and laptop I can't "work" any other way!!!
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Old Jun 17th 2021, 1:25 pm
  #48  
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Default Re: Scottish unFriendly!

Originally Posted by FenTiger
Scottish Friendly have come back to say exactly the same and they have no licence to deal with overseas clients. Their website says different!​​​​​
Have SF said exactly why they can't deal with overseas clients. I can imagine several reasons e.g.-
1 They can't deal with non-UK citizens
2 They don't want to send monies to a non-UK bank
3 They don't want the hassle of foreign correspondence
It could be a combination of the above - or something completely different.
Perhaps you should ask SF exactly what their problem is. (IMO saying "no licence to deal with overseas clients" is too wide a statement to enable you to act) Once you know the exact problem you will be in a better position to act.
My pension provider (Standard Life) will only deal through an Independent Financial Advisor (IFA). Perhaps if you had a UK IFA then SF might deal through them.
For a UK bank account I believe Transferwise will give you a UK bank account number which could solve the problem of SF refusal to send money abroad if that is (part of) the problem
Either way I believe SF should be more specific as to the exact problem to enable you to solve the issue.

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Old Jun 20th 2021, 7:32 am
  #49  
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Default Re: Scottish unFriendly!

I'm going to email them to ask for a more detailed explanation. I think SF are being a little too lazy in providing a more detailed explanation. As mentioned above there website still states there would ne no problem if a policy holder lives in EU.
I also have a friend who works for a pension provider and asked him about this via email. I might have to FB messenger via video as he seemed to misunderstand the problem.
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Old Jun 20th 2021, 8:08 am
  #50  
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Default Re: Scottish unFriendly!

Originally Posted by FenTiger
I'm going to email them to ask for a more detailed explanation. I think SF are being a little too lazy in providing a more detailed explanation. As mentioned above there website still states there would ne no problem if a policy holder lives in EU.
I also have a friend who works for a pension provider and asked him about this via email. I might have to FB messenger via video as he seemed to misunderstand the problem.
I have a similar ridiculous situation with my UK Building Society who flatly refuses to have anything to do with me because I don't have a UK telephone number. They will however take instructions from my DIL who has authority to deal with my account.

I'm so fed up with having little or no control of my own money that when it's convenient for both of us I'm moving to a SA bank in the IOM who are more than happy to speak to me.
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