Richard Jacobs Pensions & Trustee Service managing director Richard Jacobs says the two clients wanted to move their pension pot from an Axa executive plan to an Axa personal pension when they sold their company earlier this year.
Jacobs sent in the couple’s completed applications on June 24 and at the end of July got a pension transfer form for the husband to sign.
According to Jacobs, Axa said it would not proceed with the wife’s transfer until it had got her salary details so it could determine whether she required tax-free cash protection.
Jacobs says this was irrelevant as his trustee calculations showed that her funds did not require protection because the 25 per cent was greater than the pre-A-Day tax-free amount.
On October 29, Axa confirmed that the clients’ funds had been transferred to the personal pension department but Jacobs was only told on Monday that the policy documents were on their way.
Jacobs says: “This is crazy. I chose Axa personal pensions as I assumed the transfer would be straightforward. It has cost me a fortune constantly chasing the company as well as reflecting badly on me as an adviser.”
An Axa spokeswoman says: “This time period is an extra-ordinary circumstance and transfers of this nature do not usually take this amount of time. However, the transfer period can depend on the complexity of the individual case.”