Michael Philips proprietor Michael Both says his client used the open market option to take an annuity with Just Retirement on an Aegon pension fund.
But he says Just Retirement’s policy of not using recorded delivery to send his client’s discharge documents meant the files were lost in the post and delayed the process.
He says: “This is a situation where there could be poten- tially hundreds of thousands of pounds not sitting in the right place when markets could be moving quite violently. I do not think it is treating customers fairly.”
Just Retirement head of retirement solutions Nigel Barlow says: “We do not send discharge forms by recorded delivery but this is one of the things that we as an industry are looking to simplify and automate. The treating customers fairly issue means improving the overall process, which we are focusing our efforts on and hope will yield results quickly. Sending documents by recorded delivery could address individual problems but we are working on cutting down transfer time on a wider scale.”