Concerns ..... Lack of contact ..6 months on...

D

deco87

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Not quite sure if I am posting in the right place , please move if not.

I retired 6 months ago , from the civil service. A standalone PRSA/avc had also come to the end of its life. It could only be utilized , when my main pension
scheme came into being after I retired. I was going to cash it in. However , a financial advisor( specializes in civil service) happened to be around visiting offices at this time , this person was a Senior Financial Advisor , reputable.

Anyway I had a change of heart , and guided by advice , decided to invest my policy funds into a new policy , in order to continue an investment into the future availing
of the tax breaks etc. Paperwork completed.

Now at this time ,I am being requested for information ,from the brokerage firm , from verify my identity , to supply payroll documents , basically a re run of all the information I was asked for 6 months ago , and provided at that time. There is no contact from the advisor that I dealt with initially.

I am being vague here purposely as this may be a genuine , innocent , oversight , but I cant help worrying , about this as the funds are reasonably substantial.

I cannot verify where the funds are , I am arranging to go to see them about it. Before I do I was hoping to get a bit of advice here, to ask appropriate information.
Am I entitled to confirmation that my funds are safe and secure.
If the circumstances , that that are that they are missing , have i any comeback , if so how do i go about commencing that procedure. They are regulated by the central bank. Is that any comfort should any issue arise.
thks

D
 
It sounds normal enough to me. The company’s do all of those checks again when someone takes their retirement benefits. And the person who advises on the stuff at point of sale doesn’t tend to be involved on the admin side.
 
I agree with Gordon on this. We recently completed the paperwork to convert PRSA to ARF and provided ID, pay slip, marriage cert etc to the Financial Advisor. However, I would be very upset if, in 6 months time, the pension company came looking for the same documents. It's probably incompetence but I would be tracking the Financial Advisor down asap to figure this out. In short, you are certainly entitled to know where your funds are. Not sure what comeback you have but, at least, the fact that the pension company has contacted you indicates the paperwork went through. No harm in checking though.
 
Slim said:
I agree with Gordon on this. We recently completed the paperwork to convert PRSA to ARF and provided ID, pay slip, marriage cert etc to the Financial Advisor. However, I would be very upset if, in 6 months time, the pension company came looking for the same documents. It's probably incompetence but I would be tracking the Financial Advisor down asap to figure this out. In short, you are certainly entitled to know where your funds are. Not sure what comeback you have but, at least, the fact that the pension company has contacted you indicates the paperwork went through. No harm in checking though.
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thanks lads. This is my worry the financial advisor has gone to ground, different people, from the brokerage firm when asked are giving different answers to the "where is the person?" Thats more of a worry , seems suspect to me. I acknowledge appears to be standard operating procedure so thks
 
Gordon Gekko said:
It sounds normal enough to me. The company’s do all of those checks again when someone takes their retirement benefits. And the person who advises on the stuff at point of sale doesn’t tend to be involved on the admin side.
Click to expand...
That’s was 6 months ago when retirement benefits were taken
 
deco87 said:
Not quite sure if I am posting in the right place , please move if not.

I retired 6 months ago , from the civil service. A standalone PRSA/avc had also come to the end of its life. It could only be utilized , when my main pension
scheme came into being after I retired. I was going to cash it in. However , a financial advisor( specializes in civil service) happened to be around visiting offices at this time , this person was a Senior Financial Advisor , reputable.

Anyway I had a change of heart , and guided by advice , decided to invest my policy funds into a new policy , in order to continue an investment into the future availing
of the tax breaks etc. Paperwork completed.

Now at this time ,I am being requested for information ,from the brokerage firm , from verify my identity , to supply payroll documents , basically a re run of all the information I was asked for 6 months ago , and provided at that time. There is no contact from the advisor that I dealt with initially.

I am being vague here purposely as this may be a genuine , innocent , oversight , but I cant help worrying , about this as the funds are reasonably substantial.

I cannot verify where the funds are , I am arranging to go to see them about it. Before I do I was hoping to get a bit of advice here, to ask appropriate information.
Am I entitled to confirmation that my funds are safe and secure.
If the circumstances , that that are that they are missing , have i any comeback , if so how do i go about commencing that procedure. They are regulated by the central bank. Is that any comfort should any issue arise.
thks

D
Click to expand...
Just re read post , in case of any confusion, I retired 6 months ago from civil service.
I had a stand alone prsa / avc.
you can only use it in combination with revenue limits when you actually retire.
This advisor guided me to cash in the policy and use funds for another retirement policy.
In order to do this it was required I provide standard documentation. Eg identity , details of pension : etc etc ...
heard nothing since I retired about this investment , advisor has disappeared. Members from his office are now , six months later looking for all the documentation that was required 6 months ago. Query : I’m concerned. Cannot get info re funds . Why are they seemingly starting the whole process over again seeking exact same documents as before . Will be getting to office as soon as I can , thks
 
Write a formal letter voicing concerns now, and raising all questions. Then you have something to raise in a formal complaint with the FSO if not addressed
 
@deco87

Sounds like you took thae value of AVCs as tax-fre-cash and invested it in a single premium investment. You would have completed a new application for this and done the anti-money laundering (identity etc.).

The tax-free-cash would have been paid directly into your bank account or, maybe by cheque to you. You would have then written a cheque, got a draft or made the payment for the investment to the company you were investing with.

If the Advisor has left the brokerage that he/she worked for, and there is some sort on internal dispute, then it might explain the vagueness of the replies from the brokerage. No excuse for this type of behaviour though.

Contact the company that you made the cheque payable to. I presume it has been cashed?

Gerard

www.bond.ie
 
Deco87
If you invested the AVC proceeds into another retirement policy then presumably it's in an ARF. Did you get any Policy documents? Can you contact the Life Company directly to get details?
 
Nothing received. All paperwork completed 6 months ago. Financial advisor off sick ! Apparently. Getting requests for all info already given. Possible advisor didn’t forward details before left the scene! Trying to get into see manager shortly thks will update
 
Sorry, six months ago was late February, yes?

Meaning your paperwork etc would have been going through in early to mid March.

You’ll recall that something happened on 12 March...

I’d cut businesses a lot of slack given what’s happened. Just ask these guys what happened and don’t be fobbed off.
 
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