Company changed pension provider. Can't get a final statement

colin79ie

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309
So, in Dec 2017 our company changed from Zurich to Aviva for our prsa. Company pays 5% , employees up to 10.

In the spring of each year Zurich would send out our individual statement booklet with all the info etc. However, they have not issued one for 2017 and say they don't issue 'final' statements. So I don't know exactly what was transferred from Zurich.

I can see what was transferred INTO Aviva but the last statement I have from Zurich is for 2016. I paid into the Zurich one up until Dec 2017 but have no statement of payment other than my payslips.

Our office are of no help.

I just want to ensure there is nothing untoward going on. The broker who sold the Aviva one moved on after the deal....
 

GSheehy

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304
I'd be confident that the transfer from Zurich to Aviva was above board.

You must have signed something to agree to the transfer of the Zurich value to the Aviva policy; and a new proposal for the regular contribution to Aviva. The transfer would have been done between the two companies and there can't be a charge on the transfer value. I'd have expected that Zurich would have sent a letter to you confirming the value at the time (??).

The broker may have moved on but there would still be an agent assigned to looking after your PRSA. I'd imagine someone is still getting paid to service the Aviva PRSA Scheme that could track down the correspondence.
 
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colin79ie

Frequent Poster
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309
I'm sure everything is above board too but without the facts I don't know what, if any charges were incurred in this change.

Zurich didn't send any correspondence. The only correspondence received by me was a form to sign to give my permission for the transfer. No values or anything was seen by me.

The same broker sold both pensions to the company within the space of 5 years. Zurich first, then Aviva.
We were told the fees would be lower.

The transfer would have been done between the two companies and there can't be a charge on the transfer value
So are any fees charged if moving provider?

It just seems a bit strange. Zurich won't give a statement because the account no longer exists. Aviva can't obviously give the statement, although they have just recently sent a statement with the transfer on it.
 

GSheehy

Frequent Poster
Messages
304
If it was moved from a Standard PRSA with Zurich Life to a Standard PRSA with Aviva, the broker may have got a % of the total transfer values from Aviva, but it wouldn't have affected your fund value. Pension companies are actively encouraging brokers to transfer pension pots and then they recoup the payment to the broker via the 1% AMC .

If they were both Standrad PRSAs then the AMC was/is 1% on both so if you were told the new one had lower fees it must have been on the contribution charge. Was the contribution charge reduced from (say) 5% to (say) 3% for all 'new' regular contributions to the Aviva PRSA?

Send Zurich Life a letter asking for confirmation of the transfer value in (whatever month) of policy number XXXXXXXXX.
 
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