A widow has been unable to transfer her late husband’s pension to a new provider for more than a year since his death, with Hargreaves Lansdown admitting there were delays on its side.
Financial adviser Jeremy Miles, told FT Adviser about his recent experience with Hargreaves Lansdown while trying to help his client get her husband’s pension transferred to a new provider.
The late husband, who passed away April 7 2023, had two plans with Hargreaves Lansdown, an Isa and a drawdown arrangement in payment.
According to Miles, following the provision of the death certificate, the firm “failed” to outline the deceased’s pension options until July 24 2023.
He then requested pension policy details from Hargreaves Lansdown on October 28 2023 but said these were not provided until December 5 2023.
On October 31, Miles instructed Hargreaves Lansdown that the client wanted a switch of all investments to cash before a transfer could be made to a new provider.
Miles had instructed the firm that his client was vulnerable and did not feel comfortable completing any forms or receiving any correspondence about the process and for everything to be sent to his firm IFS Financial Management.
However, according to the adviser the client was sent the confirmation letter directly about the investment switches rather than it being sent to him.
From December 2 2023, the adviser said he began asking for pension transfer forms to start the process of transferring out the deceased's pot, which were not provided by Hargreaves Lansdown until February 8 2024.
According to Hargreaves Lansdown in order for a pension to be transferred, the assets first needed to be transferred to the widow’s name which required a ‘settlement of benefits’ form to be filled out.
Miles said this form was sent back on March 8, followed by a ‘risk questionnaire’ which was returned on March 22.
After not receiving any updates, on April 15 a complaint was raised explicitly by the adviser to Hargreaves Lansdown with the firm emailing on April 17 inviting Miles to call them to discuss the matter (seen by FT Adviser).
After calling the number provided, Miles was told “the bereavement team were a bit light” and couldn’t take calls.
On April 24, the client directly received a letter from Hargreaves Lansdown acknowledging the complaint, stating it had eight weeks to respond.
The client also had a phone call from the bereavement department saying it hadn't received the 'risk questionnaire' form, which according to Miles was returned March 22.
The team wanted the client to do it over the phone, despite Miles instructing a few weeks prior that the client didn’t feel comfortable receiving any correspondence directly and for everything to be sent to her adviser.
FT Adviser understands the pension has still not been transferred out of Hargreaves Lansdown more than a year since the widow’s late husband died.
Hargreaves Lansdown response
In a letter sent to the client, seen by FT Adviser, from Hargreaves Lansdown this month, the firm detailed what had happened to cause a delay in the process.
