Are delays at Revenue causing delays in transfer between plans/companies?

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FeuFollet

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Over a year ago a new financial advisor advised to move from Irish Life to Aviva. Yet, transfer has still not happened; the reason, I am told, is that Revenue still haven't issued some authorisation number required and are no longer responding.

Over a year! What is that magic number? Are Revenue overwhelmed? If so, do I have to pay taxes on time? Will they approve it before my retirement in less than 20 years?

Are you aware of these delays and what to do? Thank you.
 
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Pension Provider - very difficult to contact - stressful

I am taking early retirement from a job I worked in for 5 years. I'm moving abroad so am taking the 40k in my pension, minus tax with me. I find it almost impossible to contact them - they are WTW - no one answers the phone, I leave a message and there is no response. I email and they say they...
www.askaboutmoney.com

Read this thread and make an IDR complaint to the pension provider.
 
It seems completely out of the hands of the pension provider.
I wonder if anyone else has heard of difficulties with Revenue issuing these magical numbers?
 
Is your pension fund an Executive Pension scheme? If so, is it that Aviva are saying that they haven't yet received Revenue approval for the new scheme?
 
Revenue still have a substantial number of “new” schemes to approve. By the time EPP products were closed last Summer they were somewhere between 6-9 months for scheme approvals.

When the EPP products closed they also had additional work to review outstanding approvals for Group schemes which have been migrating to Master Trust arrangements for the past jumber of months.

If Aviva have submitted your plan for approval they will have received an SR number. Full approval is referred to as an SF number. If your transfer is from EPP to EPP Revenue had informed the pension companies that it is possible to transfer on receipt of the SR number while Revenue word through the outstanding approvals. If your transfer is from a PRSA to EPP then you will have to wait for the SF number.

One provider has refused to transfer EPPs to EPPs on the basis of the SR number alone.

Revenue were taking escalations a number of months ago but are now strictly working on date order alone it seems.
 
Dave Vanian said:
Is your pension fund an Executive Pension scheme? If so, is it that Aviva are saying that they haven't yet received Revenue approval for the new scheme?
Click to expand...
Yes, it's an Executive Pension scheme.
That's what the number is indeed.
Are you aware of similar delays/issues?
 
FeuFollet said:
Yes, it's an Executive Pension scheme.
That's what the number is indeed.
Are you aware of similar delays/issues?
Click to expand...

See reply from Smoneen above. I would ask Aviva to confirm what date they sent the request for approval to Revenue.

If you only set up a new Executive Pension Plan (EPP) with Aviva about a year ago, have you not now been told by your financial advisor that the new plan will need to be wound up by the end of June 2023 anyway, due to regulations known as IORPS II? That being so, perhaps the whole issue of transferring the Irish Life fund into it is moot.

But as Smoneen says, if you are transferring from a similar Irish Life scheme, it should be possible to complete the transfer if you just have the application number for the Revenue approval. It's likely that if the sponsoring employer is the same, Revenue will give the Aviva scheme the same approval as the Irish Life scheme had anyway.
 
Yes, wonderful info there Smoneen and Dave Vanian. Not that it changes my situation at all but now I know!

It is a PRSA to EPP, so the magic number is SF. And yes indeed, it may well be a moot point as Aviva notified that they would be winding down the scheme soon.

Meanwhile the new EPP has been receiving contributions over the past year, just but the transfer from the PRSA is stuck. Confusing.
 
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