Has anyone transferred a defined contribution pension away from Capita?

[Soonthemoney]

I’m planning to retire in 2 years time in my mid 50’s and I’ve been reading just how bad Crapita is!!

They took over the pension administration of my defined contribution pension years ago and I’m seriously thinking about transferring to another provider as they seem terrible. Just wondering if anyone had moved, how long it took and who they moved to?

Oh god prepare for LOTS of forms and a long haul. Dreadful company to deal with. I’d def move it if you are looking at drawdown and not an annuity

I was thinking of drawdown but that will be a nightmare 😮

I transferred mine into the LGPS and it was pretty straightforward. Asked for a transfer out quote, sent it to LGPS for a transfer in quote. Accepted that and then it took about 4 months.

Might have been slightly different as I was actually a Capita employee rather than just a random pension administered by them?

@RedFatball That doesn't sound to painful but may have been easier as you worked for them!

I should have said that this is an old workplace pension which I left many years ago and has grown quite nicely. I'm trying to get organised as I didn't know about the problems people have had with them until recently.

Sorry, I didn't work for them at the time I transferred, I'd move to work for the police. I was transferring my capita staff pension out after I finished with them... and there were Reasons I left!

Ahh I see!! I think I would need to put mine in a SIPP and i'll be taking the Rebel Finance Course and reading up more in the next few months

Interested to hear what you discover. Please share!

If your pension is worth more than £30k (in total, not per year), you have to consult a financial advisor to switch it. This won’t be cheap - several thousand pounds is quite possible, and you’ll still have to pay even if they don’t recommend the switch. And it will be hard to find a SIPP that will accept it if they don’t.

Don’t transfer it because Capita are crap - they may well get better before you need it, and that would be a poor reason to swap a db pension to a dc pot

@ElliePhant28I'll let you know how I find the course

@PosiePerkinPootleFlump I don't think I have to consult a financial advisor to transfer into a SIPP and from what I gather they will accept a large pot!! Capita may well improve in a few years time which will be great, but i'm just gathering information at the moment

As stated, I have a defined contribution pension - I took out a private pension which I paid into at a previous job and Capita took over the administration from the original company

I transferred DC pot of £75k and it was two forms. Transfer out quote and a transfer in request. You need financial advice for DB pensions and any that have legacy benefits, but straight DC pots are pretty straightforward in my experience.

@RedFatball Thanks for the information as it seems straightforward. I'll keep this in mind going forward as I start my retirement planning soon