Home / Business and Economy / Pension Firm Held £350k Hostage Over HMRC Error
Pension Firm Held £350k Hostage Over HMRC Error
23 Dec
Summary
- Pension firm refused transfer despite corrected HMRC error.
- CEO faced immense stress from bureaucratic incompetence.
- Media intervention led to the transfer of frozen pension funds.
Steve Bentley, a 70-year-old business owner living in Bulgaria for two decades, encountered a significant bureaucratic hurdle with UK pension provider Curtis Banks concerning his £350,000 retirement fund. Bentley sought to transfer his private pension to a Belgian-based scheme, but Curtis Banks refused, citing a discrepancy on HMRC's recognised overseas pension schemes (ROPS) list, despite the error having been corrected by HMRC.
This administrative snag, stemming from an incorrect listing of Bentley's intended scheme by HMRC, led to a prolonged delay and considerable stress for Bentley. Curtis Banks insisted on an HMRC re-registration letter, which Bentley argued was not a required document and impossible to obtain. He expressed concerns that such practices could severely impact less informed pensioners.
Following intervention from This is Money, Curtis Banks has now completed the transfer of Bentley's pension funds. The firm acknowledged the inconvenience and is offering a goodwill payment. Bentley, however, has rejected the initial offer and is pursuing financial loss compensation, having escalated his complaint to the Pensions Ombudsman.
