Why did Curtis Banks block Steve Bentley's £350k pension transfer?

Curtis Banks initially blocked the transfer due to a discrepancy on HMRC's ROPS list, despite the error being corrected.

What is the HMRC ROPS list and why is it important?

The HMRC ROPS list verifies overseas pension schemes. Administrators use it for due diligence, though it doesn't guarantee tax-free transfers.

How was Steve Bentley's pension transfer finally completed?

The transfer was completed after This is Money contacted Curtis Banks, prompting the firm to expedite the process.

Home / Business and Economy / Pension Firm Held £350k Hostage Over HMRC Error

Pension Firm Held £350k Hostage Over HMRC Error

23 Dec

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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.

Pension Firm Held £350k Hostage Over HMRC Error

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.