We recently contacted you to highlight that FundsNetwork would soon be migrating your pension to their new platform. We mentioned that some pensions wouldn’t initially be migrated if there were any ‘in-flight’ transactions, eg in the preceding week or two you may have submitted a deal instruction, a regular monthly contribution was being processed, tax relief was received from HMRC or fees may have been taken. We have checked with FundsNetwork who have confirmed that there are some other situations that may have prevented your pension from migrating, but those mentioned above are the main culprits.
Currently your pension has not been migrated to the new platform. FundsNetwork will try to migrate again this weekend, July 6th/7th 2019 and if none of the situations mentioned above apply at that time your pension should be migrated.
If FundsNetwork are unable to migrate your pension this weekend they will need to place a block on your pension between July 10th and July 21st. This will mean that FundsNetwork will not accept any instructions from you to place deals on your pension. FundsNetwork will remove the block on July 22nd.
Please be aware that if your pension isn’t migrated this coming weekend that while you will still be able to submit pension deal instructions from the Cavendish Online website between July 10th and July 21st, when FundsNetwork try to process the deal instruction if they notice that your account has been blocked they will not action your request. They have said that they will try to contact you if this is the case.
If you already have a Regular Savings Plan into your pension this will not be affected by the block and will continue as normal, it is only new instructions that you submit that will not be actioned while the block is in place.
FundsNetwork will inform us on July 9th whether or not your pension has been migrated. We will send you another email then to confirm if your pension has been migrated, or if it wasn’t migrated and that FundsNetwork will be placing a block on your pension.