WISE - not acceptable to your UK pension provider?

[MartinL]

I've asked 2 of my UK main pension providers whether they could make payments into a Wise account in the event that my UK bank account was forcibly closed at some time in the future.

 

Only one has replied so far.

 

Their reply was "No, it must be a bank account in your name".

 

I intend to contest this decision so I need to ask:-

 

Has anybody else had a UK pension provider refuse to make payments to a Wise account? If so, were you able to reverse their decision?

 

From reading other posts on the subject, it seems that the UK State Pension can be paid into Wise with no problem.

 

Thanks.

[foreverlomsak]

3 minutes ago, MartinL said:

Has anybody else had a UK pension provider refuse to make payments to a Wise account? 

 

Yes, reason given, as you said,  "Wise is not a bank".

7 minutes ago, MartinL said:

If so, were you able to reverse their decision?

Didn't see the point in trying, at the time, maybe different now.

[circa02]

Wise account is in your name.  Don't ask just do. You have a sort-code, account number and it's licensed in some form  bank, they can not discriminate, any possible confusion might of been from years ago before they became a bank gave individual accounts, and you had a personal reference number instead. Corrected.. I could of swore Wise were a legit bank.

Edited October 9, 2023 by circa02

[noobexpat]

You set yourself up for a fall. Provide sort code and acc number and let it happen.

[foreverlomsak]

35 minutes ago, noobexpat said:

You set yourself up for a fall. Provide sort code and acc number and let it happen.

I provided both my pension providers the sort code and account number and an instruction in writing to have the money deposited into Wise.

One ignored the instruction, the second came back with the response that their head office will not allow them to send to Wise as they are not a bank.

[Polar Bear]

Getting into an argument with them before anything has even happened is just drawing attention to it and creating problems for yourself. Say nothing, and just give them the Wise bank details. Chances are they won't even notice. If they do reject it, that's the time to start complaining and making a fuss. 

[Polar Bear]

1 minute ago, foreverlomsak said:

I provided both my pension providers the sort code and account number and an instruction in writing to have the money deposited into Wise.

One ignored the instruction, the second came back with the response that their head office will not allow them to send to Wise as they are not a bank.

How long ago was this? Are you going to challenge it now? 

[scubascuba3]

Get the pension provider to find a solution,escalate to management, likely a low ranked person answered you, maybe even a call centre in India etc

[Moonlover]

I recall a few years ago someone writing to say that the DWP had told him, by phone, that they could not pay his pension into Wise. At that time that was exactly where my state pension was being paid into!

 

I agree with earlier comments. Don't ask, just give them the account details ask them to 'get on with it,.

 

And another bit of advice. Stop worrying about things that may never happen. 

[MartinL]

Update on this.

 

Since October I've been talking to one of my pension administrators about Wise.

 

Initially, their response was a firm "No we cannot transfer to a Wise account'.

 

However, it turns out that they weren't aware of Wise at all - had never heard of it.

 

After providing details of my Wise account to them and giving them information so that they could find out how it worked, they did some investigation with the result that they've decided that Wise IS suitable for transfer of pensions. They are now able to transfer my pension to my Wise account when I make the firm request for them to do so.

 

I won't be making the change at the moment as I just wanted to establish the PRINCIPLE that Wise was a safe method of payment.

 

Objective achieved.

 

Edited December 7, 2023 by MartinL