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Virgin Money: Pensions reviews

Name: Pensions
Rating: 3.17 (24 reviews)

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2.00

Based on 24 reviews, last reviewed 20th Aug 2024

No new 5 star reviews

in the past 90 days

100% increase in 1 star reviews

in the past 90 days

50%

3 star

42%

Latest highest rating:

4

Very helpful Very helpful staff. I have had to change my payments regularly and this has always been sorted efficiently Reviewed on: 16th April 2019

Latest lowest rating:

1

Virgin are a nightmare ! Virgin are a nightmare ! I’m trying to transfer my virgin pension to another company to enable drawdown. It’s been weeks and weeks with no communicat... Read more Reviewed on: 20th August 2024

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Virgin Money Pensions reviews (24)

Virgin are a nightmare !

Virgin are a nightmare ! I’m trying to transfer my virgin pension to another company to enable drawdown. It’s been weeks and weeks with no communication. The company who it’s being transferred to have requested the transfer twice and emailed with no response. Complaints raised but I just get a generic response to either ring the call centre again where you just end up in a loop. Feel totally helpless and frustrated when it’s my money at the end of the day. I know someone who has transferred from another provider not virgin and took 3 weeks from start to finish! Reviewed on: 20th August 2024

customer service is awful.

customer service is awful. Im trying o withdraw my Pension fund and have to wait at least 15 mins on hold to speak to anyone. The last time was 29 mins, no apology and whats worse they cannot give me any information? Reviewed on: 18th March 2024

Really, DO NOTUSE FOR PENSIONS

Really, NOT customer focused, abysmal, does not know left hand from right Reviewed on: 15th March 2024

Truly awful. AVOID at all costs! It's a CON!!

My mother put in 1k sterling in 1996 into the virgin stakeholder pension scheme. Well 27 years later she reached retirement age so want to say what all that money all them years ago got her.... Not much is the honest answer!! She end up with a little of 3k minus minus taxes and she ended up with 2925 sterling!!!! What a joke. Think about the value of things 27 years ago compared to now... She would of been better off investing her money elsewhere... And to top it all off, she's been trying to get her pitiful investment out for 6 MONTHS!!! The whole system is a total JOKE!!! AVOID the virgin stakeholder pension scheme at all costs, it's a complete and utter CON!!!! Oh and f&#k you mr Branson!!!! Reviewed on: 15th December 2023

Virgin pension fund is all hype no substance

I chose virgin thinking Sir Rich's would provide a fair service in the confusing mess of the pension world. But it doesn't match the hype (ditto for it phone and internet services I used to use). After 5 years I wanted to drawdown form the stakeholder pension, as I could in my much older pension with another provider. Turns out my fund in virgin can only be transferred to another fund to be drawn down or as an annuity. The virgin pension web site and brochure brag how modern its pensions are, and provides great options and services since the pension reforms. This is not true. The other option is to withdraw the lot in one go and get taxed heavily. Sure 25% is tax free, but the rest will be taxed at 40%, as it's based on the annual tax, and is added to other income. Reviewed on: 12th October 2023

Virgin pensions are a dog

Had mine for 20 years and it has been the very worst performing of all by about 50% What's worse is it's taken me 6 months to transfer it out into my SIPP, and I'm still waiting!!! Avoid Avoid Reviewed on: 15th June 2023

Difficult to withdraw on retirement and limited options

What i wanted to do was take the 25% tax free lump sum and transfer the remainder to a lifetime annuity, seems simple enough. First problem they do not provide annuities. second problem, they changed my chosen retirement date for no reason. I called them to confirm my wishes and inform them I had arranged a annuity with another provider, they said they would send the forms which arrived today, however this form was to take 100% of my fund, rang them again and this time they told me they are unable to send some to me and some to my annuity provider, I either had to take the full amount (which would cost me a small fortune in tax) or transfer the full amount to the annuity provider and ask them for the 25%. Wish I had gone elsewhere. Reviewed on: 29th April 2023

Virgin Stake Holder Pension, not really a Pension

So I have had a Virgin pension since 2002, and now thinking of using it as draw down, guess what you can't. You have to take out all of it, 25% tax free and the remaining 75% with is taxed at a very high rate. which as you can imagine is not good. I am now transferring it to a proper pension provider, which will cost me at least 1% of the value (Pot) if not 3%. :-( Reviewed on: 27th April 2023

Cashier closed my account by accident

I couldn’t believe it when a cashier closed my account by accident. She was listening to what I wanted. She was busy chatting on the phone. I’ve moved my money away from Virgin. Don’t trust them. Reviewed on: 19th November 2022

Nasty customer service

The staff are so bad and rude I’m leaving Virgin Reviewed on: 11th November 2022

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