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  • FIRST POST
    • GSP
    • By GSP 20th Apr 17, 11:40 AM
    • 131Posts
    • 21Thanks
    GSP
    Towers Watson being Unhelpful
    • #1
    • 20th Apr 17, 11:40 AM
    Towers Watson being Unhelpful 20th Apr 17 at 11:40 AM
    My IFA is trying to arrange my transfer out in time when I am 55, but I understand TW are being "exceptionally unhelpful" with retirement dates pre 60. Did hear a while ago it is a challenge dealing with them.
    They have requested figures on my behalf assuming age 60 "Which they can then work with". IFA believes this is not going to go through quickly and is out of his hands at this stage.

    Anyone had any similar instances with TW and can offer any advice.
    Thanks
Page 1
    • gibbo888
    • By gibbo888 20th Apr 17, 11:44 AM
    • 36 Posts
    • 7 Thanks
    gibbo888
    • #2
    • 20th Apr 17, 11:44 AM
    • #2
    • 20th Apr 17, 11:44 AM
    My wife has been trying to get an upto date valluation and transfer value (deferred scheme) for getting on 8 months now, they will not respond to emails effectively, they will not respond to postal mail, on the phone we have been bumped up to "management" every time and still they wont provide any info, to be fair slightly, they only took on the scheme off JLT 9 months ago, so i am assuming there is a back log, and they are sorting out retirees first which again is a fair point, but 8 months for a piece of paper, god knows how long it will be if we actually try and transfer/swap!
    • craig1912
    • By craig1912 20th Apr 17, 11:45 AM
    • 20 Posts
    • 12 Thanks
    craig1912
    • #3
    • 20th Apr 17, 11:45 AM
    • #3
    • 20th Apr 17, 11:45 AM
    Yep my wife did Lloyds Scheme- 12 weeks to get back with some basic info and only after a formal complaint.
    • Suffolk lass
    • By Suffolk lass 20th Apr 17, 12:42 PM
    • 1,470 Posts
    • 16,849 Thanks
    Suffolk lass
    • #4
    • 20th Apr 17, 12:42 PM
    • #4
    • 20th Apr 17, 12:42 PM
    You could email the nice newspaper troubleshooters and ask (one of) them to intervene. In my experience there is nothing like a bit of reputation-damage to spur a company into action
    MFiT T4 #2 update 31.2% after Q6
    Save £12k in 2017 #64 - £8112.39 saved (73.74%) after August - my annual target is £11,000
    OS Grocery Challenge 2017 budget of £3,600 £3000 (reduced from Apr) - 61.61/66.66% including stores after July
    My DFD is http://forums.moneysavingexpert.com/showthread.php?t=5593594
    • Cocktailqueen
    • By Cocktailqueen 20th Apr 17, 1:30 PM
    • 8 Posts
    • 1 Thanks
    Cocktailqueen
    • #5
    • 20th Apr 17, 1:30 PM
    • #5
    • 20th Apr 17, 1:30 PM
    I have recently transferred 2 DB pensions which I also wanted to do by the age of 55. One was with Willis Towers Watson and one was with Capita. Willis Towers Watson were really efficient and Capita were really slow with providing information. I ended up doing all of the chasing because sometimes they do not like dealing with IFA's which is what my IFA told me every time I chased him for a progress update. I asked him to give me the name of who he was dealing with and I called them myself. Once you get the name of someone keep calling them and ask them to confirm what is causing the delay and when they will be providing the information. Follow everything up in an e-mail once you have spoken to them. If the information is not provided by the date they say it will call again and ask to speak to the person's manager.

    In fact when I spoke to Capita about the delay in providing information to my IFA they even agreed to extend my 3 month guarantee period as they accepted they were slow in providing information. Scheme administrators are under a lot of pressure due to the high volume of people wishing to transfer so there will be delays but you need to speak to them and express your concern and keep chasing.

    Good luck.
    • woolly_wombat
    • By woolly_wombat 20th Apr 17, 2:05 PM
    • 478 Posts
    • 279 Thanks
    woolly_wombat
    • #6
    • 20th Apr 17, 2:05 PM
    • #6
    • 20th Apr 17, 2:05 PM
    I have made several written requests for valuation updates and transfer valuations from Towers Watson over recent years with regard to a deferred pension from the mid 1980s.

    They have always responded promptly.

    In my case the transfer valuations have been too low vs the GMP I will collect at 60, so I have no experience of a transfer out.
    Last edited by woolly_wombat; 05-05-2017 at 11:22 AM.
    • Finst
    • By Finst 20th Apr 17, 2:17 PM
    • 142 Posts
    • 126 Thanks
    Finst
    • #7
    • 20th Apr 17, 2:17 PM
    • #7
    • 20th Apr 17, 2:17 PM
    I would say that Willis Towers Watson have probably the best reputation in the pensions admin industry, for providing a quality and accurate service (they are usually very costly, not that you care as a member).


    Having said that, many schemes have seen a huge increase in member queries over the last year (I'm aware of one scheme that have seen about a 500% increase in monthly transfer values). They may be struggling with workload.


    The only thing you can do is keep chasing them (plus making sure your IFA asks for the right information and everything he needs first time round - IFAs can ask some very stupid questions at times!)
    • GSP
    • By GSP 20th Apr 17, 2:50 PM
    • 131 Posts
    • 21 Thanks
    GSP
    • #8
    • 20th Apr 17, 2:50 PM
    • #8
    • 20th Apr 17, 2:50 PM
    Cocktailqu...,
    Must say they have been very good responding to CETV requests.
    Could be they behave differently to advisers. May try the personal touch if it wrangles on, but did not want step on anyones shoes just yet. Still have a bit of time before I can drawdown still.
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