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  • FIRST POST
    • Cotta
    • By Cotta 7th Aug 17, 11:22 AM
    • 2,502Posts
    • 987Thanks
    Cotta
    Transfer Nightmare
    • #1
    • 7th Aug 17, 11:22 AM
    Transfer Nightmare 7th Aug 17 at 11:22 AM
    Hi All,

    I have a very small pension of around £7k from my first every employment and I opted to transfer this into my current employer's pension pot.

    The process from my existing provider was marketed as being very easy and straightforward with everything being wrapped up within 30 working days. Almost one year later it is just about to happen, both sides have been extremely poor in dealing effectively with this and I have had to be very hands on in pushing both sides over the past two months to get us to this point.

    I have advised both parties of significant failures, e.g. my new provider was not doing anything as they were waiting on documentation from my existing provider. When I contacted my existing provider they were missing documents from my new provider so they were not doing anything. This has been the case for many months with things like this happening.

    My question is, am I entitled to ask for some compensation from both parties for these delays or it this out of the question?
Page 2
    • dunstonh
    • By dunstonh 5th Sep 17, 12:35 PM
    • 89,513 Posts
    • 55,946 Thanks
    dunstonh
    £200 more than what I have been offered then?
    Originally posted by Cotta
    Yes.

    If they dont up it, you can go back to them and say ..."that you can see from the FOS complaint publications that they have awarded £300 for a data protection breach and you feel that figure is more reasonable and you are sure the FOS would agree if you were to refer your complaint to them"

    http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=35473

    And that is a case that you can keep a reference of to support your comment.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Cotta
    • By Cotta 5th Sep 17, 2:34 PM
    • 2,502 Posts
    • 987 Thanks
    Cotta
    Yes.

    If they dont up it, you can go back to them and say ..."that you can see from the FOS complaint publications that they have awarded £300 for a data protection breach and you feel that figure is more reasonable and you are sure the FOS would agree if you were to refer your complaint to them"

    http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=35473

    And that is a case that you can keep a reference of to support your comment.
    Originally posted by dunstonh
    That is very good information, so if the complaint is rolled up into one including the data protection breach, £300 overall would be an acceptable amount?
    • dunstonh
    • By dunstonh 5th Sep 17, 2:37 PM
    • 89,513 Posts
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    dunstonh
    That is very good information, so if the complaint is rolled up into one including the data protection breach, £300 overall would be an acceptable amount?
    Originally posted by Cotta
    It is for you to decide what is acceptable. However, £300 is the ballpark. You rarely see an award greater than £400 where there is no direct financial loss.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Cotta
    • By Cotta 5th Sep 17, 2:50 PM
    • 2,502 Posts
    • 987 Thanks
    Cotta
    It is for you to decide what is acceptable. However, £300 is the ballpark. You rarely see an award greater than £400 where there is no direct financial loss.
    Originally posted by dunstonh
    Thanks, I think I am going to ask for £300 for the data protection breach and £100 for the delay of one year in transferring the two pensions.
    • xylophone
    • By xylophone 5th Sep 17, 3:33 PM
    • 23,387 Posts
    • 13,592 Thanks
    xylophone
    two pensions.
    Two pensions? Not just a transfer of one pension with a former provider to your current employer's scheme?
    • Cotta
    • By Cotta 5th Sep 17, 3:49 PM
    • 2,502 Posts
    • 987 Thanks
    Cotta
    Two pensions? Not just a transfer of one pension with a former provider to your current employer's scheme?
    Originally posted by xylophone
    Hi,

    Yes it impacted two pensions of equal size. I actually had forgotten there were two separate pensions as the process has been going on for over one year and at all stages it has been dealt with as one.
    • xylophone
    • By xylophone 5th Sep 17, 4:46 PM
    • 23,387 Posts
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    xylophone
    Yes it impacted two pensions of equal size. I actually had forgotten there were two separate pensions as the process has been going on for over one year and at all stages it has been dealt with as one.
    I simply daren't ask.........
    • Cotta
    • By Cotta 7th Sep 17, 2:34 PM
    • 2,502 Posts
    • 987 Thanks
    Cotta
    I just had some feedback from the pension company, they are stripping out the data protection breach and will advise on a suitable compensation offer on this at a later date.

    They have asked what level of compensation I am seeking for the pension delay, can anyone help me with how to determine a suitable amount?
    • xylophone
    • By xylophone 7th Sep 17, 3:01 PM
    • 23,387 Posts
    • 13,592 Thanks
    xylophone
    How much time have you spent on progressing the transfer?

    How much are you paid per hour?
    • Cotta
    • By Cotta 7th Sep 17, 4:01 PM
    • 2,502 Posts
    • 987 Thanks
    Cotta
    How much time have you spent on progressing the transfer?

    How much are you paid per hour?
    Originally posted by xylophone
    It would be difficult to calculate how much time has been spent on this as it has been going on Since October 2016. As for hourly rate I assume we would have to use the minimum wage as a guide?
    • mgdavid
    • By mgdavid 7th Sep 17, 11:55 PM
    • 5,244 Posts
    • 4,426 Thanks
    mgdavid
    It would be difficult to calculate how much time has been spent on this as it has been going on Since October 2016. As for hourly rate I assume we would have to use the minimum wage as a guide?
    Originally posted by Cotta
    Difficult or not, if you want compo you'll have to put some effort in.
    If it's too difficult or impossible then you'd be wasting everyone's time including your own - in that case maybe time to move on?
    A salary slave no more.....
    • Cotta
    • By Cotta 8th Sep 17, 1:39 PM
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    • 987 Thanks
    Cotta
    Today they reverted back offering me the total sum I would have made at my new company had my pension transferred across on schedule. This sounds like a fair offer.
    • atush
    • By atush 9th Sep 17, 12:54 PM
    • 16,333 Posts
    • 10,081 Thanks
    atush
    Generally speaking, the point of comp is to put you in t he position you should have been if it hadnt happened- so yeah fair.

    But you should get more later for the dataprotection breach.
    • dunstonh
    • By dunstonh 9th Sep 17, 1:10 PM
    • 89,513 Posts
    • 55,946 Thanks
    dunstonh
    Today they reverted back offering me the total sum I would have made at my new company had my pension transferred across on schedule. This sounds like a fair offer.
    Originally posted by Cotta
    That is a result and acceptable. (as long its the "higher of" in case what you were left on did better)

    Still dont know why they chose to separate the data protection breach as they could easily have just added the sentence "and we offer you a goodwill gesture of £300 for the data protection breach
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Cotta
    • By Cotta 11th Sep 17, 10:50 AM
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    • 987 Thanks
    Cotta
    That is a result and acceptable. (as long its the "higher of" in case what you were left on did better)
    Originally posted by dunstonh
    I'll know by Wednesday, not quite sure I understand how they will attempt to work this out?
    • Cotta
    • By Cotta 14th Sep 17, 9:21 AM
    • 2,502 Posts
    • 987 Thanks
    Cotta
    Didn't quite get the response I was expecting, all the company did was advise me on what my policy made with them during the delay period. We had agreed that they would check what my policy would have made at my new company and reimburse this amount if it exceeded their amount.
    • xylophone
    • By xylophone 14th Sep 17, 9:49 AM
    • 23,387 Posts
    • 13,592 Thanks
    xylophone
    Didn't quite get the response I was expecting, all the company did was advise me on what my policy made with them during the delay period. We had agreed that they would check what my policy would have made at my new company and reimburse this amount if it exceeded their amount.
    Even if you did better out of the delay, this is not the whole point.

    The whole point is that regardless of the financial position of the pension, the delay was unreasonable, you were inconvenienced in terms of "chase up time" and worry caused by their incompetence and you are seeking some compensation for that.

    In addition, there was a data protection breach for which they were responsible and for which you are also seeking compensation.
    • dunstonh
    • By dunstonh 14th Sep 17, 10:27 AM
    • 89,513 Posts
    • 55,946 Thanks
    dunstonh
    If you did better out of the delay, then the redress would be zero as you are financially better off. In that scenario, you would expect a £50-£100 goodwill gesture. (exc data protection issue).
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Cotta
    • By Cotta 14th Sep 17, 10:49 AM
    • 2,502 Posts
    • 987 Thanks
    Cotta
    The company have said now that I will have to do the leg work in terms of finding out how pensions with my current company performed and reporting this information back to them. Does this sound correct?
    • dunstonh
    • By dunstonh 14th Sep 17, 11:43 AM
    • 89,513 Posts
    • 55,946 Thanks
    dunstonh
    The company have said now that I will have to do the leg work in terms of finding out how pensions with my current company performed and reporting this information back to them. Does this sound correct?
    Originally posted by Cotta
    Yes. You will probably need the help of the receiving company as they can usually do this for you.

    Comparing positions is a common thing with complaint/redress cases. So, they should be set up to do it. The front line staff may moan and grumble but the back office staff would have done things like that before.

    Another way is to build your fund selection on trustnet and back date the performance to the neares date.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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