Mineworkers Pension Scheme

voddyman

Hi, i have recently retired on my 60th Birthday last month and i have two final salary/deferred pension schemes. One of them has paid out fine, However the mineworkers pension and for want of a better expression, have changed the goal posts.
To explain, in january I received details from the MPS telling me what my two options were regarding the amount of tax free lump sums I could take and how much annual pension I would receive dependent on what option I chose.
However after a few phone calls in February till the present day I have been informed that the way in which they calculated these figures is apparently wrong and has been since the year 2012 and they are now have to "re calculate" all their figures.
Which obviously now means that all my personal calculations are out the window as they have informed me that the lump sum totals and the annual pensions will now be lower and they cannot put a figure on how much lower or indeed give me a timescale as to when they are going to sort this unholy mess out.
These "re calculations are going to affect quite a lot of people as it dates back to 2012.
So obviously my question is, legally, can the MPS actually just change the goal posts like this on what is going to affect a large amount of ex miners and is there any recourse that I can take?

kidmugsy

Suppose they really have mucked up the calculations. You'd like more money out than they owe you. Who do you suggest should provide that extra money?

voddyman

kidmugsy wrote: »

Suppose they really have mucked up the calculations. You'd like more money out than they owe you. Who do you suggest should provide that extra money?

I'm not suggesting that any other company/government should pay for the shortfall in my pension.
The point I'm trying to make is that I feel it is grossly unfair that because in your words that some dept has "mucked up" that many people are being made to suffer for it at a time in our lives when we should be unwinding and de stressing and not the exact opposite.
So I take it from your quote that I have not got a leg to stand on and will just have to live with less pension money? If that is the case I shall, but I just thought I'd ask in here to see what other peoples advice/opinions were.

:beer:

voddyman

Also im not trying to say I want more than out than they owe me only what I was promised. How would you feel if you signed for and agreed a pension amount, only to be told a month later that they have changed their mind and you are getting less. I defy anybody not to be angry and want to fight it.

kidmugsy

voddyman wrote: »

The point I'm trying to make is that I feel it is grossly unfair that because in your words that some dept has "mucked up" that many people are being made to suffer ....

I don't know about "unfair" but I can see that it must be terribly dismaying and annoying. As for "fighting it", it may be worth a shot. But somebody - perhaps other scheme members - will presumably have to pay for it. You can be certain it won't be the chumps who mucked up the calculations.

xylophone

They haven't changed the goalposts - you are due a certain pension under the rules of the Scheme and no doubt that is what you will (eventually) get.

However, you may have a legitimate complaint about maladministration/the inconvenience/distress caused by the mistake.

You say that a number of people will be affected - presumably if the error was originally made three years ago and it relates to more than the calculation of deferred benefits, then potentially all pensioners could be affected.

Do you have statements of deferred benefits for previous years?

http://www.pensionsadvisoryservice.org.uk/

You might give TPAS a ring.