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Delays from Actuarys

edited 26 August 2015 at 8:39AM in Auto-enrolment
2 replies 3.1K views
TonybrentwoodTonybrentwood Forumite
2 posts
edited 26 August 2015 at 8:39AM in Auto-enrolment
Hi,
I've been trying for over a year to get a Trivial Commutation estimate for a small pension, but keep getting a reply from the Administrating company that the Actuaries are still considering their policy on this with regard to new legislation. It seems they can just continue to fob me off with this, is there anythingI can do to try to get them to address my request?
Thanks for reading, and any advice would be much appreciated.
Kind regards,
Tony.

Replies

  • FinstFinst Forumite
    146 posts
    You have no automatic right to a trivial commutation option, so it will be difficult to force them into anything. Having said that, something seems odd about the response:

    -its usually in the best interests of the pension scheme to grant trivial commutation
    - the trivial commutation policy and factors are usually set by the trustees (after taking advice from the actuary), not the actuary

    I'd ask for their complaint procedures. Assuming its a trust-based occupational scheme with a board of trustees overseeing it, try to get your complaint in front of the trustees (citing unreasonable delay in giving you a definitive answer)
  • Thanks for the advice, sorry it took so long to thank you but I didn't have internet access for a while.
    Your advice is appreciated, thank you.
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