Drawing down a small pension pot

jojorose

Hi all

Ive spent months trying to track down a company that i worked for in the 80s. I found them and on the 5th December sent them a letter requesting full draw down. Its now the 7th February and i phoned again today to chase and they have done none of the things they said they would.

I even phoned the Company Pension Provider and found that they havent even had my name changed since the 80s despite me providing documents then and again in December.

Is there a time frame they have to work to? Is there some sort of requirement to adhere to? Its just so fraustrating. Im moving and cant see anything happening in time and at the current level of service i dont hold high hope for them even readdressing my mail.

Any advice would be welcome

Jo

xylophone

Which provider? What kind of pension? What value?

Did the provider confirm that drawdown was possible?

robber2

Whats your age?

xylophone

Whats your age?

https://forums.moneysavingexpert.com/discussion/comment/70915721#Comment_70915721

The OP stated her age as 55 in her post in June 16.

jojorose

Hi all.

I had a birthday now 56. It was a works pension with AVC. The Company its with is Prudential. The company now handling my previous employers pension fund is Aon.

Do I know what type of work pension it was. It just says retirement plan. So the answer to that question is No. They have given me a valuation for the AVC but not for the pension, only as an annual payment of £248 when i retire. I did say it was a small pension.

When i joined back in 1987 Im pretty sure I could retire anytime i felt like after 50. I ceased working April 2016.

Regards

xylophone

You originally had a defined benefits pension with a certain company and were also able to make AVCs through Prudential?

The deferred DB pension (or S32 perhaps?) is administered by AON but the AVC plan is still with Prudential?

You have contacted Prudential concerning accessing the AVC policy?

What options did Prudential offer for accessing the pension? What is its value?

What do Prudential say is causing the delay?

jojorose

You originally had a defined benefits pension with a certain company and were also able to make AVCs through Prudential?

I dont know if my defined benefits pension is with Prudential


The deferred DB pension (or S32 perhaps?) is administered by AON but the AVC plan is still with Prudential?

Again I dont know. I contacted Prudential because I saw their name on one of the few pieces of paper I had.

You have contacted Prudential concerning accessing the AVC policy?

I contacted Prudential because it was the only point of contact I had. They told me who the pension administrator was. I did not realise that both parts of the pension were separate. As a young woman in the distant past I assumed I was just topping up my payments to off set the fact that I was part time.

What options did Prudential offer for accessing the pension? What is its value?

They wouldnt talk to me about my pension but redirected me to the Pension Administrator. They did tell me that none of the name changes etc or documents to confirm had ever been forwarded to them.

What do Prudential say is causing the delay?

Nothing because they just gave me the Pension Administrators Contact Details and a few reference numbers that I had not previously had.

xylophone

I'm trying to get the situation clear.

You were working for X company in 1987. How long were you employed there?

There was a DB scheme and you were a member of it?

As well as contributing tot the main scheme you also made AVCs?

You contacted this old employer and were told that the main scheme is administered by AON but the AVCs by Prudential?

Was it Prudential who told you that the AVCs would purchase an annuity of
£248 a year?

Have you also contacted AON?

atush

I thought the 248 was the DB pension, not the AVCs?

Prudential refusing to discuss and passing them on would indicate they arent administering the AVcs?

xylophone

I thought the 248 was the DB pension, not the AVCs?

Prudential refusing to discuss and passing them on would indicate they arent administering the AVcs?

They have given me a valuation for the AVC but not for the pension, only as an annual payment of £248 when i retire.

I really can't fathom what is going on - perhaps if the OP would answer the questions in post 8 the matter might be clearer.

jojorose

You were working for X company in 1987. How long were you employed there?

I worked there for three year and a half years

There was a DB scheme and you were a member of it?

Yes but I did not join for a year.

As well as contributing tot the main scheme you also made AVCs?

Yes

You contacted this old employer and were told that the main scheme is administered by AON but the AVCs by Prudential?

I had a letter from AON years ago via my bank telling me that they had been trying to locate me, (2009). Im assuming they had bought out my employer. It referred to an Aon UK Pension Scheme.

Was it Prudential who told you that the AVCs would purchase an annuity of
£248 a year?

In that same year 2009 I got a yearly statement regarding the AVCs. Ive had nothing from either company since.

Have you also contacted AON?

On contacting Prudential I was told that AON are the administrators. I contacted them (Aon) on December 5 requesting draw down.

I received a letter from them on the 14th of December stating that they were unable to trace any pension entitlement within the PSPSDB (what is this?) this was on Prudential Headed Paper

I sent them copies of the few pieces of paper that I had and documents relating to my name changes.I then received a letter headed AON with no references or contact details stating that they had received my documents and they returned them.

I heard nothing.

I had no telephone numbers so contacted the Registered Office in London. Who gave me a number. I phoned it and was promised a call back. Again they didnt know who I was. Explained it all again and was promised the forms to draw down.

I heard nothing.

I then phoned Prudential, who did find me but told me that Aon were the Administrators and when I asked how my process was going this was when I found that nothing has been done.

I phoned Aon again. They sent me a letter stating the value of my AVC but no draw down forms. They also attached a Current Value of preserved benefits statement which is the £248 a year.

I phoned Aon again asking where my draw down forms were. I was told that the previous Staff member had not actioned that. She said she would put me on the to do list and would respond within so many days as per their targets. At this point I was quite cross and asked her to put my request to the top of the pile because it should have been dealt with by the previous staff member.

Needless to say I have still received nothing in the post.

So my question remains "Is there a time frame that they must work to?"