Mercer and a CETV provision delay

40000_Headmen

May 2018, after going slower than a valium-affected snail, Mercer finally executed a pension sharing order on a pension of mine they administer. I had requested 8 weeks earlier that when they executed that they provide me with a CETV to the value of my share, innocently believing that this was a simple matter.
10 months on, despite activating the formal complaint investigation request and involving the PO I still don't have my CETV,
Can anyone shed any light on why Mercer are able to get away with not meeting their obligations and whether there is a course of action, other than batting away at the PO, that i could take to make them cough up? All suggestions gratefully received. I had considered picketing their Chichester Offices:mad:

xylophone

What do Mercer have to say?

What response have you had from PO?


https://www.pensionsadvisoryservice.org.uk/about-pensions/when-things-change/when-relationships-end/pension-sharing

40000_Headmen

I had a reply from Mercer just before the 4 month complaint response deadline saying I would be receiving my CETV shortly - now over a month ago. No communication either from the PO despite several e-mails to them asking for 'next move' info.
The pension sharing order went through last May and my Ex has had her money. I intended to transfer my share to a flexible drawdown fund (as successfully accomplished with 2 other DB providers). I've tried mail, e-mail and phone calls to Mercer and still no CETV has been forthcoming. I made a forma complaint in the Autumn which is when I involved the PO and I have a case opened by them/.

cloud_dog

Do you know if you can have one free CETV but, another within 12 months is chargeable? Is it possible your subsequent CETV request fell in to a 'hole' because they expected you to pay for it before providing?

I'm not excusing the lack of communication, as this would be a simple matter to resolve by Mercer.

xylophone

would be receiving my CETV shortly

“When I use a word,” Humpty Dumpty (Mercer) said, in rather a scornful tone, “it means just what I choose it to mean—neither more nor less.”:eek:

Have you tried telephoning the Pensions Ombudsman?

Silvertabby

Do you have a GMP? If so, it could be that Mercer's are still waiting for HMRC to confirm your correct figures.

xylophone

Do you have a GMP? If so, it could be that Mercer's are still waiting for HMRC to confirm your correct figures.

I was having a look at this under the DB section.

https://www.sharingpensions.co.uk/valuations2.htm

It seems that the OP's ex's pension has already been sorted out - wouldn't the GMP have had to be provided at that point?

Or in your experience as a DB Scheme administrator did you find that it had to be calculated separately?

I do think though that if there are reasons for the delay, Mercer should have given them to the OP - just to be left waiting without explanation or apology seems very poor practice and I can understand his frustration.

Silvertabby

“ Do you have a GMP? If so, it could be that Mercer's are still waiting for HMRC to confirm your correct figures.

xylophone wrote: »

I was having a look at this under the DB section.

https://www.sharingpensions.co.uk/valuations2.htm

It seems that the OP's ex's pension has already been sorted out - wouldn't the GMP have had to be provided at that point?

Or in your experience as a DB Scheme administrator did you find that it had to be calculated separately?

I do think though that if there are reasons for the delay, Mercer should have given them to the OP - just to be left waiting without explanation or apology seems very poor practice and I can understand his frustration.

CETVs for divorce purposes and actual Pension Sharing Orders have to be implemented within a set time period regardless of any problems/missing information. The nearest equivalent to the GMP problem was some years ago, when we had to wait for months for revised GAD transfer factors. Divorce CETVs were run using the old factors, but the paperwork made it quite clear that the figure wasn't guaranteed and could change once the revised factors had been received. The (very) few that actually progressed to PSO stage were run on the basis that the figures may change once....etc... and manually re-calculated once the factors were in.

In the case of normal transfers out, unless the circumstances were extreme (life expectancy of less than 12 months/no eligible dependants, for example) then nothing was done until the new factors were available and the software updated.

Speaking to ex colleagues, it seems that a similar system has been set in place during the GMP to-do. I'm guessing that other pension schemes are using similar procedures - but, yes, it's very bad practice not to keep people informed.

40000_Headmen

Thanks for the previous responses.
The 'free' CETV was last given in September 2017, the PSO was predicated on this (yes they took from then until May 18 to execute the PSO) . I'm sure if Mercer could have wrung more cash out of me they would have. They charged for executing the PSO whereas Towers Watson made no charge. The value at execution of PSO was stated but not communicated as a CETV (as I requested) for transfer application purposes.
As far as I'm aware I have no GMP issues, there has been no HMRC delay in any of the other 3 pension transactions (1 other PSO) I've had in the past year.
As I have had no reply to my PO e mails since the Mercer 'shortly' comm I'll be ringing them when I have time next week.
I have managed to organise transfers from two other DB schemes to a FDD product and just need this last domino to drop for me to be able to take retirement. As I calculate it the Mercer delay is costing me ca. £200 p.m. in mortgage interest which the 25% TFA would have paid off.

xylophone

You might try a formal complaint on the grounds of unreasonable delay?