Incompetent Pension administrators ..

deejaybee

Recently requested an updated deferred statement for an old Final Salary pension...


Arrived today, and there is a discrepancy between the "starting figures " on this statement, and previous one i have from 2017..


Its made up of 2 components,


Component one is the GMP, increases by 7% each tax year from date of leaving up till normal pension date. - THE STARTING FIGURES ARE THE SAME ON BOTH STATEMENTS.


Component two, is increased in line with prices index ( RPI until 1/1/2011, then CPI after that date )


- THERE IS A BIG DIFFERENCE IN THE STARTING FIGURES ACROSS THE STATEMENTS.


Its not the first time i have had issues with the Admin company , Mercer, have emailed them tonight, wait and see what they come back with, but i'm losing confidence in them and its worrying me given i'm only 6 years from when i plan to retire.


Is it worth complaining to the Ombudsman about them ? Or even to the financial press ?

xylophone

Have you obtained a state pension forecast?

Was this scheme the only contracted out scheme of which you have been a member?

Do you have the statement of deferred benefits from when you left the scheme?

What is shown as pre 88 GMP/post 88 GMP/excess?

For what other years do you have statements?

deejaybee

xylophone wrote: »

Have you obtained a state pension forecast?


yes


Was this scheme the only contracted out scheme of which you have been a member?


No, receiving a pension from royal mail ( from age 55 )



Do you have the statement of deferred benefits from when you left the scheme?


Think so, have to check thru my files..


What is shown as pre 88 GMP/post 88 GMP/excess?


as above


For what other years do you have statements?

as above




But my point is - The " starting amounts" shouldnt change ?!?!

mgdavid

which way is the difference? If later figure is higher maybe you'd best keep shtum?

deejaybee

No, the other way round i'm afraid


The 2019 figure is almost 60% lower than 2017 figure.


We are only talking in the hundreds for starting figure, but when you consider that i left the company in 1996, that is a lot of indexing.

Seabee42

A lot of companies have been reviewing their GMP figures including with HMRC. Partly due to an equalisation court case. They should be able to provide you with the calculation of this element of your pension and also why it has changed.

ffacoffipawb

deejaybee wrote: »

No, the other way round i'm afraid


The 2019 figure is almost 60% lower than 2017 figure.


We are only talking in the hundreds for starting figure, but when you consider that i left the company in 1996, that is a lot of indexing.

Can we have the actual full figures and dates from both quotes.

There must be a logical explanation and seeing the full picture may make it obvious.

Multiply all figures by the same number to change the actual figures if you wish (eg double or halve) if you dont want to show the actual ones.

xylophone

Could you supply the actual figures shown on your statement of deferred benefits on leaving the scheme and the figures shown on the 2017 and 2019 statements?

deejaybee

Thanks for replies :beer:


Will put the figures for the various statements and from the actual leaving statement on here over weekend .

capital0ne

Where's Dunsty boy when you need him, has he been banned again!

grnglide

He is hiding, isn't he!


He is here if you look!