Incompetent Pension administrators ..

deejaybee

Yep, its been a long history of trying to figure out what is happening with this pension.


I dont know what to do to escalate it, and find out once and for all where i am with it

deejaybee

Guess will have to wait for Mercer's reply to my email...


Thinking of writing to Steve Webb in the Daily Mail, doubt if its interesting enough to be featured though.

deejaybee

Well, still no reply to my email


If i havnt had a response by next Tues,will call them and try to get a logical explanation.


If no progress then , i will have a preliminary chat with Pensions Ombudsman Service, and try to establish whether this is the sort of complaint that is within their remit.

xylophone

Your first step must be a complaint to Mercer. And a week's wait isn't long...

https://www.pensionwise.gov.uk/en/pension-complaints

deejaybee

So i telephoned Mercer on 12/11 - so nearly 2 weeks after i emailed them on 31/10.


After expaining why i was calling, the reception person put me on hold while she spoke to someone from relevant dept.


Came back with the answer that they were drafting reply to my email ( must have been a coincidence that its the day i phoned ! )
Apparently email would be with me that day or next day - not arrived yet...


She did say i could speak to the relevant person, but as they gave me the line about email coming back, decided to wait for that, wish i had spoken to him/her now.


Will ring again next week, if still no email , but its looking like i will have to start off a complaint using their procedures, and i will also call the Pensions Ombudsman for an initial appraisal.

Thrugelmir

How many times have you contacted them over the years?

deejaybee

Thrugelmir wrote: »

How many times have you contacted them over the years?

Probably 10 times, maybe a dozen..


( Not counting the times i have simply phoned them to request an updated deferred statement )

saver_ali

Sorry that I can't help with your query but can only offer sympathy for your situation. I was curious when I saw the words "incompetent pension administrators", and lo and behold, as I suspected, it's Mercer!

I found them incompetent with a DC issue this summer and am going to have to deal with them on a DB pension in a few years.

Well done for getting any correspondence at all. I hope you sort it out in the end.

deejaybee

Received email from Mercer, with an updated deferred pension statement, which does from first reading appear to break things down in a clearer way.


Will update .

deejaybee

Apologies for delay, is a busy time for those of us in the Gig Economy ;-)


It turns out that i have 3 "components" of my pension rather than 2.


Have the GMP ( increased by 7% for each tax year ) and also the part that is increased by RPI / CPI from 2011.


Turns out i have another GMP part which is related to transfer-in from a previous employer before LUCAS/CSC . This is also increased by 7% for each tax year.


If i add the 2 x GMP starting figures, it is very close to the starting figure that has appeared on some statements, then on other statements it has been left off, which produces the discrepancy between statements...


Following applies to the transferred-in GMP :


The transferred-in GMP is funded by a Money Purchase unit holding. At retirement, if the cost of purchasing the GMP is less than the value of Money Purchase fund the excess amount will be used to purchase additional Pre 97 benefits in the scheme. The current non guaranteed value of the Money Purchase unit holding stands at 15,586.88.


I assume from above, that if the MP fund is not sufficient i will still get the GMP, but i dont know that for sure.


There is a small difference in the starting prices of the "original" 2 components.
In original leaving statement - GMB 304.72. Other part 413.60


New statement : GMB 313.56, Other part 404.76


I will email them and query that.


So i have calculated the 2 x GMB sums using the 7% figure and i have fairly accurate idea of what it should be at NRD (2025) I havnt input any increase for 2025 itself, as it would not be a full tax year, but maybe there would be a pro-rata increase.


Have just researched the RPI /CPI figures from 1996 to date, so again can get a fairly accurate pictureof the figures, with obviously the next 6 years CPI to be added.