Pension Trustees Due Diligence process

hatnezmaturestudent

I have pre 1995 deferred pension I was eligible to draw in September 2019. I contacted the administers Mercer. They replied within 6 weeks offering me three options. I made my choice and sent my ID documents that were acknowledged and returned. I then received a letter on behalf of the trustees that said they were going to check methodology of my pension's calculations. Its now been 3 months and nothing has happened. I call Mercer every couple of weeks. They tell me its quite normal to check the methodology as trustees due diligence process. I've also had emails from them saying as much. They can't tell me how long the process will take. They keep apologising and claim the trustees are notorious in taking their time (not in writing though).

My questions is; Is it normal for trustees to take 3 months to do their due diligence checks? Do I have grounds to complain to the ombudsman?

Many thanks :rotfl:

xylophone

From the information given, I suspect that your deferred pension was with a contracted out occupational scheme offered by a firm employing you at some stage between 1978 and 1998?

If so, your pension will have some element of GMP. The methodology Mercer have mentioned could then relate to this.

See

https://forums.moneysavingexpert.com/discussion/6045441/gmp-ruling-delayed-commutated-lump-sum&highlight=gmp+lloyds

Broadwood

Mercer do nothing quickly. They managed to mislay my company pension fund transfer for 6 weeks earlier this year. It should have taken one week maximum.
The matter is currently being investigated by the ombudsman for my loss of gains during the delay of the transfer to my new pension provider.

Brynsam

hatnezmaturestudent said:

I have pre 1995 deferred pension I was eligible to draw in September 2019. I contacted the administers Mercer. They replied within 6 weeks offering me three options. I made my choice and sent my ID documents that were acknowledged and returned. I then received a letter on behalf of the trustees that said they were going to check methodology of my pension's calculations. Its now been 3 months and nothing has happened. I call Mercer every couple of weeks. They tell me its quite normal to check the methodology as trustees due diligence process. I've also had emails from them saying as much. They can't tell me how long the process will take. They keep apologising and claim the trustees are notorious in taking their time (not in writing though).

My questions is; Is it normal for trustees to take 3 months to do their due diligence checks? Do I have grounds to complain to the ombudsman?

You say you 'became eligible' - could you clarify if that means you applied to retire early, or if you've reached the scheme's normal retirement age?