Frozen Pension - tracking my investment question

tp_wigwam

I have a frozen pension with Mercer and i never hear from them on the performance of my investment. This pension has been frozen with them since the 1990s.  I have no idea how much is in the pot.   Is there a regulatory requirement for a pension company to provide an annual summary of the investment along with the projected pension available at retirement age?  I do receive an annual summary from my other (non Mercer)  pension schemes (both active scheme and other frozen pensions).  Thanks in advance .

dunstonh

I have a frozen pension with Mercer 

Is it actually frozen or is that just a word you are using?

and i never hear from them on the performance of my investment. 

If it is frozen then it is not invested.  If you didn't mean frozen but deferred/preserved then it still isn't invested either.

Is there a regulatory requirement for a pension company to provide an annual summary of the investment along with the projected pension available at retirement age? 

Yes. For defined contribution plans there are because they are invested.  

I do receive an annual summary from my other (non Mercer)  pension schemes (both active scheme and other frozen pensions).

It is rare for anyone to have a frozen pension let alone multiple ones.  So, I suspect you are using the phrase incorrectly (understandable as its common mistake).   Are these other pensions invested?  - if so, that is why you are getting statements.

Albermarle

What type of pension is it ? Is it a final salary type scheme or a Defined contribution scheme ?
Are you sure you have informed them of all change of addresses?
Have you called them to find out why you have no communication for years ?
( By the way it is unlikely that any of your pensions are frozen, normally they are deferred and still active, just that you are not contributing anymore )

tp_wigwam

i thought it was frozen because i left that company where i had paid into a company pension scheme in 1992 and didnt pay anymore contributions into it.  Maybe frozen is the wrong terminology.    I honestly dont remember  anything about the scheme although I am fairly sure it wasnt final salary scheme.  I had  believed at the time that the company I worked for, were required to  to continue to pay a certain %age annually into the scheme ( x% or the rate of inflation - whichever was the higher).  I have never changed my address - and recently wrote to Mercer to get an idea of what was in the pension.    Honestly I haven't heard from them in 20 years and had to do a lot of searching to actually track down that they were my pension holders!   I  have asked them to provide me with an annual summary of the investment together with an estimate of my pension, when i reach 65, but I am continually ignored.  i wondered if there was a regularotry government  requirement, that pension companies need to provide you with an annual statement or something similar.

Thanks

richardsmith911

You could try calling Mercer, finding out what type of pension you hold, as other people said is it a DB or DC. DB best to leave it as you may have benefits. Find out what type of benefits you have, early access to retirement? What AMC fees are you paying. If you think it is not worth keeping the pension with them, tell them you want to transfer out to a new provider. Look around and then the new provider will request a transfer out on your behalf, however, Mercer is old school players which mean they will request paperwork transfers and you may need to stay on top of the transfer by chasing them and creating urgency to complete the transfer. Transfers take by law up to 6 months. 

dunstonh

i thought it was frozen because i left that company where i had paid into a company pension scheme in 1992 and didnt pay anymore contributions into it.  Maybe frozen is the wrong terminology. 

Frozen has a specific meaning and what you describe does not make it frozen.

Mercer act as an administrator on defined benefit and defined contribution schemes.  So, until you get an answer from them, you are not going to know what type of pension it is.   They are not known for speedy replies.  

tp_wigwam

thanks so much everyone - much appreciate your responses and  help!

xylophone

 I had  believed at the time that the company I worked for, were required to  to continue to pay a certain %age annually into the scheme ( x% or the rate of inflation - whichever was the higher)

After you had left?

Are you sure that this is not a defined benefit pension and you are thinking of revaluation in deferment?

https://www.barnett-waddingham.co.uk/comment-insight/blog/revaluation-for-early-leavers/#:~:text=The%20revaluation%20period%20for%20GMPs,Aprils%20between%20the%20two%20dates.

Have you obtained a state pension forecast?

What was the name of the company?

Have you checked the internet to see whether there is any information about the pension scheme?