Money went to wrong account

frankraz

Hi all
I wonder if someone can advise me on my situation.
I opted to withdraw a lump sum from my deferred DB pension. I filled all the paper works correctly and the lump sum was meant to be in my account last Friday. I phoned the LPFA as the money was not there and the said the person who entered my account details in their system got a digit wrong and thats why I have not got the money, and now they have to wait to get the money back before depositing it to me again. I did emphasised that this was not my fault as it was them who made the mistake and I can not see why I have to wait especially as they are not giving me a time scale. I have debts to pay and am incurring huge interests and thats why I needed to cash my pension. 
Any advise will be much appreciated as thus is causing me a lot of stress , as to whether I can insist on the money to be paid to me as they will get the other money back as I cannot delay this especially if they don't know how long it will take .
Thanks in advance

Marcon

You certainly shouldn't be penalised for their mistake. If the delay in paying you the lump sum costs you extra in interest, and you can prove this to be the case, then send them a summary once you've got your lump sum safely in your account (then you'll know for certain how much the delay cost you) and ask them to reimburse you.

But their response is pretty feeble. I'd go back to them now and ask them for a copy of the Internal Dispute Resolution Procedure, which should help to concentrate a mind or two.

Silvertabby

When payments are made, the details - amounts and numbers - should be checked, double checked and triple checked.  However, then came covid and working from home...

Trust me, things could be a whole lot worse.  If the administrator knew there was a problem before you rang, then that means that the payment was rejected by BACs because the account didn't exist, and that the money was already on its way back.

Unfortunately, it will be protocol that the payment can't be re-issued until the money has been returned.  Then you will be added to the next available pay run, which may or may not be done daily.  

Interest for late payment is usually normally added if payment is made more than a month late.  What is your actual retirement/pension into payment date?

frankraz

Thanks everyone. I just wanted to know whether I can keep phoning them and asking for the time it will take , I am  just really stressed as they don't seem to have say urgency. I just font know how long does a bank take to return the money , I even phoned my bank and they said I have to talk to lpfa. Reason i took the lump sum was to pay my debts and start fresh and now ots just not happening