Mercer messed up, can I seek compensation?

grinch53

Hi all
I took redundancy in December last  year based on pension forecast from Mercer of the company  final salary pension which was closed in 2017.Mercer have finally got back to me  with a new forecast which is significantly lower , stating that they made an error in using a wrong factor in calculating the original forecast. I would not have taken redundancy otherwise.
Do you believe I can be compensated  , if so what route should I take?
Got gut feeling there is nothing I can do.

sheslookinhot

Not a help, but I’m sure they would have covered themselves for errors by a clause in the t’s & c’s of your quotation 

JoeCrystal

grinch53 said:

Hi all
I took redundancy in December last  year based on pension forecast from Mercer of the company  final salary pension which was closed in 2017.Mercer have finally got back to me  with a new forecast which is significantly lower , stating that they made an error in using a wrong factor in calculating the original forecast. I would not have taken redundancy otherwise.

That sound unfortunate, but you should check your pension figures to make sure they are correct the first time around by doing your calculations (to get the rough estimate, basically). Errors happen, alas. 

Marcon

grinch53 said:

Hi all
I took redundancy in December last  year based on pension forecast from Mercer of the company  final salary pension which was closed in 2017.Mercer have finally got back to me  with a new forecast which is significantly lower , stating that they made an error in using a wrong factor in calculating the original forecast. I would not have taken redundancy otherwise.
Do you believe I can be compensated  , if so what route should I take?
Got gut feeling there is nothing I can do.

That old chestnut: it depends.

In general, members are entitled to whatever the rules of their DB scheme say they are entitled to. You would only be awarded compensation, and/or a higher benefit (very rare indeed), for one of two reasons:

1. distress and inconvenience (there's a tariff for this on the Pensions Ombudsman's website before you get too carried away with visions of huge payouts: https://www.pensions-ombudsman.org.uk/news-item/redress-non-financial-injustice)
2. you can demonstrate that you have irrevocably changed your position to your detriment by relying on incorrect information and could not reasonably have been expected to realise it was wrong. Just to manage expectations - be aware this is not easy to demonstrate and it isn't likely that you will be paid the original (incorrect) amount except in exceptional circumstances.

Your first port of call for free, impartial help is TPAS: https://www.pensionsadvisoryservice.org.uk/contacting-us

Thrugelmir

Are you planning on drawing the pension before your normal scheme retirement age? 

grinch53

No, am now getting my s p . As I said this scheme was a closed db one which was replaced with a dc one.This has just delayed my plans a bit. Mercer are shambolic and six months on still no pension.Shall be calling trustees and take advice as above.
ta

TVAS

Complain to the main scheme, complain to Mercer and complain to POS. Just so you can bring the matter of Mercer being rubbish to the attention of the client  (main scheme) and POS. 

All third party administrators are shambolic because when they bid for the contract they win with the lowest bid, which means they load up their poorly paid staff with lots of work hence pressure on them and delays. WTW have always been a bad employer (since the mid 90s) and because staff turnover is so high you now need to give 3 months notice.