JLT Transferred my fund

Organgrinder

I recently asked JLT (Mercer) for a pensions update as I'm approaching 55.

My DB is still there (modest at 5k), but they have transferres my DC (roughly 28k in 2015) to another provider. 

I have no recollection of asking them to do this which they did in October 2019.

I've asked for details which they say will take 10-15 working days. I'm just wondering if anyone else has had this happen.

As an aside I have two other DB's one active at 10k and another from a previous employer also at 10k plus another DC of 15k. Any advice as to those greatly appreciated.

Albermarle

Changing DC provider for a sum of £28K is unlikely to have significant ramifications but for sure you should have been informed/asked.

As an aside I have two other DB's one active at 10k and another from a previous employer also at 10k plus another DC of 15k. Any advice as to those greatly appreciated.

You need to be more specific with your question, what do you want info about ? When to take them ?

Organgrinder

Sorry I was unclear....they transferred it out without telling me...i have no idea where it went. I fear someone has stolen it.

dunstonh

My DB is still there (modest at 5k), but they have transferres my DC (roughly 28k in 2015) to another provider. 
I have no recollection of asking them to do this which they did in October 2019.

Was this a bulk transfer or an individual transfer?  (i.e. just you or everyone in the scheme).

I fear someone has stolen it.

What do Mercer say when you ask them where it has gone?

Organgrinder

they say that i took full transfer out. 

the original scheme is still run by JLT.

GrumpyDil

Seems like all you can do is wait for the full details of where it was transfered to and go from there.

Malthusian

Because of the checks that pension trustees now have to run on any transfer and where it is going, it is extremely difficult to steal someone's pension.

In the early 2010s when it was much easier to steal people's pensions, it was still extremely difficult to do without the member's agreement, which is why "pension liberation" fraudsters went to a lot of time and effort getting people to agree to having their pension stolen.

Is it possible that you started a new job and told your new employers to tidy up your old workplace pension by transferring it to your new one? This often only requires you to sign a simple form and you could easily have forgotten about it in amongst all the other bumpf that comes with changing jobs.

I would put your feet up and relax until JLT comes back to you with an explanation. The worst case scenario is that JLT have cost themselves a few tens of thousands. (It's very inefficient that they can't simply tell you over the phone which scheme they transferred the pension to, when it was only 2 years ago, but that's occupational pension administrators for you.)

As an aside I have two other DB's one active at 10k and another from a previous employer also at 10k plus another DC of 15k. Any advice as to those greatly appreciated.

What kind of advice? (For advice on pensions you need a regulated Independent Financial Adviser, but people down the pub like us may be able to give you some generic guidance if you give us some idea of what you want to achieve with them.)

The right thing to do with the active DB scheme is almost certainly to keep paying into it to the maximum extent possible.

Organgrinder

Thanks guys. Just wanted to set my mind at rest.

I've not started a new job or anything. Transferring would not be something I would do ordinarily. I'd certainly have remembered it.

I think they've made a mistake. But a little worrying when I found out!!!

Albermarle

 (It's very inefficient that they can't simply tell you over the phone which scheme they transferred the pension to, when it was only 2 years ago, but that's occupational pension administrators for you.)

From my recent experience with Mercer , actually getting to speak to them/getting any kind of  response,  is an achievement in itself !

Organgrinder

Haha yes. This morning it took a long time before I was told "yes it's transferred out but I can't see any more than that". The cynic in me thinks it doesn't take 5 minutes in hold to see that!

Malthusian

I once spent over half an hour on hold to be told that a pension had been fully cashed in when it hadn't (it had been transferred, which is completely different, and all they had to do was read out the name of the receiving pension company to save everyone a lot of hassle). If it only took five minutes to be told "we have no idea what happened so we'll find out and write out to you", after which you can put your feet up, that's not a bad morning's work.