Seven Months Of Delays By Pension Company

Hello, 

I am looking for advice on how to incentivise a pension provider into action following 7 months of excuses and stalling on their side?

Following a 25 year career at IBM I was forced to take early retirement due to ill health and sought advice from an IFA. My IFA has worked diligently and professionally chasing the pension owner for over the past seven months and we are still waiting for a satisfactory resolution.

 IBM sold it’s Defined Benefits plan to XPS and it is XPS who have failed to give figures and react to requests in a timely manner.

In the last few weeks IBM’s Trust Managers have become involved and again since XPS and their promises I am still anxiously waiting nervously to find out what is going on.

During this time I have been using savings to live off. Now these are almost gone I am using loans and living on fresh air.

Can anyone advise on what my next steps should be please?
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Replies

  • edited 25 November at 10:20AM
    Dazed_and_C0nfusedDazed_and_C0nfused Forumite
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    edited 25 November at 10:20AM
    You could start by telling us what you are expecting to happen?

    Payment of DB pension?
    Payment or DB pension with actuarial reduction for early payment?
    Payment of DB pension due to ill health 

    Why did you feel the need to get an IFA involved with a DB pension?
  • edited 25 November at 10:26AM
    xylophonexylophone Forumite
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    edited 25 November at 10:26AM
    IBM sold it’s Defined Benefits plan to XPS and it is XPS who have failed to give figures and react to requests in a timely manner.

    You mean that XPS has taken over the administration of the IBM Defined Benefits scheme?

    Following a 25 year career at IBM I was forced to take early retirement due to ill health and sought advice from an IFA. 

    Can you explain what exactly happened here?

    When you left the company, was it on the basis that you would be entitled to draw your pension earlier than  Normal Scheme Pension Age on the basis of ill health?

    Or do you mean that you left your job because you felt too ill to continue and then sought to access the pension with actuarial reduction?

    Or that you approached the IFA with a view to a transfer out of the pension to a DC scheme (SIPP/other)?

    What does XPS say  is causing the delay?

  • xylophonexylophone Forumite
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    Incidentally, do you have access to

    https://www.mypension.com/ibm/ibmhome
  • AndrewJ56AndrewJ56 Forumite
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    Hi both and thank you for your speedy responses. 

    To clarify, IBM made my role redundant after 25 years of service and two years later I had to stop working due to ill health.

    As I had a number of small pensions from other companies and a 3 part pension from IBM I approached an IFA for advice as I didn’t know what my full options would be.

     I was expecting XPS to give me a transfer figure and figures for the DB plan if I choose to take a lump sum and draw down on the remainder. I have returned signed forms stating what I want to happen and despite receiving a ’read receipt’ and a response from XPS they stated to the IBM Trust that they haven’t received the completed forms. They also told the Trust it will take 10 days to action 10 days after receiving the forms which is 20 days. They have promised that mine will be a priority (again) and that it would be resolved this week and yet I have heard nothing with 2 days to go.

     I hope you can understand my frustration as retirement should be a relaxing time following 25 years professional service.

    thank you in advance.
  • AlbermarleAlbermarle Forumite
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    It probably does not help to know ,  but pensions administrators are not known generally for their efficient and quick responses . Not just XPS.
  • AndrewJ56AndrewJ56 Forumite
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    Xylophone,

    Yes XPS have been charged with administering the IBM DB plan and have been failing to give figures for 6 months. Now I have elected how I want to draw down the DB part of my pension (with a lump sum) they are stalling putting my request into action.

    After leaving IBM I took up a really enjoyable job in a clean room environment but due to the PPE I retired with dermatitis after becoming allergic to the chemicals used in the PPE’s manufacture.

    So far XPS have blamed the pandemic, IBM’s System Software, not receiving requests (despite triggering ‘read receipts’ and responding to the not received emails). More recently they have said they can’t act upon requests from my IFA as the letter of authority only lasts 6 months, despite the delays being caused by their own inactions.

    It has all been very frustrating for me and my IFA as we have been chasing XPS at least several times a week for over 7 months now.
  • edited 25 November at 11:15AM
    xylophonexylophone Forumite
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    edited 25 November at 11:15AM
    So far XPS have blamed the pandemic, IBM’s System Software, not receiving requests (despite triggering ‘read receipts’ and responding to the not received emails). More recently they have said they can’t act upon requests from my IFA as the letter of authority only lasts 6 months, despite the delays being caused by their own inactions.

    Any excuse is better than none?

    It is extremely frustrating but I don't think that contacting them several times a week will produce any more of a  response than the one you have already received.

    They have promised that mine will be a priority (again) and that it would be resolved this week and yet I have heard nothing with 2 days to go.

    You will need to wait the two days I think - after that, a formal complaint in writing - your IFA should assist.

    It probably does not help to know ,  but pensions administrators are not known generally for their efficient and quick responses . Not just XPS.

    Albemarle comments after reading many, many posts on this forum concerning problems like yours.

    And it is not only  the Administrators of occupational/private  pensions who are demonstrating their lack of efficiency (even competence) - did you read the  threads on the delays being experienced by those claiming their state pensions?

    Assuming that you are under SPA, have you obtained a state pension forecast?

    https://www.gov.uk/check-state-pension

  • AlbermarleAlbermarle Forumite
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     Apart from the delays your statements are not entirely clear .

    I was expecting XPS to give me a transfer figure and figures for the DB plan if I choose to take a lump sum and draw down on the remainder


    This one indicates that you are trying to get a CETV ( Cash Equivalent Transfer ) quote , so you can start the ( difficult and expensive ) process of completely leaving the DB pension and transferring the CETV into a DC pension to start drawdown.
    Also this why an IFA is involved ?

    Now I have elected how I want to draw down the DB part of my pension (with a lump sum) they are stalling putting my request into action

    This indicates you just want to start taking the DB pension . With a lump sum and then a monthly income. Normally no IFA needed.

    Maybe a financial jargon issue around the word 'drawdown'  





  • AndrewJ56AndrewJ56 Forumite
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    Xylophone thank you.

     I have a state pension forecast and am under the SPA, thanks for the link.

    It is slightly comforting knowing that I am not alone but gives little Christmas Cheer.

    Initially the IFA was waiting for XPS to reply but after weeks of waiting would chase. Then I was asked to chase as the moths rolled by and now I am hoping that the Trust Managers involvement would expedite things more speedily.

    Whom would you recommend complaining too asXPS genuinely do not seem to care?

    thank you for your advice 
  • MarconMarcon Forumite
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    AndrewJ56 said:
    Xylophone,

    Yes XPS have been charged with administering the IBM DB plan and have been failing to give figures for 6 months. Now I have elected how I want to draw down the DB part of my pension (with a lump sum) they are stalling putting my request into action.

    After leaving IBM I took up a really enjoyable job in a clean room environment but due to the PPE I retired with dermatitis after becoming allergic to the chemicals used in the PPE’s manufacture.

    So far XPS have blamed the pandemic, IBM’s System Software, not receiving requests (despite triggering ‘read receipts’ and responding to the not received emails). More recently they have said they can’t act upon requests from my IFA as the letter of authority only lasts 6 months, despite the delays being caused by their own inactions.

    It has all been very frustrating for me and my IFA as we have been chasing XPS at least several times a week for over 7 months now.
    Rubbish, unless you signed a letter of authority which said it would only be valid for 6 months.

    You don't need to pay your IFA to help with a complaint. You can get free, expert and impartial assistance (which. your IFA might actually welcome, given the nonsense going on here) from https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-problems

    This is a trust-based scheme, so must have something known as the 'Internal Dispute Resolution Procedure'. If you can't access the relevant form online, then XPS should provide you with a copy (ahem) on request.
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