Mercer db transfer to sipp

Japdtp

So after a long process finally got the advise needed to transfer a db pension. Now being told it could take average of 8 weeks for mercer to process the transfer. 

Does that sound correct? 

Is this just mercer or are all companies the same ? 

Thanks 

dunstonh

With Mercer, you normally count the timescale in months rather than weeks.   Although the same can be said for most external administrators.

Marcon

Japdtp said:

So after a long process finally got the advise needed to transfer a db pension. Now being told it could take average of 8 weeks for mercer to process the transfer. 

Does that sound correct? 

Is this just mercer or are all companies the same ? 

Thanks 

If you've only just got the necessary advice and confirmed you would like the transfer to proceed, the administrators now have to carry out various checks (e.g. checking direct with the adviser that they have given you advice, that the adviser is properly authorised, that the scheme to which you wish to transfer is a bona fide pension arrangement). These take time, which is why legislation normally allows 3 months for the transfer to actually be paid over.

ian16527

It took me over 3 months for a DC to Sipp transfer so be prepared for a wait.

Albermarle

It took me 5 months just to get a DB pension into payment with Mercer.

If the transfer only takes 8 weeks , you can probably think your self lucky .

xylophone

https://www.thisismoney.co.uk/money/experts/article-10360671/TONY-HETHERINGTON-horror-stories-pension-giant-Mercer.html

Waiting for Mercer.......? (Apologies to Samuel Beckett....)

Japdtp

Just a quick update transfer all done, 10 working days . 

midlandsimon

Mercer and Willis Towers Watson had a bad reputation for delays. As the number of DB transfers they process and are going through has dropped massively, timescales have improved. Glad you got sorted Japdtp.