DB deferred benefits statements

Jonty6262

I have a deferred DB company pension. I have asked for a up to date statement.How long does/should it take for the administrators to send me the new statement? I requested it six weeks ago. 

Pat38493

I depends who is the administrator of the pension but it's not unusual for it to take months (I think the last one I requested took almost 3 months just to get the statement).

Albermarle

Jonty6262 said:

I have a deferred DB company pension. I have asked for a up to date statement.How long does/should it take for the administrators to send me the new statement? I requested it six weeks ago. 

Some are basically hopelessly inefficient ( Mercer come to mind) and probably better to give them a chase.

NedS

You should be able to calculate what your benefits will be yourself. Check the scheme rules for how revaluation is applied in deferment, and apply that to the amount of DB pension benefits you had on the date of leaving the scheme. That's all the administrators will be doing.

Tommyjw

Reading the OP and about to type we'd provide within 10 days maximum and then seeing the replies.. 

Brie

I've got 3 OPS with Willis Towers Watson.  Each is supposedly dealt with by a different team.  The DB one used to respond within days.  The 2 DC ones were at best 4 weeks but at one point last year it took me 4 months with one scheme as they kept emailing me all the info at my email address at that employer - which I had left 15 years earlier.  Then they used the correct email address but sent everything in zipped files which I couldn't open so I needed another 3 weeks for snail mail.  They kept saying things had been sent and then the next person I would talk to would say they could see that the info had been requested but never processed.....

Jonty6262

It's Hymans

Marcon

Albermarle said:

Jonty6262 said:

I have a deferred DB company pension. I have asked for a up to date statement.How long does/should it take for the administrators to send me the new statement? I requested it six weeks ago. 

Some are basically hopelessly inefficient ( Mercer come to mind) and probably better to give them a chase.

Better idea: don't chase, because (a) they are well within the statutory time frame for providing a reply and (b) each time you chase, you take someone away from actually dealing with the request.

OP - you need to be aware that you might only receive a further copy of your leaving service statement, particularly if you still have some way to go before you reach the point where you might be able to draw your benefits. 

NedS said:

You should be able to calculate what your benefits will be yourself. Check the scheme rules for how revaluation is applied in deferment, and apply that to the amount of DB pension benefits you had on the date of leaving the scheme. That's all the administrators will be doing.

That's not as simple as it sounds. Just look at the number of times administrators get it wrong... 

indiasign

Hymans are my pension administrators as well, and they usually reply in about 8 weeks, (sometimes quicker, but never longer than that)

sandsy

Marcon said:

OP - you need to be aware that you might only receive a further copy of your leaving service statement, particularly if you still have some way to go before you reach the point where you might be able to draw your benefits. 

This. My DB scheme always refused to provide nothing except the leaving service statement. But if you have post 88 GMP or post 97 non-GMP benefits, the amounts must increase from date of leaving until retirement date. Some schemes provide higher increase levels than the statutory revaluation increases.

Pat38493

I can say for sure that there was no possible way I could have calculated my pension just from the deferral statements that I had.  In the years since 2008 there were a few other communications they sent, mainly because they were making changes like GMP equalisation, and at that time they provided a lot more detail about the tranches included in the pension.

I can give it a whirl now at estimating the pension amount, but frankly I’ll be amazed if I got it 100% right.