Workplace pension withdrawal problem

Gary1955

I retired earlier this year. I have a workplace pension administered by Options Corporate Pensions UK Limited and have been trying for months to drawdown my pension pot of about £8k, but despite them originally telling me it would take a couple of weeks I have received nothing. The financial advisers who set up the scheme have been chasing Options for months. I have just made a complaint to Options, but they say that the process could take 2 months from now to be resolved! I am getting desperate. Apparently I can't refer the matter to the Pensions Regulator until Options has tried to resolve it. I think I am being taken for a ride. Help please!

sheslookinhot

Who do Options Corporate Pensions work for? I would certainly seek their help, also can your former employer help?

dunstonh

I have just made a complaint to Options, but they say that the process could take 2 months from now to be resolved!

That is unlikely what they are saying.    They have 2 months to try and resolve it before you can refer it but it may take less than that or longer than that.

 I think I am being taken for a ride.

In my experience, the most common reason for the final employer scheme to hold up payment/transfer is that the employer has not told the pension provider that you are no longer an active member.  However, apart from that, anything is just guess work.

Marcon

Gary1955 said:

I retired earlier this year. I have a workplace pension administered by Options Corporate Pensions UK Limited and have been trying for months to drawdown my pension pot of about £8k, but despite them originally telling me it would take a couple of weeks I have received nothing. The financial advisers who set up the scheme have been chasing Options for months. I have just made a complaint to Options, but they say that the process could take 2 months from now to be resolved! I am getting desperate. Apparently I can't refer the matter to the Pensions Regulator until Options has tried to resolve it. I think I am being taken for a ride. Help please!

Have you checked what your (former) employer has told Options? It's often the key to what's going wrong ('oops, thought we'd told you X had retired and isn't on our payroll any longer') but nobody thinks to ask the question, or assumes someone else has.