Delay with pension lump sum payment

Troytempest

I confess that I have not read the entire thread but a complaint to the OP's MP may be worthwhile. (sorry if it already suggested)

lindos90

Troytempest said:

I confess that I have not read the entire thread but a complaint to the OP's MP may be worthwhile. (sorry if it already suggested)

That has been on my mind actually. I read all the reviews on Trustpilot and several people had mentioned found this. Unfortunately they didn't mention at what point, or if it was effective. 

MallyGirl

It shouldn't be effective but there does seem to be a form of back door where complaints via MPs get better attention 

lindos90

Thanks @MallyGirl I'll definitely tel OH, could be useful to hurry along the complaint if he has to escalate to dept of ed. 👍

Nebulous2

MallyGirl said:

It shouldn't be effective but there does seem to be a form of back door where complaints via MPs get better attention 

It shouldn’t need that to be effective, but complaints through a politician always do get special treatment, in my experience.

I know of a large government-funded organisation, where anything received from an elected member has to be copied to a special mailbox, which is monitored by a member of the senior management team. 

lindos90

Big step forward today, the lump sum has arrived which is a huge relief!!!

However there's 74 days of missed interest, and also a loss of interest for the next 2 years (as the comparable interest rates on 2 year fixed rate bonds available now is lower than the one OH had opened in readiness for the lump sum arrival on 1st September. (Which is no longer accepting deposits)

There's also the outstanding apology and explanation as to why it was delayed, and why there has been a complete absence of communication from them.

The stress and uncertainty this has caused my OH since he retired has been awful , I don't think I realised how much until his reaction when he saw the lump sum had arrived today. 

I'm doubtful that we will receive any of the above without a huge battle, causing additional stress. He's going to give it some thought, and see if they do actually respond to the formal complaint itself and decide if to persue further if he's not happy with their reply. 

xylophone

Big step forward today, the lump sum has arrived which is a huge relief!!!

Good news!

Presumably you have claimed compensation and interest?

eastcorkram

lindos90 said:

Big step forward today, the lump sum has arrived which is a huge relief!!!

However there's 74 days of missed interest, and also a loss of interest for the next 2 years (as the comparable interest rates on 2 year fixed rate bonds available now is lower than the one OH had opened in readiness for the lump sum arrival on 1st September. (Which is no longer accepting deposits)

There's also the outstanding apology and explanation as to why it was delayed, and why there has been a complete absence of communication from them.

The stress and uncertainty this has caused my OH since he retired has been awful , I don't think I realised how much until his reaction when he saw the lump sum had arrived today. 

I'm doubtful that we will receive any of the above without a huge battle, causing additional stress. He's going to give it some thought, and see if they do actually respond to the formal complaint itself and decide if to persue further if he's not happy with their reply. 

Good news indeed. 
You say there was no explanation, but was there any kind of notification or did it just turn up?

lindos90

eastcorkram said:

lindos90 said:

Big step forward today, the lump sum has arrived which is a huge relief!!!

However there's 74 days of missed interest, and also a loss of interest for the next 2 years (as the comparable interest rates on 2 year fixed rate bonds available now is lower than the one OH had opened in readiness for the lump sum arrival on 1st September. (Which is no longer accepting deposits)

There's also the outstanding apology and explanation as to why it was delayed, and why there has been a complete absence of communication from them.

The stress and uncertainty this has caused my OH since he retired has been awful , I don't think I realised how much until his reaction when he saw the lump sum had arrived today. 

I'm doubtful that we will receive any of the above without a huge battle, causing additional stress. He's going to give it some thought, and see if they do actually respond to the formal complaint itself and decide if to persue further if he's not happy with their reply. 

Good news indeed. 
You say there was no explanation, but was there any kind of notification or did it just turn up?

It just turned up. The only communication we have had from them is an automated email confirming receipt of the formal complaint, and more recently saying they hadn't resolved the complaint in the alloted 15 working days.

lindos90

xylophone said:

Big step forward today, the lump sum has arrived which is a huge relief!!!

Good news!

Presumably you have claimed compensation and interest?

Yes, we asked for an explanation as to why it happened, an apology and compensation for lost interest, and additional work and stress involved in trying to get them to pay the lump sum. How that can be calculated I've no idea really.
My opinion is that the payment will be the only communication we get though, having read the treatment of some people on their trustpilot reviews. 
I feel like digging my teeth in and not letting go, but I'm not so sure about OH, I think he now erring to put it behind him now the lump sum is here and start to enjoy his retirement. We've agreed to wait till the second (extended) deadline and see if they actually respond to the points we raised in the complaint first. I have really appreciated your support 👍