Delay with pension lump sum payment

xylophone

but I'm not so sure about OH, I think he now erring to put it behind him 

Assume a typo but it seems to me it would be an error just to let it go.

The way this matter has been handled is an administrative disgrace.

He (and you) have been put to great inconvenience (even distress) and the delay has cost you time and money.

 In your place I would insist on an explanation, compensation and interest.

lindos90

xylophone said:

but I'm not so sure about OH, I think he now erring to put it behind him 

Assume a typo but it seems to me it would be an error just to let it go.

The way this matter has been handled is an administrative disgrace.

He (and you) have been put to great inconvenience (even distress) and the delay has cost you time and money.

 In your place I would insist on an explanation, compensation and interest.

I agree, I hope he does persue it. The lost interest alone is significant, and now the bond for 2 years has a lower interest rate than the one he was going to use if it had come on time. It all adds up!
I will update the thread on the outcome so hopefully it might be of use to anyone else in the future who has to chase TP for their pension! 

lindos90

Today is the 15th day again, and we had a response! They apologized for the general delay in issuing the lump sum, saying 'it did fall short of our standards, but we do get very busy during the summer as lots of teacher retire then'.

They had no real response to why they did not contact us at all during the delay.

They say they have now paid him (albeit very late) so it's basically resolved from their point of view.

Most disappointingly, but probably predictably, is that they say our claim for renumeration (lost interest and stress) has been refused. Their reasoning is that 'investments go up as well as down, so there is no way of calculating if the lump sum would have accrued any returns in that period' and they consider 'the apology in this letter is sufficient for any stress caused' 😠

The annoying thing is, we made no mention of 'investing' the lump sum. We mentioned 'loss of interest' from a fixed rate bond,  between when it should have been paid, and when it was eventually paid. We have the exact interest rate, so it absolutely could be calculated! 

Other half says he isn't letting it go, he sees it as only the first hurdle and is planning on escalating to Dept of Education. 

xylophone

'investments go up as well as down, so there is no way of calculating if the lump sum would have accrued any returns in that period' and they consider 'the apology in this letter is sufficient for any stress caused' 😠

You were not planning on "investing" the lump sum but on depositing in in a savings account.

Are they able to indicate any savings account where you would have received no interest?

The response is insulting and in your husband's position I would escalate the complaint.

lindos90

xylophone said:

'investments go up as well as down, so there is no way of calculating if the lump sum would have accrued any returns in that period' and they consider 'the apology in this letter is sufficient for any stress caused' 😠

You were not planning on "investing" the lump sum but on depositing in in a savings account.

Are they able to indicate any savings account where you would have received no interest?

The response is insulting and in your husband's position I would escalate the complaint.

Exactly! We have the bond details from the bank including the interest rate, however that's not the one the lump sum was paid into in the end as that product was pulled. We have the next issue of the bond, with a lower % rate which was the one that was available when the lump sum was paid, so we do have all the rates! 
Tbh, alot of the letter felt like generic copy and paste, so I don't really think they were responding to DH as an individual. 

LloydDavid

Just come across this post from last year and it looks like Teachers Pensions have not learned any lessons from last year and the above situation is not unique.  My wife retired from 1st September 2024 and according to the Teachers Pensions website, as 1st September this year was a Sunday we should have received the lump sum payment today (2/9/24).  Like the OP, the lump sum payment has not been received in our Bank Account and after being in a telephone queue with TPS for an hour, we were told by the TPS Agent that for some reason the lump sum payment has not been authorised .. apparently there had been some mention in their records of a recalculation possibly being needed which hadn't gone anywhere which had unauthorised the original scheduled payment and the agent said that the payment should have previously gone back into the Authorisation Team for reauthorisation but for some reason it hadn't.  The agent said that he would send a message to the Authorisation Team asking them to authorise the payment as the money is apparently just sitting there and he said that we should still definitely get the money this week at some point but he couldn't say exactly when.  I just hope that our experience doesn't match that of the OP and that we don't find ourselves in a similar situation to the OP in terms of a significant delay to the lump sum payment . If we don't have the money by the end of this week then we will be submitting a complaint immediately given how long it can take to resolve complaints.