Yet another Pension Administrator Fiasco

Bostonerimus1

I'm pretty cynical and while I think a lot of the issues with pension administration errors are just plain incompetence, cost cutting and a reliance on poorly written IT, I also think there is some malice in there displayed by the lack of response and effort to correct errors. It doesn't have to be complicated. I have had entirely good experiences with my US state pension administrators; the pension amount was easy to calculate by multiplying my salary by a percentage related to years of service and my age and that's what arrived in my bank account on the advertised day. It appears each month like clockwork, as does a quarterly summary of deposits and any deductions for retiree benefits. What matters is the governance of the pension and accountability to it's members.

gm0

Nobody wants to pay for near instant and multi-channel. 

Occupational trustees are not going to commission it.  Have a bit of blether about  pension communications and arm wave about a growing "expectations gap" with modern retail financial self serve products. Yes.

But actually tender the admin contract at wildly increased scope of service and policed service levels. And investment in modernisation baked in. Higher tendered costs/scheme platform charge.  3-5 year contract length (to recover investment). Err no.

Ask scheme members to *pay* a significantly higher levy for that much better service for transactions that don't happen very often.  They would man the barricades in protest.