DELAYS IN RECEIVING PENSION FROM AON

LittleDunPony

Anyone else experiencing delays in receiving their pension from AON?  My pension should have commenced in Nov last year but I am still waiting and am continuously fobbed off by AON staff who claim that the funds have not yet been received from the 'third party'.  The portion that I had opted to draw down could be gaining interest in my account but I am told I will not be recompensed for any loss.  Any suggestions or do I just have to continue to wait, with no guarantee from AON as to when my pension will start.

Hoenir

Who is the "third party? 

Marcon

LittleDunPony said:

Anyone else experiencing delays in receiving their pension from AON?  My pension should have commenced in Nov last year but I am still waiting and am continuously fobbed off by AON staff who claim that the funds have not yet been received from the 'third party'.  The portion that I had opted to draw down could be gaining interest in my account but I am told I will not be recompensed for any loss.  Any suggestions or do I just have to continue to wait, with no guarantee from AON as to when my pension will start.

Could you chase the third party in question?

dunstonh

The portion that I had opted to draw down could be gaining interest in my account but I am told I will not be recompensed for any loss. 

That is logical because the source will still be subject to investment returns until it sends the money to the destination.    Every asset class is pretty much up (some by a decent amount) since November.

Any suggestions or do I just have to continue to wait, with no guarantee from AON as to when my pension will start.

WIthout knowing who the source and destination is its hard to follow.  Aon is normally an administrator and you would be taking money away from them but the way you write it, it is going to them.

xylophone

Are you indicating that your pension has been transferred from another provider to AON?

LittleDunPony

xylophone said:

Are you indicating that your pension has been transferred from another provider to AON?

I don’t know - all I’m told is that it’s with ‘a third party’ and they won’t disclose who that is.  I have emailed them but they say it takes 3 weeks to respond - that 3 weeks is up now. 

dunstonh

LittleDunPony said:

xylophone said:

Are you indicating that your pension has been transferred from another provider to AON?

I don’t know - all I’m told is that it’s with ‘a third party’ and they won’t disclose who that is.  I have emailed them but they say it takes 3 weeks to respond - that 3 weeks is up now. 

What is the transaction that you are attempting to do?

Aon is an administrator for occupational pensions.  It doesn't have retail pension products.   So, if you have requested something that cannot be done on the main occupational pension, they may use third parties to arrange whatever it is you are after.  

Marcon

dunstonh said:

LittleDunPony said:

xylophone said:

Are you indicating that your pension has been transferred from another provider to AON?

I don’t know - all I’m told is that it’s with ‘a third party’ and they won’t disclose who that is.  I have emailed them but they say it takes 3 weeks to respond - that 3 weeks is up now. 

What is the transaction that you are attempting to do?

Aon is an administrator for occupational pensions.  It doesn't have retail pension products.   So, if you have requested something that cannot be done on the main occupational pension, they may use third parties to arrange whatever it is you are after.  

As dunstonh says, what is actually going on/what have you asked them to do?

If your request is normal/reasonable/mainstream, possibly time for a formal complaint.

xylophone

I don’t know - all I’m told is that it’s with ‘a third party’ and they won’t disclose who that is.  I have emailed them but they say it takes 3 weeks to respond - that 3 weeks is up now. 

How did this pension arise? 

When and how were contributions to it made?

Tommyjw

Given it is AON, sounds like OP has an occupational DB pension with an AVC atatched which is with someone else (Prudential/ Standard Life etc) and OP's administrators are 'at the mercy' of that AVC provider as to their disinvestment timescales.  Perhaps OP is intending to transfer that AVC instead of taking it as cash from the scheme?

On these many assumptions, OP cannot directly contact the AVC provider as it would be Trust based and held in the schemes name, and can ultimately only keep pressuring AON and complaint o them, who instead would complain on to the external provider. 

Marcon

Tommyjw said:

Given it is AON, sounds like OP has an occupational DB pension with an AVC atatched which is with someone else (Prudential/ Standard Life etc) and OP's administrators are 'at the mercy' of that AVC provider as to their disinvestment timescales.  Perhaps OP is intending to transfer that AVC instead of taking it as cash from the scheme?

On these many assumptions, OP cannot directly contact the AVC provider as it would be Trust based and held in the schemes name, and can ultimately only keep pressuring AON and complaint o them, who instead would complain on to the external provider. 

If it's an AVC provider then why the secrecy about the 'identity' of the 'third party'? OP will know if they paid AVCs and who the scheme's AVC provider is.