USS Error and where to get advice?

BikingBud

RSTime said:

I received an email from USS that stated "There is no statutory duty on trustees to notify members of a change to actuarial factors and we cannot provide financial advice. "

I had a long call with someone from USS this afternoon and they are going away to investigate. I will update with the outcome.

We are not asking for financial advice!

We are asking for appropriate and timely communication of current, planned and proposed changes.

Advice that enables us to undertake our own due diligence and seek financial advice based upon accurate figures and projections/models.

But we cannot do that when they deliberately do not advise changes and hide the bad news while trumpeting the news that they are returning some of what they should never have taken. 

katejo

BikingBud said:

RSTime said:

I received an email from USS that stated "There is no statutory duty on trustees to notify members of a change to actuarial factors and we cannot provide financial advice. "

I had a long call with someone from USS this afternoon and they are going away to investigate. I will update with the outcome.

We are not asking for financial advice!

We are asking for appropriate and timely communication of current, planned and proposed changes.

Advice that enables us to undertake our own due diligence and seek financial advice based upon accurate figures and projections/models.

But we cannot do that when they deliberately do not advise changes and hide the bad news while trumpeting the news that they are returning some of what they should never have taken. 

I am with SAUL not USS but have been following the recent comments here. I have been struck by how hard it is now to get accurate info about my pension. My Uni employer used to have 2 pension advisers but that stopped long ago. Then they liaised with an IFA who could give free advice as long as you attended a general info session first but this has been withdrawn now. I said I wasn't  asking for advice, just facts...

RSTime

USS have got back to me and there was an error in their calculation, apparently an issue with a macro on their spreadsheet that meant one of my AVCs had not been included in the calculation. The issue has been resolved and an updated statement is on its way. Given the changes in ERF (that I now know about) I will be taking my pension on the 30th September.

Am rather concerned that an error like this could have been made. If I had not had previous estimates I would have simply accepted the April statement. I should add that the person I dealt with at USS was very helpful.

The issue of communication is very annoying/frustrating, fully agree with @BikingBud

RSTime

Simes122 said:

Apparently they can change factors at their whim.

Worth making a complaint - say you’ve had quotations before and after 1 Apr and say you’d like to take on the prior terms given the failure to communicate.  

Did the commutation factors change significantly in April (does anyone have a link to the  information)? I did ask USS the question and the person I spoke to did not have the figures but said that there was not much of a change, the ERFs were the major changes. 

If there is a significant difference do you think it is worth complaining and asking for my pension to be backdated? I did ask USS if that was possible but they said no but may be different if I send a formal complaint?

katejo

RSTime said:

USS have got back to me and there was an error in their calculation, apparently an issue with a macro on their spreadsheet that meant one of my AVCs had not been included in the calculation. The issue has been resolved and an updated statement is on its way. Given the changes in ERF (that I now know about) I will be taking my pension on the 30th September.

Am rather concerned that an error like this could have been made. If I had not had previous estimates I would have simply accepted the April statement. I should add that the person I dealt with at USS was very helpful.

The issue of communication is very annoying/frustrating, fully agree with @BikingBud

That's really pretty shocking! It might not have been detected. After reading your original question, I contacted SAUL to find out whether I could get a projection of my pension based on retiring next year (to compare with the quotes I got last year).I was told that SAUL will have a factor change in December 2024 so it would be better to wait until 3 months before I want to retire. 
What does ERF stand for please?

RSTime

katejo said:

RSTime said:

USS have got back to me and there was an error in their calculation, apparently an issue with a macro on their spreadsheet that meant one of my AVCs had not been included in the calculation. The issue has been resolved and an updated statement is on its way. Given the changes in ERF (that I now know about) I will be taking my pension on the 30th September.

Am rather concerned that an error like this could have been made. If I had not had previous estimates I would have simply accepted the April statement. I should add that the person I dealt with at USS was very helpful.

The issue of communication is very annoying/frustrating, fully agree with @BikingBud

That's really pretty shocking! It might not have been detected. After reading your original question, I contacted SAUL to find out whether I could get a projection of my pension based on retiring next year (to compare with the quotes I got last year).I was told that SAUL will have a factor change in December 2024 so it would be better to wait until 3 months before I want to retire. 
What does ERF stand for please?

Early retirement factor. I had not come across it until recently. Basically, retiring early is going to result in a smaller pension after 1st October. The lack of communication is truly shocking.

katejo

RSTime said:

katejo said:

RSTime said:

USS have got back to me and there was an error in their calculation, apparently an issue with a macro on their spreadsheet that meant one of my AVCs had not been included in the calculation. The issue has been resolved and an updated statement is on its way. Given the changes in ERF (that I now know about) I will be taking my pension on the 30th September.

Am rather concerned that an error like this could have been made. If I had not had previous estimates I would have simply accepted the April statement. I should add that the person I dealt with at USS was very helpful.

The issue of communication is very annoying/frustrating, fully agree with @BikingBud

That's really pretty shocking! It might not have been detected. After reading your original question, I contacted SAUL to find out whether I could get a projection of my pension based on retiring next year (to compare with the quotes I got last year).I was told that SAUL will have a factor change in December 2024 so it would be better to wait until 3 months before I want to retire. 
What does ERF stand for please?

Early retirement factor. I had not come across it until recently. Basically, retiring early is going to result in a smaller pension after 1st October. The lack of communication is truly shocking.

Ok thanks. My SAUL pension quote says that the money paid in up to 2016 (25 years)  will not be reduced by early retirement provided that I retire after 60 (which I have already satisfied). 

katejo

RSTime said:

katejo said:

RSTime said:

USS have got back to me and there was an error in their calculation, apparently an issue with a macro on their spreadsheet that meant one of my AVCs had not been included in the calculation. The issue has been resolved and an updated statement is on its way. Given the changes in ERF (that I now know about) I will be taking my pension on the 30th September.

Am rather concerned that an error like this could have been made. If I had not had previous estimates I would have simply accepted the April statement. I should add that the person I dealt with at USS was very helpful.

The issue of communication is very annoying/frustrating, fully agree with @BikingBud

That's really pretty shocking! It might not have been detected. After reading your original question, I contacted SAUL to find out whether I could get a projection of my pension based on retiring next year (to compare with the quotes I got last year).I was told that SAUL will have a factor change in December 2024 so it would be better to wait until 3 months before I want to retire. 
What does ERF stand for please?

Early retirement factor. I had not come across it until recently. Basically, retiring early is going to result in a smaller pension after 1st October. The lack of communication is truly shocking.

Have you checked whether this increase in the early retirement factor is applied across your entire pension or just the last few years? I emailed SAUL yesterday for clarification. Their retirement reduction factor is going up to 5% (now 4%) in December but will only affect money paid in post 2020.

RSTime

I have not checked but will do now...

RSTime

I have received my updated estimate and quite a difference, my standard benefit has gone up by ~£5.5k per annum and lump sum up by ~£16.5k. All rather concerning that such an error is possible.