potential pension problem?

Superduke

MarkCarnage said:

From what you write it's a deferred defined benefit pension. At face value, if what Gallagher are saying is true, this sounds less like an issue with the administrator than 'the insurer'....their wording suggests to me that there may be a buy in/buy out in place for the liabilities, and they have to confirm the benefits payable with the insurer, particularly if you are taking benefits early? 

yes I'm sure there are i's to dot and t's to cross a process to follow, I get all that, what I started to get nervous about was they stated that payments (inc back any payments) would commence 1 Oct they didn't and they haven't said why. If they simply said there are some technicalities to iron out and calculations to be done and it’s going to take several weeks I would understand and accept that but they haven’t. Also they provided a final calculation based on retiring on 01 july, and I was happy with the figures maybe this wasn’t a final figure and rather a projection? Which I guess would mean the final figure could change as the markets will have inevitably charged particularly following the pension speculation that surrounded the budget. I do feel better however that this is likely just taking longer than expected and nothing sinister.

eastcorkram

I do find it odd though, as someone currently waiting for a response from a pension administrator, the time tables used. 

They say apply six months before, so you do, but then if they know that over runs by 8 weeks or whatever, why don't they just get people to apply 8 months before. 

MarkCarnage

Superduke said:

MarkCarnage said:

From what you write it's a deferred defined benefit pension. At face value, if what Gallagher are saying is true, this sounds less like an issue with the administrator than 'the insurer'....their wording suggests to me that there may be a buy in/buy out in place for the liabilities, and they have to confirm the benefits payable with the insurer, particularly if you are taking benefits early? 

yes I'm sure there are i's to dot and t's to cross a process to follow, I get all that, what I started to get nervous about was they stated that payments (inc back any payments) would commence 1 Oct they didn't and they haven't said why. If they simply said there are some technicalities to iron out and calculations to be done and it’s going to take several weeks I would understand and accept that but they haven’t. Also they provided a final calculation based on retiring on 01 july, and I was happy with the figures maybe this wasn’t a final figure and rather a projection? Which I guess would mean the final figure could change as the markets will have inevitably charged particularly following the pension speculation that surrounded the budget. I do feel better however that this is likely just taking longer than expected and nothing sinister.

You should call them and find out. The mention of 'insurer' does make me think that it's a scheme where there has been a buyout of liabilities in which case the administrator would need to get sign off by the insurer who took on the liabilities for new pensions commencing. However, that shouldn't be taking this long and you need to ask them why they are having to go to an insurer, and what's the reason for the delay. 
It shouldn't affect the amounts payable. Markets have nothing to do with this, nor the budget. Therefore I wouldn't worry overly much. If their answer isn't satisfactory or they keep missing deadlines consider a formal complaint...the mention of that usually concentrates minds. 

Superduke

Thanks for the responses another chaser email sent so I'll await the reply 

LHW99

Superduke said:

Brie said:

If it's from employment some time back then it's deferred. If it's final salary that's a defined benefit scheme.  

Keep chasing.  Have you rung them?  Harder for anyone to ignore a call but keep a record of when and what was said.

thanks for the info, another chaser email and yes a phone call is probably a good idea too.

And get the name of the person you speak to.

xylophone

It seems that your old employer closed down in 2003.

This would have meant that the pension scheme would have closed and members would have become deferred members.

It would appear that you left the  company pre 2003 so that presumably you would have been given a statement of deferred benefits showing GMP (if a member pre 6/4/97)/excess over GMP.

Did you keep your scheme pension guide?

What information have you received since you left?  Were you advised of the takeover of Buck by Gallagher?

https://investor.ajg.com/news/news-details/2023/Arthur-J.-Gallagher--Co.-Completes-Acquisition-of-Buck/default.aspx

Presumably you initially contacted Buck. Were they the administrator of the scheme when you were working at the company and when you left?

It is not immediately clear how or why an insurer became involved. Which insurer is it?

Have you tried a phone call?

Have you obtained a state pension forecast?

https://www.gov.uk/check-state-pension

MarkCarnage

Gallagher have acquired Buck and have rebranded it. However, it is the same people in the same places doing the same thing. They saw it as an attractive entry point for them to this area of the UK market. Buck is very 'digital' and encourage scheme members to register on their portal and log in to do many things (not sure this is one though). 

As I've noted above, the obvious reason that an insurer is involved is that the liabilities have been subject to a buy in or buy out. However, from a member perspective, that isn't a good excuse for taking months longer than was promised to deal with your request to commence benefits, and I think you need to be telling them that fairly directly. It may well be that the insurer is delaying things but that's not good enough. Ask them some direct questions as I outlined above and also what Buck are doing specifically to expedite things. 

LHW99

If you write, head your letter "Complaint", and send it by some form of tracked delivery. That puts the onus on them to make a response, and then if not satisfactory, take it to the ombudsman. It won't speed things up unfortunately, but may get some compensation / answer the questions.

Superduke

thanks for all your comments, I've email them again now awaiting a response. I'll decide how to move on depending on what they say.

Superduke

UPDATE...

Pension now sorted, lump sum paid and monthly payment commencing 01 Jan (inc any arrears), many thanks to all who responded, at the very least these responses served to allay any fears I’d was part of some elaborate scam. So as Slade are fond of saying Merry Xmas everybody!