DB Pension PAYE Date

Pat38493

Albermarle said:

My DB pension monthly payment is the last Thursday of the month, paid in arrears ( although the initial paperwork stated it would be paid in advance) 

After some admin delays ( 5 months from initial contact) it started in Mid August, with first payment due towards the end of August. No payment arrived. I was told payments for this period and the next month would arrive end of September. No payment arrived. At end of October received 2.5 months payment and has been OK ever since.

The administrator has recently changed ownership.name from Mercer to Aptia. Hopefully it results in some improvements !

Mine is also Mercer / Aptia, but I think 100% of the benefits (or almost 100%) is insured through Aviva with a buy in, but Aptia are still the administrators until they do a buy out I guess.

You are not filling me with confidence but let's see.

LHW99

My small DB is paid on the last working day of the month, and the OH's on the nearest working day to 20th monthly.

Silvertabby

So many schemes, so many payment variations ......

My LGPS is paid on the last working day of the month, but our RAF pensions are paid on the 27th (or earlier if the 27th is a weekend/bank holiday). 

Hoenir

Pat38493 said:

So in the end I shouldn't be surprised if nothing happens on the actual date that I specified in the forms (so far they have written to me a couple of times saying it's in progress - the last update was that they had to request funds from the buy in insurer).

I also haven't had any notification about the final recalculation of benefits - which is annoying because it's probalby too late to stop the process if, for example, the recalculated benefits are significantly lower than what I was quoted back in August.

Depends if you gave them adequate notification. Made allowance for the Xmas shutdown etc. 

RogerPensionGuy

Ref this thread question and my experience info/feedback from activating a company DB scheme in June 2024, it was a deferred scheme from when staff were put on a DC scheme back in 2019 unfortunately. I had left this company employment in 2023 as it suited me to take a break.

The DB pension people just advised me to activate on my birthday day of the month, any month, so lets say the 17th of any month, they explained the way the computer churns the numbers every day after the 17th I would actually get a lesser deal, pension PA and TFLS, so I activated on the 17th, but that could of been any month, month of birth was immaterial. The difference between the 16th & 17th wasn't a heap of beans, but every little helps and the pension may hopefully pay out a long time and has up to 5% inflation indexing.

I received my TFLS on the 17th JUNE.

I received no pension payment in June, but in July I received July pension and the extra 14 days of pension for the end of June, then they pay my pension about 3 or 4 days before the end of every month just like they pay existing staff.

***

I had often heard over the years people get a better deal if they wait for their actual birthday to occur, but not in my case, but best always to check. 

Somebody

As others have said, schemes only make one pay run per month. 

One of mine is paid on the 1st of the month; and the other is paid on the penultimate day pre-month end.  If those dates fall on a weekend then it will be paid the Friday before.  I commenced the pensions on 1 May which was the earliest date in the new tax year.

Pat38493

Hoenir said:

Pat38493 said:

So in the end I shouldn't be surprised if nothing happens on the actual date that I specified in the forms (so far they have written to me a couple of times saying it's in progress - the last update was that they had to request funds from the buy in insurer).

I also haven't had any notification about the final recalculation of benefits - which is annoying because it's probalby too late to stop the process if, for example, the recalculated benefits are significantly lower than what I was quoted back in August.

Depends if you gave them adequate notification. Made allowance for the Xmas shutdown etc. 

Well I requested the original quote back in June and got it in August.  They said they needed 2 months notice to get the pension running and I gave them 3 months notice, so I gave them more notice than they said they needed.

Pat38493

RogerPensionGuy said:

Ref this thread question and my experience info/feedback from activating a company DB scheme in June 2024, it was a deferred scheme from when staff were put on a DC scheme back in 2019 unfortunately. I had left this company employment in 2023 as it suited me to take a break.

The DB pension people just advised me to activate on my birthday day of the month, any month, so lets say the 17th of any month, they explained the way the computer churns the numbers every day after the 17th I would actually get a lesser deal, pension PA and TFLS, so I activated on the 17th, but that could of been any month, month of birth was immaterial. The difference between the 16th & 17th wasn't a heap of beans, but every little helps and the pension may hopefully pay out a long time and has up to 5% inflation indexing.

I received my TFLS on the 17th JUNE.

I received no pension payment in June, but in July I received July pension and the extra 14 days of pension for the end of June, then they pay my pension about 3 or 4 days before the end of every month just like they pay existing staff.

***

I had often heard over the years people get a better deal if they wait for their actual birthday to occur, but not in my case, but best always to check. 

There has also been threads here in the past saying that people should wait for the date after the anniversary date of the deferral of the pension, but it seems that this also depends on how that particular scheme performs the revaluation process, so it could be true but only in some cases.

Albermarle

Mine also was activated on the day of the month that is my birthday ( but not my birthday itself).
I did not request this, it just happened. ( the pension was delayed so long through poor admin, I was just glad to see a date !)
I presumed that as my NRA was my 65th birthday, that if I took it earlier it was easier for them to calculate what the reduced pension should be, if it was in exact months .

Pat38493

I have a felling I know what the answer to this will be, but if they are months late with paying my PCLS but it is still calculated as of the date I requested, do they have to pay me interest on the delay?