Delays to handover from Capita to Tata of Teachers Pensions

FIREDreamer

PointAndChute said:

Having just got an email from Teachers Pensions announcing the migration to Tata, tell me - wasn't it Tata that was the outsourced IT supplier to Marks and Spencers? I see from Computing Weekly that M&S have now dropped them.

This doesn't feel good to me!

I hope they don’t use BaNCS!

Mr_Benn

I had to speak to Capita about a DB Pension.  Honestly they are useless.  They gave advice based on guessing some of the times. 

sammyjammy

They are all useless whoever seems to administer the pensions, god help anyone who knows nothing about their pension!

xylophone

Honestly they are useless.

They are all useless

https://www.telegraph.co.uk/money/pensions/news/239m-pensions-shambles-730000-retirements-limbo/

More than 700,000 retired civil servants could have their pension payments interrupted by a failing £239m government contract, a trade union has warned.

Consultancy firm Capita was planning to assume control of the Civil Service pension scheme in December after sealing a 10-year deal, despite being stripped of the same contract just over a decade ago.

However, the Cabinet Office has now confirmed that the takeover date remains in limbo with less than five weeks to go.........

Be afraid.. be very afraid ?

german_keeper

sammyjammy said:

They are all useless whoever seems to administer the pensions, god help anyone who knows nothing about their pension!

Really hoping I'm not tempting fate but so far I have been impressed with a company called XPS Administration who administer my wife's DB pension from when she worked for Norwich Union in the 80s and 90s. Mind you I suppose clear communication and staff who actually understand the questions you ask is probably the bare minimum one should expect!  

chuffinnora

german_keeper said:

 I have been impressed with a company called XPS Administration who administer my wife's DB pension 

My wife's DB pension/AVCs are administered by XPS, and her experience (so far) has been pretty awful. She's been trying for months to get it paid. Most of the time XPS seem to do nothing, don't communicate back, make false promises, got her final quote wrong by missing the AVCs (finally re-quoted after she raised it), complaints make no difference. In the meantime she has no income whilst they mess about. 

PensionsStuff

DB Pensions administration is an extremely silo'd job area.

A company's office in X city could have 4 different admin teams , each team could work on anywhere from 1 to 20 different DB schemes, each with its own manager and downward pyramid experience of staff which by and large will focus solely on their own team. So experiences of compabies can vary wildly not just from the company, but the office your scheme is looked after in, all the way down to the individual team in that office.

In my view we are slowly seeing Pension Trustees understand more and more the impact of good administration and thus being willing to pay for it thus meaning admin companies can resource/support etc better, but its still a long way to go because ultimately Pensions Admin is the loss leader of the Pensions world, there isn't enough money to be made from what trustees want to pay, so the companies prioritise making money back through actuarial/investment appointments