Aptia woes

xylophone

https://www.dxcpensions.com/archive/gmp.html

It seems that the equalisation exercise was completed some three years ago.

It seems rather odd that the problem with your pension should only just have cropped up although I suppose the clerk doing the final check might have noticed a discrepancy which then needed reference to the group leader and then  to the manager and then to.......

handful

Interesting reading this. I've got a small DB with Aptia due to pay out in 2027 although I'm thinking of taking it earlier. I will bear a probable delay in mind!

Pat38493

The recent discussions about using the IDRP was my issue.  Once I asked them for the IDRP, they then seemed to move quicker and I got the money soon after, and a copy of the IDRP, after they had already paid me the PCLS!

This happened around this time last year so I wondered if they were waiting for information about annual inflation or the Occupational Pensions Revaluation order to be published, but that was just a theory.

However your case might be more complex if the quote has changed significantly enough that they need to get you to fill in the forms again.

If you are being put under financial distress by not having the lump sum, you should make sure they are aware of that.

deejaybee

Thanks for further responses everyone. 

I have held off starting the IDRP, as seemingly the Trustees are involved now.

Should have mentioned in original post that the monthly payment will be from what was a final salary pension, all of the lump sum is coming from AVC ( which is obviously the disinvestment angle ) 
I have emailed back to the Trustees asking them to find out how far the disinvestment process got, and if the cash was pulled out, whats happening to it now

The lump sum would have gone in to Marcus earning 3.75% at moment.  But do also have lump in 1 Yr fixed 4.55% again with Marcus. 

I am not working but living off savings and small occupational pension, plus this one that Aptia have screwed up. 18 months to SP.  Not entitled to any benefits. 

xylophone

It IS very frustrating when you have dealt with business matters expeditiously and then find yourself at the mercy of another party's inefficiency or  backlog, particularly when you are bearing the loss of the opportunity to deposit your money in an interest bearing account.

There have been many posts on the forum concerning administrative delays with bringing pensions into payment - these have concerned public service pensions, private occupational pensions and personal pensions, with the would be recipients retiring from active service as well as those who were deferred.

You have some comfort in the fact that the discrepancy in amount due was noticed before your pension commenced - whether or not in your favour, it can be so much more difficult to sort out problems after the pension is in payment.

Let's hope that the New Year will see you plump in the pocket!

Incidentally, have you checked your State Pension Forecast?

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

deejaybee

Cheers xylophone,  appreciated !
Yep all ok with SP,  thanks.

Had the new values emailed out now,  extra £1K ish per year, and larger lump sum, presumably partly due to increased pension, and partly increase in AVC fund since June.

Somebody

The GMP calculations are still ongoing; certainly in my case, where a letter received in October just gone (not from Aptia but another administrator beginning with A) was followed by another a couple of weeks ago, both increasing payments for one of my schemes in payment. 

In my view Aptia should have commenced the pension as the OP requested from the original quote, and make catch up adjustments after for GMP.