Late Pension Payments

toffsandsqueek

Hi all my first post. I work in local government. I have two pension pots, one in my current employer, one in my old employer. The issue is that I decided to retire in early April, the new tax year. I understand my current employer wont start the process of sorting my pension until I retire but the problem is my old employer. I informed them in mid December three and a half months before I planned to leave my current employer. Its important as my plan was to sort that pension and rely on the income until my second pension is sorted. They replied a week later, and were now aware when im leaving. I sent the official wish to get my pension in early January. I heard nothing so contacted them again in early February. Again I informed them of my intent to retire on April 6th. They said they have two months to sort the pension but admin are aware. So I wait until the end of February, now only five weeks before I plan to retire as again I hear nothing. I call them, left information again about my retirement. A week later nothing. So its now nearing four weeks until I plan to retire and nothing has been sorted. Ive uploaded all documents, passport etc they need but they hav'nt done anything. Im stuck and it looks like im having to delay my retirement due to them breaking their own two month rule on sorting my pension. This isnt the big pension issue thats been in the media of late its another company. Any advice will be very gratefull. It also looks like ill have to off load a investment id made as I was relying on the lump sum to purchase a vehicle and as its not come through and id paid a deposit months ago.

DRS1

Are both pensions LGPS?

What did you expect to have received that you haven't? Not the pension surely? It sounds like you have asked for a pension starting in April so it can't be late yet.

Silvertabby

Have you returned your options forms? That is, your choice of pension/lump sum options, your bank details, and supplied copies of all requested certificates.

If 'yes', then they are just waiting to process the lump sum/first pension payments on the due date(s). A letter advising you of the amounts and payment dates will be generated at the same time.

toffsandsqueek

Hi, i returned a form informing them of my wish to retire and a date to retire in early January. They are supposed to send some forms for me to complete and return and its this that hasnt been done in the three months since I told them im leaving. There time scale to complete the paperwork is two months prior to my retirement and its not been done with only x4 weeks to go. All my i.d was uploaded as I knew they would need these. Ive ensured all my contact details are correct but as yet they hav'nt asked for bank details.

hyubh

https://forums.moneysavingexpert.com/discussion/6657827/late-pension-payments

Just to be clear - assuming the pension you're arranged to start in April is LGPS too, by 'old employer' you mean, whoever it is that administers the LGPS fund that holds the pension? (Speaking literally, the old employer's payroll or HR won't have anything to do with bringing a deferred pension into payment.) Have you asked directly, is my pension set up to start in April?

Keep in mind however that most LGPS pensions payrolls are done on an arrears basis, typically end of the month. So for a retirement date of 6th April, the first payment would be made 30 April. Any lump sum would normally be done separately though. Worth clarifying that too, if you haven't already.

toffsandsqueek

Hi, Both pensions are indeed LGPS. I understand my current employer/pension wont do anything until I leave. Its my former employer that's the issue. The issue is nothing is set up to start in April. I understand from their pension page the first payment will not come through until mid/late April. My issue is that despite multiple attempts, reminders, emails, ive had no option or other forms back that I know I will need to complete and return to them to complete the pension being organised. And Im due to leave my current employer in only four weeks. If I do then ill have no income arranged and would need to rely on savings. My major beef with them is I told then three months ago and have reminded them but as yet, nothing. Fingers crossed the paperwork comes through in x4 weeks.

DRS1

I think someone asked earlier who you had contacted. Was the employer the right thing to contact or should you have contacted the scheme instead?

Another thought if you had two periods of LGPS service, is it possible you merged the two into one at some time in the past?

toffsandsqueek

Hi, thanks for the advice. I actually contacted the pension service not the employer. I hav'nt merged the two pensions as my current employer advised not to so thats why I have two LGPS pensions. The pension provider said there admin were on the case after almost two months but as ive had no paperwork and ive only got 4 weeks left Im afraid there will be a delay in sorting it. After all, they did say they sort all pension issues within the two months before retirement. Well they have x4 weeks left. My question is what to do if they dont sort it and dont reply to my emails.

hyubh

Not having had any sort of acknowledgement seems strange. Have you tried another contact method beyond email to ask how your retirement processing is going?

xylophone

Which LGPS fund is the administrator of your deferred pension?

toffsandsqueek

Itried calls and whenIgot through they say they would passon my concerns to the team. I email via the pension portal and they get the email and usually reply in a week but so far nothing from last weeks emails. Im waiting till Friday then if nothings happened ill call and make a further enquiry and following the pension onbudsmans web site will make a formal complaint. I will now suffer a financial loss due to the delay if its not sorted ill take it to the ombudsman and speak about compensation.