What’s a reasonable timeframe for a response to a DB query?

GenX0212

It’s now more than four months since I requested a quote for inverse commutation of the my DB lump sum in accordance with the scheme rules.

I chased one month ago requesting an update and timeframe, the administrators simply said it has been passed to the scheme actuaries and they have chased. No timescale given for resolution and it is now only 5 months until the date that I want to start drawing my pension from.

At what point should I invoke a formal dispute ?

dunstonh

Are you an active member or a deferred member?

With 9 months before you wanted it, that's a bit early. Even 5 months is still early.

Marcon

Are you going to start taking your pension at the scheme's Normal Retirement Age?

DRS1

I can't help wondering why they need to refer to the actuary. If the rules are the ones you quoted elsewhere then they say the lump sum can be converted to pension on the basis of "conversion rates approved by the Principal Employer on the advice of the actuary". That suggests there will be standard rates of conversion set down for the administrators to use. There should be no need to ask the actuary anything.

I suppose it is possible those conversion rates will be reviewed from time to time but you'd expect the old rates to be used until new ones replace them. Maybe the administrators know there will be changes coming and are asking the actuary when they will come through?

PensionsStuff

If this is not regualrly asked for there won't be standard agreed factors because to do so would cost the scheme the actuaries time to regularly review them, including recalculation and including meetings/papes to advise for no benefit, it would prove to be much more cost and time effective from the Schemes point of view .

This could also mean the delay is technically with the employer if they have to approve it, either way it is certainly too long , id chase once more and give a time frame e.g. a week's time or youll make a complaint, and then go ahead to do so.

GenX0212

https://forums.moneysavingexpert.com/discussion/comment/82132594#Comment_82132594

Deferred. At the moment I am trying to obtain the quote so that I can see what the commutation factors are and then decide how to proceed next. I get the sense from the administrators that asking for inverse commutation is not something they normally have to deal with hence giving plenty of time before I need to make the decision. In fact im not sure they even knew it was allowed until I pointed them to the relevant rule. I am basing my question on the assumption that I will need to give them at least three months actual notice once I have decided, so not all that much time left to spare.

https://forums.moneysavingexpert.com/discussion/comment/82132605#Comment_82132605

No. I’m taking it early.

https://forums.moneysavingexpert.com/discussion/comment/82132609#Comment_82132609

Due to various reasons my particular scheme membership is not managed by the original employer/adminstrators any more and there are likely only a handful of members sitting under the current administration. My guess is that they haven’t got any commutation factors/tables for this as it’s not a situation they have ever dealt with before