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?