Pension Issue

Treasurehunter_2

Hi everyone

I am trying to retire from a former workplace pension scheme but am having serious issues with the pensions administrator. I made a complaint a couple of months ago and in the absence of a response after eight weeks and escalation involving the Ombudsman and the Pensions Regulator, I have only received a partial response. I have spoken to the Ombudsman today but it will take months for them to investigate. My issue is time critical. Can anyone suggest any other sources of help please? I have escalated via the Trustee’s Secretary already, I have spoken to Moneyhelper and also tried to contact the HR team at my former employers.

Linton

What sort of issues?

Treasurehunter_2

The main issue at the moment is trying to get confirmation of when they will make payment.

gm0

Focus on trustee escalation

None of the other backward looking service complaint routes are on any kind of clock useful to you.

OR

Abandoning whatever you are currently attempting to do and instead issuing a full transfer out pull to a scheme where you can do whatever. (For Defined Contribution pensions without special features that make this old trust specifically valuable or advantageous to keep - or the mandatory advice scenarios)

For old trusts. Trying to do fancy stuff that the pension freedoms laws allow but the old trust and its admin doesn't support (never has and probably never will) is an exercise in frustration. They can and often do support some of these things via "transfer out" making it possible for you to go away and do whatever you want. They don't tell you this. Because personalised advice to situation is forbidden. They just repeat we do a or b or c and of course…transfer out (not getting drawn into discussion of d,e,f which are enabled thereby).

They do not have to do everything that is legally allowed. Just because one person rocks up and asks. Overall cost benefit to all members being the defence used to limit feature proliferation and creep. Trustees acting within mandate.

You don't say what you are trying to do and how it relates to known scheme documented features.

If it's totally ordinary and they are having a staffing crisis or have failed to communicate with you about an in process migration or something like that. Scenario A. If what you want is a bit special. Scenario B

But I'd say those two are your options based on what you said

DRS1

What sort of time critical payment is it? Are you at death's door waiting for a serious ill health lump sum?

Albermarle

https://forums.moneysavingexpert.com/discussion/6684975/pension-issue

Is this a defined benefit/final salary type scheme ?

Treasurehunter_2

No, I have been given conflicting information regarding settlement and this is causing difficulties. I have asked for payment on my retirement date and was told this was not possible. There is nothing in the trust deed to prevent this. I was then told payment would be made in 5 days of retirement. I was then told they would write to me within 2 weeks after retirement to tell me when I would be paid. The letter indicated that in specific situations it could take a further 4 weeks to make payment. I have now been told payment will be made within 10 days. Because of the conflicting information I have been given I have asked for confirmation in writing of an exact payment date.

Treasurehunter_2

https://forums.moneysavingexpert.com/discussion/comment/82153075#Comment_82153075

Yes. It is.

DRS1

We don't know what sort of scheme this is but some of them will only run a payroll on one day per month and if everything is not in order by a cut off date you miss the payroll run and have to wait until next month.

Also the first payment can take some sorting out - I think I have seen comments on here about allowing 3 months advance notice to get a pension started and even then it may not happen on time.

And if you are unlucky your administrator might be called Capita.

Treasurehunter_2

https://forums.moneysavingexpert.com/discussion/comment/82153067#Comment_82153067

It’s time critical for me in that if the administrators fail to meet the payment date they originally advised, it will cause issues for me. As retirement is approaching, this is something I need to resolve in the short term and I can’t afford to sit back until the Ombudsman picks up my case.

Linton

Are you wanting to take the DB pension on the date given by the scheme rules or trying to take it earlier? Is it just a simple payment of what the scheme guarantees or do you want to make changes.