Seven Months Of Delays By Pension Company

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  • AndrewJ56AndrewJ56 Forumite
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    MoneySaving Newbie
    CFW1994 thank you,

     I have to say that my IFA has been excellent and they are completely bemused by XPS unresponsiveness (my IFA was even chasing for me whilst on holiday)

     I really appreciate everyone’s input as it’s difficult to express the worry that they have created.

    You naively pay into a pension assuming that the providers and trustees will support you when you are forced into retirement - however I am troubled by how stressful this has all been.

    Ultimately XPS promised the Trustees that this will be resolved in 10 days (which is COB tomorrow) 10
    days after their last promise to me (obviously a promise of 10 days means 20!!!).

    Most households will be preparing and planning for Christmas now, however we will be sitting with crossed fingers.
  • edited 25 November 2021 at 10:09PM
    MarconMarcon Forumite
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    edited 25 November 2021 at 10:09PM
    AndrewJ56 said:
    CFW1994 thank you,

     I have to say that my IFA has been excellent and they are completely bemused by XPS unresponsiveness (my IFA was even chasing for me whilst on holiday)

     I really appreciate everyone’s input as it’s difficult to express the worry that they have created.

    You naively pay into a pension assuming that the providers and trustees will support you when you are forced into retirement - however I am troubled by how stressful this has all been.

    Ultimately XPS promised the Trustees that this will be resolved in 10 days (which is COB tomorrow) 10
    days after their last promise to me (obviously a promise of 10 days means 20!!!).

    Most households will be preparing and planning for Christmas now, however we will be sitting with crossed fingers.
    It's hard to understand why your IFA hasn't suggested involving MoneyHelper/using the IDRP well before now - possibly a case of utter disbelief that things would drag on as they have. That's surely the only sensible route to go to relieve some of the distress you (and your IFA!) are being caused?
  • cfw1994cfw1994 Forumite
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    Also: if they are this bunch - https://twitter.com/xpsgroup - I would be absolutely battering them relentlessly in public on twitter.
    Companies will often want to take that to 'direct message', but hate getting bad press.....
    Plan for tomorrow, enjoy today!
  • edited 30 November 2021 at 3:11PM
    ian16527ian16527 Forumite
    137 Posts
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    edited 30 November 2021 at 3:11PM
    I have dealt with XPS in Newcastle recently to start taking my DB pension early (not IBM though) and they have been pretty quick in response times for a  pension valuation and questions, usually within a week.
    The hold up in my case was that they had to seek trustee and company approval, which had to wait until the trustee meeting. 
    It must depend on which office you are tied to perhaps. They seem to be as bad as Mercer which took nearly 6 months for a simple DC to SIPP transfer
  • LV_426LV_426 Forumite
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    AndrewJ56 said:
    CFW1994 thank you,

     I have to say that my IFA has been excellent and they are completely bemused by XPS unresponsiveness (my IFA was even chasing for me whilst on holiday)

     I really appreciate everyone’s input as it’s difficult to express the worry that they have created.

    You naively pay into a pension assuming that the providers and trustees will support you when you are forced into retirement - however I am troubled by how stressful this has all been.

    Ultimately XPS promised the Trustees that this will be resolved in 10 days (which is COB tomorrow) 10
    days after their last promise to me (obviously a promise of 10 days means 20!!!).

    Most households will be preparing and planning for Christmas now, however we will be sitting with crossed fingers.

    I can understand that, and hope you get this resolved soon. Pretty poor how they are dragging their heels. I think you've been very unlucky here. 

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