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Pension Cheque for Transfer now 6 Months Late?

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  • 29-04-2009 9:43pm
    #1
    aspen01
    Banned (with Prison Access) Posts: 6 ✭


    I really hope that somebody can help with my problem or give some advice how to proceed.

    The history
    I was working for many years with a company who closed its doors in Ireland about 2 years ago. Last year then, it was decided to wind down the pension scheme as well, which was administered by Mercer in Dublin. An application for a transfer of the funds to a new insurer needed to be put in by November - which I did. I had to transfer the pension and AVCs. All good so far.

    The problem
    Since then some of my ex-colleagues confirmed that their new insurance got the cheque, but everything was with huge delays and only in bits and pieces. To get in contact with people at Mercer was almost impossible and when I got through then I just got the answer that they work through the pile. But how can it be that it takes 6 months to work through that pile (which is not that big, btw). I still haven't got the money. The person responsible doesn't answer any phone calls or respond to emails. I finally got another employee at Mercers on the pone and he said last week that the cheque will be sent out end of last week. However, nothing has been received by my broker/insurance yet.

    What to do?
    In times of financial instability this is really worrying. What are they doing with my money? What shall I do?
    - go through the pension ambudsman?
    - get a solicitor?
    - ?

    Any advice and insight highly appreciated
    Tagged:


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    #2
    ferga_com
    Closed Accounts Posts: 159 ✭✭ferga_com


    The Pensions Board have responsibility for making sure that no pensions acts are breached. A quick call to them with the details might establish if laws have been broken.

    Have you lost money as a result of the delay? Or would the plan to which your fund will be transferred have lost an equivalent or greater amount in the five or six months? If you've suffered an actual loss, you could approach the Pensions Ombudsman for redress, having first gone through the formal complaints procedure with Mercer.


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