DB pension annual statement

B

blowin3

Registered User
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I was made redundant 3 years ago after 30 years. My 30 year old defined benefit pension is now deferred till i reach 65 in 10 years time. Can I get a statement and are the trustees obliged to send me one? I have heard noting since leaving. Thanks in advance.
 
I have a db pension with an employer I left in 2005. Never got a statement. When I decided to move to my next db pension I asked for the transfer value. I wrote to the trustee of the first one to ask for details and got a very smart response saying that they were not legally obliged to provide details. I must say this is a high profile state body. I wrote back to say in the 2040s when I would wish to avail of it the trustee may be long gone plus my address may well have changed. No reply. I since discovered that Mercers administer both db schemes so got them to request. I did transfer and since leaving that employment receive annual statements.
 
I am on a deferred pension that commences next February. Mercer are the administrators.

I have received absolutely nothing from them. Not even a notification that they were moving my pension pot to a more secure "cash" makeup. Maybe they haven't.

I have received nothing from the trustees either.

Is this normal?
 
Wow that sounds very bad. Its your money so you should be entitled to see how its managed I would have thought.
 
You are entitled to a Report from the Trustees yearly. Make an official complaint and if no satisfaction within the time period tell them you will bring it to the attention of the Financial Services Ombudsman
 
gimp said:
You are entitled to a Report from the Trustees yearly. Make an official complaint and if no satisfaction within the time period tell them you will bring it to the attention of the Financial Services Ombudsman
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Cheers gimp I will write to the trustees of the pension tomorrow. Thanks for the info.
 
IsleOfMan said:
I am on a deferred pension that commences next February. Mercer are the administrators.

I have received absolutely nothing from them. Not even a notification that they were moving my pension pot to a more secure "cash" makeup. Maybe they haven't.

I have received nothing from the trustees either.

Is this normal?
Click to expand...

I am in a similar position. My pension is invested through Mercer. I am due to reach retirement age early next year. I have heard nothing from them either. My last communication was back in 2008 when I had a query.

Are these people obliged to send me on something within a few months of my official retirement date?
 
blowin3 said:
Wow that sounds very bad. Its your money so you should be entitled to see how its managed I would have thought.
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Technically, it's not your money. It's held under trust for your benefit.

But you are entitled to an annual benefit statement. It has to be sent out promptly after request (something like within 28 days, I can't remember). You are also entitled to a copy of the annual report and actuarial report. Given the trouble most defined benefit schemes are in, it is very important that you know the financial state of the scheme. Given most DB schemes are funding for benefits of ex employees, you need to know how serious they are regarding funding the scheme.


Steven
www.bluewaterfp.ie
 
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