I'm a deferred member of a DB scheme and recently have taken a bigger interest in it due to it's underfunding. I am considering moving out of the scheme all together and investing my transfer value with a Pension Co. However when I ask for a transfer value the administrators of the scheme tell me that they are only obliged to give me my transfer value and the liquidity value of the DB scheme once per year in addition to when I wish to transfer out of the scheme in which case they will provide the information then.
How can somebody make a decision on transferring when they don't know the value? The scheme is underfunded the level of which will and does change. They have being attempting to bridge the gap for the last 2 years but it has got worse by 3-4% form the yearly info I received. I would like to get a monthly transfer value and liquidity %'age to actively monitor this as I don't want to let another 12 months go by without knowing what's going on.
Are they obliged to give me the requested information when I request it?
How can somebody make a decision on transferring when they don't know the value? The scheme is underfunded the level of which will and does change. They have being attempting to bridge the gap for the last 2 years but it has got worse by 3-4% form the yearly info I received. I would like to get a monthly transfer value and liquidity %'age to actively monitor this as I don't want to let another 12 months go by without knowing what's going on.
Are they obliged to give me the requested information when I request it?