Unsurprisingly The Pensions Advisory Service (TAPS) has said that complaints received by disgruntled Britons cashing in their individual pension plans have risen by 10% over the last twelve months.
Poor administration, mistakes and delays in obtaining quotes, often resulting in reduced entitlements are the main complaints received by TPAS over the last year.
From a personal perspective I cashed in a pension plan last year, the process took over three months from start to finish, but the main issue for me was that in the statutory thirty days between accepting a figure from the pension company and receiving the pension, the value had reduced by over 10%.
Obviously I am not alone as TPAS cheif executive Malcolm Mclean describes the current situation as having ‘a double whammy effect’, with many savers seeing the value of their plans fall because of the financial crisis and then experiencing delays in obtaining annuity quotes or awards that reduce their entitlement even further.
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