# Cash in Mercer Pension



## ondeball (29 Jun 2011)

Hi,

I recently changed employment and have about €8k in my Mercer pension.

I have yet to check with my new employer regarding pension options but I was wondering if I'd be as well to cash it in and take the lower figure available to me.


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## LDFerguson (29 Jun 2011)

Do you know for certain that this option is available to you?  (Only available with two years' service or less.)  

On your options letter, are you going to lose the value of the employer contributions regardless of which option you take up?  You can check this by looking at the options letter.  If €8,000 is quoted as the transfer value, how much is quoted as the value of your refund?


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## ondeball (30 Jun 2011)

Well the option is to cash it in and I only receive my own contributions. Am I as well to open my own private pension if the company I'm with now are operation a plan?


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## LDFerguson (30 Jun 2011)

What does your letter say about other options, e.g. transfer to another employer's scheme?  Do you also lose the value of your contributions if you take an option other than the refund?


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## ondeball (4 Jul 2011)

No I can move it to a new employer's fund and lose nothing.

The issue I have is that I don't know whether it's worth it as the country could go bust and leave the pension funds worthless anyhow.


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## LDFerguson (5 Jul 2011)

If you take your refund you are losing the value of your employer contributions.  So you'll suffer a very real loss.  And you'll be taxed on the refund.  

This country is insolvent already.  Why do you think you might lose all of your pension fund?


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## lavaghfear (9 Sep 2011)

Be warned, Mercer will send out an initial "Leaving Service Option Statment" quoting an exit value, however it will take up to 6 weeks to process this refund by which time your refund(you guessed it ) may have reduced.  
In my case I requested the refund directly after I received the above startment, it took 6 weeks to process and the refund cheque was over 12% less than indicated 6 weeks earlier.  No explanation or breakdown was given and when I called to request  full explanation I was told "You know, pension funds are performing poorly currently"  
I requested a full breakdown of where my 12% had dissappeared to. Still waiting !


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## Marianne (9 Sep 2011)

If you sent back all the required documentation to Mercer and you suffered an actual financial loss as a result of their not processing the claim in a timely manner, you could make a complaint to the Pensions Ombudsman. 

Make a written complaint to Mercer first as you'd need to have a written reply to your complaint from them before you can revert to the Pensions Ombudsman.


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## Laramie (31 Aug 2016)

I am being told that my "Leaving Service Option Statement" is going to take 6 to 8 weeks. As I am on a defined Benefit pension plan, why does it take Mercer this length of time to produce it?


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## SlugBreath (6 Sep 2016)

Marianne said:


> Make a written complaint to Mercer first as you'd need to have a written reply to your complaint from them before you can revert to the Pensions Ombudsman.



I am having dreadful problems with Mercer. I keep getting different people answering my queries after a long wait and then only getting half replies. I am also getting the "away at the moment but will deal with query when I return" type responses. They never respond.

Do they actually have a complaints department or person that I can contact to make a complaint?


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## Gerry Canning (6 Sep 2016)

Slugbreath,.

Suggest,
Do not get locked into a Complaints section.(normally more and more irritating paperwork follows)

Firstly clearly identify in writing to yourself, what you believe the issues to be.
Check that these are real problem issues.

Then write (keep copies ) and clearly number the issues you need sorted eg 5 issues..
On each response check that your 5 numbered issues are sorted.
If 1st response sorts 3 of  5 issues , rewrite to have other 2 sorted.
Keep copies and don,t phone them.

Will take time but if at end, you ain,t sorted sensibly, you have proper file to really complain with !

ps. Patience is a virtue !!! , but good notes are as good !!


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