Mercer delay selling pension funds

stefanop

Registered User
Messages
59
All,

About 10 days ago I decided to re-balance my private pension portfolio (composed of equities, bonds, funds etc.) and put all in a cash fund for now.
I manage my pension fully online. 10 days after putting the sell order, I can see that all the funds are still in status "switching" , in the meantime the pension
value is more than 20K lower than it was 10 days ago. At the same time I sold a number of shares that I had with a broker firm which took 2
seconds to end in the cash account. I wonder, is it normal in a time when computer processors do billions of operations per second, that Mercer is taking
over a week for the funds to sell ?

Thanks
Seamus
 
Last edited:
I use Merceroneview for my pension. Now my arrangement may be different to yours but here is what happens when I do a fund switch.

When I place the switch I receive an acknowledgement and the label “switch pending” will appear on my fund screen.

That switch will not actually take place until the beginning of the next month – usually between 3rd & 5th. So if I do a switch lets say on 10th March that switch wont happen until probably 3rd April.

Two days before the switch takes place the on screen label will change from ‘switch pending’ to “switch in progress”

As I say your arrangement may be different.

Hope this helps
 
Thanks folks. I just checked and it's now in "Switch in progress" status, so Dave it could be a similar arrangement as you have. Still isn't it crazy that if I put the request to sell the funds today for example, I have to wait about a month before they are actually sold and in the meantime I could face a dual digit drop as my portfolio contains for a large percentage U.S. equity funds.

Seamus
 
Back
Top