Problems with New Ireland pensions?

[mcstar7]

I paid my first payment on a New Ireland pension over a month ago and still have no confirmation paperwork. A friend also signed up with them over a month ago with a different broker and the payments haven't started yet. Getting cold feet now, wondering if there are problems there?

 

[kevhenry]

The administration functions are all remote working which is causing enormous processing backlogs. Most of them have had to take on and train new staff to help deal with it. But this requires taking existing staff from the frontline to train the new recruits which is also a factor.

However, the main problem with New Ireland specifically is that they launched a new digital platform which was rolled out in December just gone and this has significantly compounded the problem as they're still processing applications from last November.

New Ireland issued a communication to say that new business cases submitted through the new digital platform will take 3 to 4 weeks to issue. For paper cases submitted through the older system they have committed to having them all completed by the end of May 2021.

It's not an ideal scenario by any means especially if this is your first time engaging with financial services in this capacity. That said, your plan will issue at some stage and all the payments will be taken and backdated to the relevant pricing dates.

So you won't be disadvantaged by any of it. It's just going to take time to issue. Your broker should be communicating this with you in any case.

Kevin
www.thepensionstore.ie