Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Timeline for trustee to sign reduced hours document

  • 31-01-2023 9:37pm
    #1
    il72
    Registered Users Posts: 7 ✭


    Hi all,

    My previous employer set up an executive pension plan. I resigned from the company in 2021.

    At the beginning of September 2022 I requested exit options from New Ireland.

    At this stage, my ex-employer who is also a Trustee has to sign the Reduced Hours form. This form was forwarded to me by a Financial planner stating that the employer does not have those details by hand.

    I completed the form to the best of my knowledge (worked for a company for almost 20 years and aprox. 5 years part-time) and returned it to the employer for signature and stamp.

    My question is - is there a timeline for this obligation by the trustee? How soon signed documents have to be sent back to Financial Planner?

    Thank you



Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,364 Mod ✭✭✭✭Jim2007


    I don't know if there is a limit, but have you followed it up with them? There is always a chance in got misplaced in their postal system, got over lucked or simply forgotten about.



  • #3
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,742 Mod ✭✭✭✭Henry Ford III


    Make a complaint to New Ireland and/or the Pensions Board.



  • #4
    il72
    Registered Users Posts: 7 ✭il72


    I keep following up since September.🤣 Was told initially the whole process will take 6 to 8 weeks, before funds hit my account. Will be 5 month soon.



  • #5
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,364 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/comment/120189287#Comment_120189287

    You said you sent the form to your former employer, did you follow it you with them and if so what was their response.



  • #6
    il72
    Registered Users Posts: 7 ✭il72


    Yes, I did follow up. Apparently, they only keep records for 7 years, so no hope of recovering anything from 2003 - 2014.








    I am going to seek independent advice - either solicitor, or financial services & pension ambudsmenf



  • Advertisement
  • #7
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,364 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/comment/120193472#Comment_120193472

    It would be normal at this point that the company has no records of events so long ago and both your financial planner and the company have confirmed this, so I can't see anyone signing off in such a situation. But your financial planner must have encountered this before, so go back and ask him what he normally does in these cases. You can't be the first person to find themselves in this situation.



Advertisement