RMSPS Old section B & C and Captia

[stephen500]

I Note Capita has won the contract to run my pension scheme. Personally I am concerned as on page 3 of The Journal, a sub section of The Guardian (Mon 13 th Aug 18) it is noted that Barnet council's pensions , now run by Capita, are in "such a state, that last year the regulator fined Capita for not filing essential information on time" I trust this is a wise decision by the government . Any thoughts . See attachment

[RobertT]

Capita taking over the running of the RMSPS(our pensions up to 2012) was announced last year, and is basically a money saving decision from the government, reducing its outlay from £5.2 million per year to £3.9 million. Details.

They are an outsourcing company similar to Carrillion and have also had cashflow troubles, but not as bad. Info.

As the government/taxpayer are responsible for paying out our RMSPS pensions, and Capita are doing the admin, then I see no reason why our benefits would be affected in any way. But all the same, they don't sound like a particularly good company to be in charge of anything to me.

[heapsy]

Hope whoever does run it gets their sums right. A colleague who used to work for House of Fraser recently made enquiries about his pension and was told one thing. Knowing that I have a keen interest in the subject, he came to me with the figures, no lump sum mentioned. On the back of a ticket taken from a mail tray, I did a very quick calculation in my head. Told him to challenge what they were saying. He did. Initially they stood by what they said. Following day he got a letter with revised figures. Higher pension AND a lump sum of about £20,000 I think, if I remember rightly. He was almost jumping for joy and really grateful he asked me. I can't remember or find out, who runs the scheme though.

[RobertT]

Sounds like he got his pension at the right time: http://www.thisismoney.co.uk/money/mark ... -fund.html" onclick="window.open(this.href);return false;