peaking to pension schemes can be a massive waste of time. They are good at amassing people’s money and little other than that. Last week I spent over half an hour on the phone with Standard Life. They could not locate my pension! Nothing helped. They sent me to “Web sites” and I spent a weekend trying to find papers from 12 years ago. Now, with all the references and codes, they still say there is no record of those. Not my name, not the scheme number… nothing!

And they tried to send me astray to some “Web site”… as if that would work better than a person from the company on the phone, with full access to all the people and relevant systems. This is corporate greed in action.

Having spoken to 3 pension providers so far this month, I’m beyond appalled by the state of that industry, which the government blindly protects (to maintain ‘calm’). In its financial filings in Companies House, one such provider cautioned about its state in light of “COVID-19″ and “War in Ukraine”.

If myself, a tech-literate person, struggles to locate such things, then what about old people who don’t use technology and barely use the telephone? What about relatives of dead people, whose pension funds they don’t even know by name (or number)? The government’s pension tracker does not even work. I tried it about 4 times. It doesn’t even bring up a complete list of companies. This is incredible!

So my advice to all people, in the UK if not elsewhere too, call your pension provider to actually affirm the accounts are actually there as stated. Do not take anything for granted. Study the financial state of those schemes; in some countries it is publicly accessible for free, e.g. via Companies House in the UK.

The government can try to blame this on Russia or “an act of nature” (Wuhan virus), but the bottom line is, people’s economic lifelines aren’t safe and nobody in the media seems to be talking about it. Maybe they worry it would cause a panic and a run on the bank (or on pension schemes; people emptying their pension funds would open a whole new jar of worms, such as old people who suddenly lack a pension and rely on the government for food and heating… some already get called the “working poor” and rely on food banks).

The global system of finance is failing more and more people over time. The capital has been captured by the few.

I eventually found a “lead” (after more than half an hour spoken to a lady called Leah Brown at Standard Life). She suddenly could (unlike her colleagues) see the pension was moved to another provider in 2016. She did not, however, say which company did this and was very evasive about the whole thing, hoping to deflect to the Pension Regulator while acknowledging they almost never sent me any communications about anything. This seems to have become “normal”; they don’t inform people of anything.

In summary, they more or less lied to me about having nothing on their system about my account; upon escalation they suddenly knew the year of some change, less than 7 years ago (when you phone them up they say they retain the full audio of calls for up to 7 years, so why can’t they retain that much in actual records of pension schemes?).

To be continued…

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This entry was posted on Monday, January 23rd, 2023 at 9:57 am and is filed under General, Rant. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.