In the past we’ve highlighted several individual cases of members grappling with Willis Towers Watson (WTW) to get answers to straightforward questions or queries resolved quickly. In all cases the problems have been created by WTW in the first place. Emails and telephone calls go unanswered. Promised deadlines are routinely missed. The Trustee Board is aware of the problems because we’ve been telling them about it but nothing changes. If Lloyds responded to customers complaints with the same apathy that WTW and the Trustee responds to pension complaints or queries the regulators would be all over them like a cheap suit.
A member recently sent a letter to Mr. Harry Baines, the Chairman of the Trustee Board, regarding her AVC pension.
Kay said:
“I regret having to write to you, but I feel I have no other option. I am raising a formal complaint with Lloyds Banking Group Pensions Trustees Ltd regarding an issue that has remained unresolved for over a year.
I have been employed by the Bank for 44 years and am now 61 years old. I urgently require access to my pension benefits. However, my complaint lodged with Willis Towers Watson (WTW) via their Internal Resolution Dispute Centre has seen no resolution despite extensive efforts on my part.
The issue began on 24th June 2024, when I attempted to make a lump-sum payment into my AVC (Additional Voluntary Contributions) pension pot. I phoned WTW to confirm the bank details for the transfer but was incorrectly told that I could not make a contribution. Relying on that information, I did not proceed with the payment. WTW has, after listening to the call, acknowledged in writing on 3rd September 2024, that the information I was given on 24th June 2024 was incorrect. As part of the resolution to my initial complaint, I was later allowed to make the same contributions, which I did on 30th October and 7th November 2024. However, the unit prices applied were from the dates the money was received—not from 24th June 2024, the date I had originally intended to contribute. It was agreed that this transaction would be treated as if it had occurred on 24 June to “put me back to right” but that correction has still not been made.
As a result, I am unable to access the AVC portion of my pension, which is preventing me from drawing my full benefits. My intention is to take 100% of my AVC pot using 100% of my tax-free allowance and then begin drawing the maximum benefit of my defined benefit pension. The continued delay is causing significant financial and emotional hardship.
Over the past year, I have made numerous phone calls and sent multiple emails to [Name of person at WTW] asking for updates. He has repeatedly promised to provide information and timelines, but those promises have not been kept. Most recently, he has stopped responding entirely and my complaint remains unresolved.”.
Mr Baines didn’t bother to reply personally – despite being paid a large amount of money to be Chairman of the Trustee Board – but someone from Lloyds contacted Kay to apologise for the service from WTW and to get things moving. That was in July, but the issue has still not been resolved.
Kay recently got another telephone call from WTW asking the same questions, but it is still not dealing with the original complaint.
Kay said the conversation went as follows:
“At the start of the call, [WTW member of staff] stated that they didn’t owe me any money due to the mistake. I had to correct him, and after rereading his notes, he acknowledged that his colleague had already made the correction on the missing units. He apologised. I then asked if he was updating me on my complaint, at which point he asked me what I was expecting in terms of its resolution. I found this surprising, as I had raised a formal complaint and was expecting WTW to write to me with a full response, not phone me and press me for an amount without context. I was caught off guard and busy with work, so I noted the second half of the call, which is summarised below from the transcript:
Kay: Could you put it in writing first, to explain why this has taken so long?
WTW: Yes, I can.
Kay: And also, what compensation is WTW suggesting?
WTW: I’d prefer to know what you’re expecting, then we can look at that.
Kay: If you set it all out first, then we can work from there. This process has been awful, mistakes, long delays, no responses to many emails, and hours wasted on the phone. I genuinely thought I’d never get my pension. Not that I have it yet, but at least things are moving now that [another member of WTW] confirmed he has the forms.
WTW: Alright, I’ll look into that.
Kay: When will that come through?
WTW: It should be within the next 10 days.
Kay: Why 10 days?
WTW: Because I’ll need to review your complaint thoroughly. There’s quite a lot to go through, and it may take day or two to work alongside other complaints.
Kay: But you’ve been working on my complaint for a year and a half. I’m honestly speechless. I’ll wait to hear from you.
WTW: Ok, thank you for calling back. Enjoy your afternoon.”.
That conversation was on 2nd October. Do you think Kay got a response in 10 days? No surprise there – she’s still waiting for the letter from WTW.
Enough is enough. Harry Baines and the Trustee Board need to act now and stop hiding behind the incompetence that is WTW. If the Board can’t sort this shambles out, then it needs to resign en masse immediately, and another set of Trustees should be elected, rather than appointed by Lloyds, who truly represent the interests of pension scheme members.
Members with any questions on this Newsletter should contact the Union’s Advice Team on 01234 262868 (choose Option 1).
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