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Pension delay over the Internet

Discussion in 'Retirement' started by Mathsteach2, Feb 21, 2011.

  1. Mathsteach2

    Mathsteach2 Occasional commenter

    Hi. Has anyone ever had any difficulties receiving their pension over the Internet?

    I live abroad and have my teachers' pension directly paid into my bank account here. There have been no problems for 12 months since I set this up until now, when my January payment still has not arrived, and now my February one is nearly due. Some teachers still prefer to receive their pension by cheque through the post.

    The TPA has assured me it will arrive, but nearly a month without a pension is no joke. They also tell me that there is no insurance in place if it has been lost, through Internet fraud, for instance, which is even more worrying. What if a cheque gets lost in the surface post, do they have an insurance to cover that?
     
  2. baitranger

    baitranger Occasional commenter

    Presumably Teachers' Pensions sent the money by bank transfer, so the bank that sent the money for them should be able to trace whether it arrived at your bank overseas.
    I would phone Teachers' Pensions and ask them to trace the bank transfer, and then take it from there.I don't think the money is sent "over the internet".
     
  3. Mathsteach2

    Mathsteach2 Occasional commenter

    After chasing this along the lines you suggest for the past four weeks, baitranger, I have only now just been told this morning by TPA that the money did arrive at my bank, but it was my bank that stopped it! My bank is saying this is not so!!

    The exchange rate last month was low, and when my pension does arrive it will be paid at that rate. Today it is a lot higher, so if someone has been sitting on my pounds sterling they are out to make some money for their own pocket.

    Also, this question of lack of insurance seems very worrying.

    Apparently wire transfer is used, but its all the Internet to me! I am going to go back to snail mail in March. TPA says if the cheque goes astray in the post, they stop it and issue another one. Down with the electronic age, I say! There's a security company in USA which advertises on the TV, saying they can protect all of our personal data online, and offer 1M dollars compensation if anything goes wrong! God bless America!
     

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