PPF Pension Payments

Yorky

Yorky

Fullritis Member
After complaining about my pension not being received until 6th of the month, I received this:

"I can confirm that when Barnett Waddingham took over the administration of the Alfred McAlpine Pension Plan following the Scheme’s entry into the Pension Protection Fund (PPF) assessment period, the payment date was amended to the First day of the month. This is because the PPF require all Schemes to be paid at that date. Members were previously paid on the second last working day of the month.

As you are currently living overseas, there is unfortunately a small delay between when we make the pension payment on the first of the month, and when you receive this."

Does anyone have any experience of this "small delay"?
 
Open a Transferwise Borderless account and tell them to pay it there.
 
CO-CO said:
Open a Transferwise Borderless account and tell them to pay it there.
Click to expand...

My point is that if I instruct my bank in Isle of Man to transfer monies, my Thai bank receives it within 2 to 3 hours (time zones permitting). I am not charged for the transfer by Barnett-Waddingham (up to the present time).
 
No. My company pension is paid on the first working day of the month (Mon - Fri). This is in my Borderless account with Transferwise before 0800 hours (UK time) the same day. There is no delay from what I can see. I usually receive an email from Transferwise to say the money is in my account. I log on to my Borderless account after 1500 hours (Thai time) and the money is available for immediate transfer to Thailand. The money is in my Bangkok Bank account the following day a couple of minutes after 1400 hours (Thai time). Total elapsed time from pension provider to Transferwise to Bangkok Bank - 23 hours. I understand different banks may offer a quicker service.

The reply you received, "As you are currently living overseas, there is unfortunately a small delay between when we make the pension payment on the first of the month, and when you receive this." is non sequitur. They are not making the payment to an overseas bank they are paying it to the Isle of Man. Why then, therefore, should your payment be delayed?

If you don't mind me saying so 6 days to receive your money is very poor effort.
 
nomad97 said:
The reply you received, "As you are currently living overseas, there is unfortunately a small delay between when we make the pension payment on the first of the month, and when you receive this." is non sequitur. They are not making the payment to an overseas bank they are paying it to the Isle of Man. Why then, therefore, should your payment be delayed?

If you don't mind me saying so 6 days to receive your money is very poor effort.
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No, they are making payment to Kasikorn Bank in Surin.

I have already responded to Barnett-Waddingham thus: "I am unaware of the method which you employ to transfer monies overseas but it appears very inefficient. If I request transfer of funds from my bank in Isle of Man they arrive in my bank in Thailand within two hours, not 6 days!"

They have not yet responded - that email was sent 12 days ago.
 
New response today:

"Dear Mr Yorky

I have been in contact with Citibank, who have provided me with the following information regarding the payment process:


The payment arrives in the Citibank account on the payment date, in this case the first of the month. This payment is then processed through their overseas banking infrastructure to your local bank account, which will generally take a further 2 days to be credited in your account.


Citibank do say, however, that it is important to note that they are dependent upon the local bank to credit your account in a timely manner. In addition, for some countries the payment may take more than 2 further days to arrive as it may have to be routed via ‘correspondent banks’ who will undertake their own compliance checks.



I hope that you find this information useful.

If you have any further questions, please do not hesitate to contact me."

My response:

"Thank you for your response and your further investigations.

However, I am somewhat confused by the Citibank explanations.

If I transfer monies from my NatWest Bank account in the Isle of Man, from the time that I instigate the transfer on-line (during UK banking hours), the amount
is credited to my account in the Kasikorn Bank in Thailand usually within 4 hours. This is the same local bank account to which Citibank are transferring my
Alfred McAlpine pension.

So for Citibank to imply that it is my local bank that is responsible for any delay doesn't make sense.

Regards,

Yorky."
 
Yorky said:
New response today:

"Dear Mr Yorky

I have been in contact with Citibank, who have provided me with the following information regarding the payment process:


The payment arrives in the Citibank account on the payment date, in this case the first of the month. This payment is then processed through their overseas banking infrastructure to your local bank account, which will generally take a further 2 days to be credited in your account.


Citibank do say, however, that it is important to note that they are dependent upon the local bank to credit your account in a timely manner. In addition, for some countries the payment may take more than 2 further days to arrive as it may have to be routed via ‘correspondent banks’ who will undertake their own compliance checks.



I hope that you find this information useful.

If you have any further questions, please do not hesitate to contact me."

My response:

"Thank you for your response and your further investigations.

However, I am somewhat confused by the Citibank explanations.

If I transfer monies from my NatWest Bank account in the Isle of Man, from the time that I instigate the transfer on-line (during UK banking hours), the amount
is credited to my account in the Kasikorn Bank in Thailand usually within 4 hours. This is the same local bank account to which Citibank are transferring my
Alfred McAlpine pension.

So for Citibank to imply that it is my local bank that is responsible for any delay doesn't make sense.

Regards,

Yorky."
Click to expand...


Considering the current 7 hour time difference, UK banks are at no time open when Thai banks are. At 8.30am UK opening time it is 3.30pm in Thailand - bank closing time.

How would you then know that the Thai bank had credited payment until they next open for business?
 
Prakhonchai Nick said:
Considering the current 7 hour time difference, UK banks are at no time open when Thai banks are. At 8.30am UK opening time it is 3.30pm in Thailand - bank closing time.

How would you then know that the Thai bank had credited payment until they next open for business?
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It is unlikely that they know that. And I've only ever transferred in the Summer.

My Thai bank appears to up date it's records overnight, e.g. transactions yesterday are reflected in the account (listing) this morning. A transaction that occurred yesterday at 00:48 did not appear on my statement until before 07:00 this morning. It wasn't there at 19:00 hours yesterday.
 
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Another example: the last transaction that I instigated from my IoM bank was at 06:00 (UK time) on 17th October 2018. The monies arrived in Kaskorn Bank at 11:16 on 18th October 2018. This transaction did not show on my Kasikorn statement until early on 19th October 2018.
 
Its been said before although I will mention it again, If you are with Bangkok Bank, no matter what time you initiate a transfer from the UK on day 1, the bank only seem to credit your account at a few minutes past 14.00 the following day (day 2). So a transfer initiated at say 18.00 on day 1 (11.00 UK time) will hit your account at 14.02 on day 2 (07.00 UK time). Please note, only bank working days Monday to Friday, a transfer initiated on a Friday will not hit the account before 14.00 the following Monday.
 
With Kasikorn, the amount is credited to your account immediately (I think) that it arrives. However, it does not show on your statement until the following day (and the transaction appears to be always around 11:00 - 11:30).
 
Yorky said:
With Kasikorn, the amount is credited to your account immediately (I think) that it arrives. However, it does not show on your statement until the following day (and the transaction appears to be always around 11:00 - 11:30).
Click to expand...


With Kasikorn you can view the item online through "Recent transactions" on the same day and the balance reflects the incoming item........................ on the full statement the next day.
 
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