papadad111
Thinks s/he gets paid by the post
- Joined
- Oct 4, 2007
- Messages
- 1,135
Fidelity. Yuck. I just spent 45 minutes and 5 different representatives to try to get a simple answer about a prior employer pension fund and how my lump sum is calculated.
5 basic morons - none could tell me how it's calculated nor the impact of rising rates to the lump sum amount. And a week to get their "guidance department" to call me with more details.
It can't be that difficult. It's like a bond essentially right ? And the lump sum is like the current value of the bond.
And When rates rise the lump sum will be smaller ...but the monthly annuitized payouts will be greater ...
I am told there are 3 interest rate tiers but no idea how those determine a pension lump sum ... There has to be a simple excel formula to explain it in plain and simple terms.
Eg- If interest rates go up 0.25 percent, the lump sum falls by how much. The monthly payments rise by how much. Etc
I am not impressed with fidelity and this mornings call convinced me to eject from their grip as quickly as possible. They are good at rolling over pensions to their own IRAs but that's about all anyone wanted to discuss with me. Zero technical finance ability. Zero.
Venting here. Sorry for the rant.
5 basic morons - none could tell me how it's calculated nor the impact of rising rates to the lump sum amount. And a week to get their "guidance department" to call me with more details.
It can't be that difficult. It's like a bond essentially right ? And the lump sum is like the current value of the bond.
And When rates rise the lump sum will be smaller ...but the monthly annuitized payouts will be greater ...
I am told there are 3 interest rate tiers but no idea how those determine a pension lump sum ... There has to be a simple excel formula to explain it in plain and simple terms.
Eg- If interest rates go up 0.25 percent, the lump sum falls by how much. The monthly payments rise by how much. Etc
I am not impressed with fidelity and this mornings call convinced me to eject from their grip as quickly as possible. They are good at rolling over pensions to their own IRAs but that's about all anyone wanted to discuss with me. Zero technical finance ability. Zero.
Venting here. Sorry for the rant.