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Company charging me for opting out of auto enrolement pension
kylataff
Posts: 6 Forumite
Hi,
I have opted out of the auto-enrolement pension at work, but they are charging me 2% of my salary each month for admin costs!!! No money is being paid into the pension by me or the company so can they do this?
I had no idea when i opted out that this would be the case.
If I opt in I have to pay a 4% contribution minimum and at present I cant afford it so opted out. But I may as well opt back into it if 2% is being thrown down the drain anyway
Can they really charge me for doing nothing ?
I have opted out of the auto-enrolement pension at work, but they are charging me 2% of my salary each month for admin costs!!! No money is being paid into the pension by me or the company so can they do this?
I had no idea when i opted out that this would be the case.
If I opt in I have to pay a 4% contribution minimum and at present I cant afford it so opted out. But I may as well opt back into it if 2% is being thrown down the drain anyway
Can they really charge me for doing nothing ?
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Comments
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Can you confirm that you've raised this 2% fee with them and they've confirmed all of this in writing or email?Warning ..... I'm a peri-menopausal axe-wielding maniac
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Does not sound right or fair0
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but they are charging me 2% of my salary each month for admin costs!!!
Dont you mean pension contribution rather than salary?Can they really charge me for doing nothing ?
I suggest you are mistaken in your figures. Take another look.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
if what you are saying is correct then you need to contact the pensions regulator. You cannot be charged an Admin fee for opting out. Your company is already saving money by you opting out as for the next 3 years they are not paying your contribution. Further there is no admin cost to them.
Which AE scheme were you auto enrolled into?
The Pension Regulator can be found at http://www.thepensionsregulator.gov.uk/autoenrolment:jI am an Employment Law Paralegal and an experienced Human Resources Manager and offer my guidance as simply that ... guidance :j0 -
~Hi,
I have opted out of the auto-enrolement pension at work, but they are charging me 2% of my salary each month for admin costs!!! No money is being paid into the pension by me or the company so can they do this?
I had no idea when i opted out that this would be the case.
If I opt in I have to pay a 4% contribution minimum and at present I cant afford it so opted out. But I may as well opt back into it if 2% is being thrown down the drain anyway
Can they really charge me for doing nothing ?
you need to contact The Pensions Regulator regarding this as soon as possible0 -
This is an old thread (check dates) and the OP hasn't even replied so I'm guessing it was all a misunderstanding and it's been sorted now.Stephen Covey once said that "when you teach once, you learn twice". That is the primary reason for my participation on the forums as an IFA.
Although I strive to provide accurate information in my posts, there may be the odd time when I fail. Yes I know it's hard to believe but even Your Hero can make mistakes. Apologies in advance.0
This discussion has been closed.
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