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  • FIRST POST
    tomhuk
    >>ASDA Pension scheme HELP
    • #1
    • 31st Jan 11, 4:25 PM
    >>ASDA Pension scheme HELP 31st Jan 11 at 4:25 PM
    hi guys, im 22 and left asda a couple of years ago. when i was 18 i began paying 2% of my wages into a pension which asda matched. i have received annual statements from asda/ the PRU and the balance is ~650. is there any way i can get my hands on any of the money now? i dont care if there are deductions or if i dont get the asda input, i would just love to have something.

    having read a few other threads it is clear that the pension scheme is not very well explained by asda, as retirement is the last thing on my mind when doing a part time student job.

    any advice would be much appreciated.
Page 1
    • Lokolo
    • By Lokolo 31st Jan 11, 4:25 PM
    • 19,485 Posts
    • 14,443 Thanks
    Lokolo
    • #2
    • 31st Jan 11, 4:25 PM
    • #2
    • 31st Jan 11, 4:25 PM
    No you can't.

    A pension is for your retirement, not for you to dip in and out of.
    • dunstonh
    • By dunstonh 31st Jan 11, 4:31 PM
    • 82,316 Posts
    • 47,410 Thanks
    dunstonh
    • #3
    • 31st Jan 11, 4:31 PM
    • #3
    • 31st Jan 11, 4:31 PM
    having read a few other threads it is clear that the pension scheme is not very well explained by asda, as retirement is the last thing on my mind when doing a part time student job.
    I read the ASDA documentation last year for a client and to be honest, i found the new scheme (money purchase version which you have) to be very well written. It was dumbed down nicely with nice plain language.

    Indeed, ignoring the obvious that the word pension clearly indicates that it is a .......pension, here is a copy and paste from ASDA before they even get into the full details:

    It’s never too early to start planning for your retirement and whatever arrangements you’ve made already, the ASDA Pension Plan is a great addition to them. One of the best bits about it is that ASDA contribute to your pension too, which really adds to its value.

    So, even if you dont read the details, the introductory sentence covers off exactly what it is for. What you really mean is that you couldnt be bothered to read what they gave you and that you would have turned down free money had you read the details you were given.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
  • tomhuk
    • #4
    • 31st Jan 11, 4:39 PM
    • #4
    • 31st Jan 11, 4:39 PM
    yes i remember reading such things as above. i knew it was talking abour retirement etc, but i was hoping there would be an option to take a small amount of the pot and let asda have the rest back. i mean, we're hardly dealing with thousands of pounds.
    • Andy7856
    • By Andy7856 31st Jan 11, 10:06 PM
    • 155 Posts
    • 53 Thanks
    Andy7856
    • #5
    • 31st Jan 11, 10:06 PM
    • #5
    • 31st Jan 11, 10:06 PM
    Speak to the pension administrator, when i left previous companies, both gave me the option to either freeze the pension until i retired OR cash it in as it was such a small amount. If i recall i only my contributions back not the contributions the company made on my behalf. Granted i had done done 12 months service with the companies when i left so my circumstances were different to yours..
    • FLAPJACK
    • By FLAPJACK 31st Jan 11, 10:07 PM
    • 510 Posts
    • 376 Thanks
    FLAPJACK
    • #6
    • 31st Jan 11, 10:07 PM
    • #6
    • 31st Jan 11, 10:07 PM
    The only way I know of to get your contributions back from a company pension scheme was if you have been paying into it for less than two years. Otherwise it's called a deferred pension.
    • EternallyGrateful
    • By EternallyGrateful 18th Feb 11, 11:43 AM
    • 120 Posts
    • 71 Thanks
    EternallyGrateful
    • #7
    • 18th Feb 11, 11:43 AM
    • #7
    • 18th Feb 11, 11:43 AM
    Coincidentally my wife is in the process of retiring from Asda and the reason for this online visit is to establish if there are any details available so we can make an educated decision on what to do with her pension fund.
    In the April 2003 Asda Pension Guide (you were almost certainly provided with a copy) it is clearly stated precisely what your options are:-
    If you had been in the Plan for less than two years you would automatically have received a refund of contributions less 20% tax.
    For greater than two years membership you could either have 'preserved' your account in the plan until Normal Retirement Date or transferred your account to another approved fund.
    Based on your original question it is likely that your account is preserved.
    Your current options therefore remain the same - transfer your account or preserve it. Or to put it another way - no cash 'til you're 55 at the earliest!
  • ianparky
    • #8
    • 2nd Jun 11, 7:35 PM
    Asda pension
    • #8
    • 2nd Jun 11, 7:35 PM
    I left asda around 7 yrs ago now and was paying into the asda pension scheme for a few yrs,i had totally forgotten about this until recently,does anybody know how i would go about transfering it or who o speak to about it?
    • Lokolo
    • By Lokolo 2nd Jun 11, 7:36 PM
    • 19,485 Posts
    • 14,443 Thanks
    Lokolo
    • #9
    • 2nd Jun 11, 7:36 PM
    • #9
    • 2nd Jun 11, 7:36 PM
    It will entirely depend on what sort of pension it was. You should ring the pension provider.
    • split second
    • By split second 2nd Jun 11, 7:39 PM
    • 2,694 Posts
    • 4,153 Thanks
    split second
    I left in 2006, left it completely inactive, didnt respond to the letters, in the end they told me the cash in value (about 500) and if I didnt respond to the letter in a fixed length of time they would send me the cheque and cash the plan in, I didnt understand that so they sent me the cheque and I put it towards my house deposit
    Who remembers when X Factor was just Roman suncream?
    • margaretclare
    • By margaretclare 2nd Jun 11, 7:49 PM
    • 9,972 Posts
    • 16,086 Thanks
    margaretclare
    I left in 2006, left it completely inactive, didnt respond to the letters, in the end they told me the cash in value (about 500) and if I didnt respond to the letter in a fixed length of time they would send me the cheque and cash the plan in, I didnt understand that so they sent me the cheque and I put it towards my house deposit
    Originally posted by split second
    In that case it's gone! You can't transfer it because it doesn't exist any more. You had a refund of contributions, which you can do if it's a small amount. End of story!
    r ic wisdom funde, r wear ic eald.
    Before I found wisdom, I became old.
    • dunstonh
    • By dunstonh 2nd Jun 11, 7:53 PM
    • 82,316 Posts
    • 47,410 Thanks
    dunstonh
    I left in 2006, left it completely inactive, didnt respond to the letters, in the end they told me the cash in value (about 500) and if I didnt respond to the letter in a fixed length of time they would send me the cheque and cash the plan in, I didnt understand that so they sent me the cheque and I put it towards my house deposit
    Originally posted by split second
    A rough yardstick is that when you left you would have had the transfer value of around 5k (guess but its typically around ten times more) or your contributions returned which were 500 after tax and NI. You chose the worst option.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • WaxiesDargle
    • By WaxiesDargle 2nd Jun 11, 8:12 PM
    • 996 Posts
    • 190 Thanks
    WaxiesDargle
    In that case it's gone! You can't transfer it because it doesn't exist any more. You had a refund of contributions, which you can do if it's a small amount. End of story!
    Originally posted by margaretclare
    I think split second knows it'd gone...he/she has received a cheque and put it towards a house deposit..well that's as far as I can make out reading their post....not sure what your getting at. End of story!

    • EternallyGrateful
    • By EternallyGrateful 3rd Jun 11, 8:25 AM
    • 120 Posts
    • 71 Thanks
    EternallyGrateful
    I left asda around 7 yrs ago now and was paying into the asda pension scheme for a few yrs,i had totally forgotten about this until recently,does anybody know how i would go about transfering it or who o speak to about it?
    Originally posted by ianparky
    You probably need to start with the Asda Pensions Team which is based at Asda House in Leeds. email pensions@asda.co.uk

    Alternatively you can contact Prudential quoting "Asda Pension Plan" and your NI no. They will be able to give you an up to date valuation and a transfer value.
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