Employee Share Scheme Advice Required

penrypooch

I left my previous job about 14 months ago. I was part of an employee share scheme and saved approx £10 a month.

The scheme matured last month. However, I didn’t realise that as I had left their employment I was ineligible to exercise my options. They had informed me, but I misread their letter and carried on paying into the scheme. I wrongly assumed I would be able to exercise my options on maturity.

I was even sent a maturity pack in December whereby I was given the choice of exercising my options. I signed this form and accepted their offer. So, I thought I was going to receive about £1100. I got a cheque for £360 (All the monies I had paid into the scheme) and a letter saying they sent me the option form in error. I have complained to the administrators of the scheme and they have sent me an apology for wrongly sending me the form and a £40 ex-gratia payment. As they had sent the option maturity form to me and I accepted their offer should I have received the full amount?

Any advice would be very welcome.

mini_lidi

Who was the employer?

penrypooch

mini_lidi wrote: »

Who was the employer?

The employer was Corus

penrypooch

Bump..

Any advice would be appreciated.

brewerdave

How did you manage to carry on paying in ? These schemes are normally thru payroll deductions.Surely your previous employer's HR department told you that you would lose any SAYE shares when you left? As far as I am aware only in cases of redundancy are you allowed to exercise such options and it has to be done within strict timescales (6 months?) However you should have had some interest on the money invested.
Since they have given you some compensation (which is probably more than any interest due) I don't think that you have a case. Sorry!

bigstevex

You need to read your info pack for entering ther scheme ideally and see what it says