Employer has stopped payments

Kenny999_2

Hi All
I'm looking for some pension advice, So here is the low down

I'm in a Defined contribution scheme, I pay 3% and my employer pays 6%
I just received a letter from Standard life informing me that they have received no contributions from my employer since December 2008.
Basically my employer has been deducting my payments and not paying them to Standard Life along with not paying there part also,
Is that fraud ? This affects about 50 or so employees

Any comments or advice would be greatly appreciated

Cheers Kenny

Ps I'm a total pension divvy

dunstonh

Is that fraud ?

It could be. Or it could be an error which the bosses are not aware of and need to put right.

Only way to find out is ask the employer first and decide on their response which it is.

MrChips

If this is true, it is either fraud or a big c0ck up. By law, the contributions by you and your employer should be in your pension account by the 19th of the month following deduction from your pay. I.e. if you are paid on 25 January, they should be with Standard Life by 19 February.

I guess it is possible that Standard Life have made an administrative error too.

You need to contact your HR department asap. If the company has made a mistake, you should insist that the missed payments are refunded with interest (the stock market has done very well in the last few weeks and you have missed out on some big growth assuming you are invested in equities).

Kenny999_2

Thanks for you input guys
There is a meeting with management this afternoon, so hopefully all will become clear.

Unfortunately the company accountant is on holiday ( hopefully not with my money)

I also checked with Standard life first thing this morning to confirm they have received no funds since Dec.
They have also informed the Pensions Regulator.