Releasing Cash from Pension Early

Loughton_Monkey

jpmw wrote: »

Thanks for the replies, I guess Ill just have to go whith what I believe I have been offered, my chance and Im happy to take it.
Thank You all again for the semi judgemental advice.

You are wasting your time. The LGPS administrators are not stupid. They will only transfer your pension to another scheme against the background of an FSA registered IFA report.

You will not obtain one of these.

Apologies if you think the replies are "semi judgemental". I think they should be 100% judgemental. You have been told a lie by someone purporting to be an IFA [i.e. that you can legally release money from your pension]. You have asked for 'advice' as to how you could release even more. You have been told this is not possible, and yet you are claiming you will proceed anyway.

You will not proceed, since what you are suggesting would be both physically impossible, and illegal anyway.

dunstonh

toots1607 wrote: »

Sorry this is a weekly figure. Basically his work has not paid his contribitions into his pension plan.

Is it actually being deducted on his payslip weekly? as you can see from the figures, it looks monthly (or four weekly).

If it is meant to be weekly and is being deducted from the payslip weekly and it is not going into the pension and they are not prepared to correct the error then the employer is committing fraud.

toots1607

Ok I have contacted the employer and they have told me it was a mix up with the bank is there anything that I could say to not be rude but put her on the spot to admit and demand the money straight away. my OH does not want to upset the company but I think different as its his money and they are keeping it.
Cheers

dunstonh

Ok I have contacted the employer and they have told me it was a mix up with the bank is there anything that I could say to not be rude but put her on the spot to admit and demand the money straight away. my OH does not want to upset the company but I think different as its his money and they are keeping it.

To be honest, I think that response is a fob off. The bank doesn't get involved in anything other than letting the direct debit go through. The pension provider controls the direct debit and the amounts taken are based on what the employer tells them to pay into the pensions. The bank isnt involved in that in any way (unless they bounce the payment).

I would suggest he has a word with other employees to see if they are in the same situation. Firstly, that lets him know if its just his and secondly, it gives him safety in numbers as no doubt other employees wont be happy to find out the company hasnt been paying the premiums. If the company doesnt act then there is a next stage you can go to. That will depend on the type of pension it is.