HELP - BT Retirement Plan Wind up.

garyinpaignton

Hi,

I have finally been able to speak to someone in this country again, eventually they were able to give me a figure that will be paid into my bank. It is about 1200.00 short of what i had reckoned on though, even allowing for basic rate tax (and the fact that I think we get around 2500.00 tax free). Can only assume that the missing 1200.00 is eaten up in fees/commisions ?! That would be more bearable if an indication of how much was likely to be swallowed up was told to us all in the beginning. I know what the closing value was on 08 July, so I thought i had made realistic calculations.

I couldnt get a breakdown from the person i was talking with.

Still, at least they are paying, and it should be in my account on Monday next week, hopefully you should also see your monies in your accounts then as well. So glad that online banking exists now, so will be able to see when it arrives. If i get a letter through the post before the money is paid, i will post how they break the charges down. :beer:

leese2504

garyinpaignton wrote: »

Hi,

I have finally been able to speak to someone in this country again, eventually they were able to give me a figure that will be paid into my bank. It is about 1200.00 short of what i had reckoned on though, even allowing for basic rate tax (and the fact that I think we get around 2500.00 tax free). Can only assume that the missing 1200.00 is eaten up in fees/commisions ?! That would be more bearable if an indication of how much was likely to be swallowed up was told to us all in the beginning. I know what the closing value was on 08 July, so I thought i had made realistic calculations.

I couldnt get a breakdown from the person i was talking with.

Still, at least they are paying, and it should be in my account on Monday next week, hopefully you should also see your monies in your accounts then as well. So glad that online banking exists now, so will be able to see when it arrives. If i get a letter through the post before the money is paid, i will post how they break the charges down. :beer:

Hi thanks for the update!! i reckon the 1200 short fall is due to the euro debt crisis it doesnt surprise if the funds have dropped value over the past 4-5 weeks. did u base your calculations on 40% tax rate (for the 75% balance) or 20% rate ?

garyinpaignton

I based my calculations on the 20% Tax Rate, (was just too depressing to contemplate 40%). Even so, it is all money that wasnt even available to us at the start of the year, so anything is better than nothing :-)

jayne182

Hi
I am so glad so many of you have received some sort of information from BT regarding whats happening with payments etc, I too am annoyed with BT with their lack of communication, after sending back my option of choice letter well within the timescales I received a letter from them to say I had yet to reply, I telephoned the number on the letter to speak to someone in india who could only tell me that they had now received the letter but could not confirm my choice, after voicing my concerns I eventually spoke to someone in england who confirmed my choice and told me they didn't have a date as yet of when money would be deposited and this was way back at the start of june.

Well today I decide to call them again to see if i could find anything out as it was weeks ago since i last spoke with someone, I thought they would at least have the curtesy to let us all have a 'what is happening next' letter, so I rang this morning only to be on hold for 17 minutes after getting impatient I hung up......tried again 3 hours later to be on hold 20 minutes listening to the awful music, again I hung up........tried again later this afternoon and after being on hold for 37 minutes listening to the dreadful music again I hung up redialed and chose the complaints option to register my dis-satisfaction at the call queue and their lack of communication with the winding up plan, to be told within 48 someone will ring me with some answers to my questions.
At least I have found out more from you guys than BT whose moto years ago was ''it's good to talk'' what a joke!! thanks guys for all your information. Thats it rant over xx

hyokai

I've managed to get info on when the payments will be made. We can expect our money this friday, 12/8/11, monday at the latest. I also had my payment figure confirmed, and it was slightly higher than I was originally quoted.

The tax is done at 25% for those who want to know.

If you want a phone number, to someone who not only can help, but knows what they are talking about, PM me......they were very helpful, unlike the indian robots.

hyokai

Oh and the first 25% of your payment is tax free, the remaining 75% is taxed on emergency tax, which is 25%. So on £10,000, you will receive £8125 after tax. Thats if my maths are correct

halesden36

25% tax free, the rest is taxed at your normal rate and would be reviewed at the end of the tax year. By the looks of it you will also get hit for commission charges which look to be coming out quite high.

By the way hyokai - you have given out someones DDI, I would probably edit and get rid...

hyokai

The number is to someone who is very helpful, so if anyone wants it, pm me. Just checked the paper work, and it clearly states that tax will be deducted based on the emergency tax code (page 13, 2nd from last paragraph,in the letter dated 5/5/11, from Accenture), and it has been confirmed to me, via phone, that its 25%.

hyokai

halesden36 wrote: »

25% tax free, the rest is taxed at your normal rate and would be reviewed at the end of the tax year. By the looks of it you will also get hit for commission charges which look to be coming out quite high.

By the way hyokai - you have given out someones DDI, I would probably edit and get rid...

No commission charges, just tax.

One thing I hated about BT, the culture of shortening things down to meaningless letters.......like DDI :mad:

garyinpaignton

I have been on the HMRC website and its shows clearly there that the Emergency Code/Basic Rate is 20%, not 25%. My fund had increased by approx 400.00 by the 8th July. If i allow for 2500.00 to be tax free, and then 20% Basic Rate tax on the remainder, it still works out that i am being paid 1250.00 less than what i am due. So regardless of what the basic rate code is, I wonder if we are being taxed at 25% regardless and paying commission charges as well !! Has anyone actually had a letter that gives a breakdown? All i have had is a figure over the phone, although he did also say as well that payments could be in by Friday, but Monday at the latest. I didnt put that on my last post just in case the payments werent in the bank on Friday.

Fingers x'd for all of us

(Hi LouiseD. I will reply to your message a little later on tonight, as i have to go out again now)