HELP - BT Retirement Plan Wind up.

hyokai

I was given my gross figure, and net figure. Both are higher than I expected. I asked what the tax percentage was, and 25% was the answer. I think the fact they used the 'emergency tax code' has some effect on this.

leese2504

Hi i think you are correct at 25% thinking about it, if its being treated as income then they will also take off NI aswell maybe? that usually accounts for 5% on top of the 20% ? i was told today by india that the paperwork will be issued the sametime as the monies so i expect to receive paperwork after the money. BTW i have no idea how much i am getting lol x as my last figure was from May ( i phoned and asked for another statement by then ) had your figure increased from the figure originally quoted in your pack? thanks for the update btw

dklunan

I finally heard back from them via email and was told the same again - that because they never received my reply it was too late to do anything about getting the lump sum.

Pretty gutted as I'm gonna miss out on almost £4k minus tax.

My only strand of hope now is that there might be some sort of cancellation period on the new policy that my funds are being transferred into. I don't know if that's likely or possible but all I can do is keep my fingers crossed.

leese2504

dklunan wrote: »

I finally heard back from them via email and was told the same again - that because they never received my reply it was too late to do anything about getting the lump sum.

Pretty gutted as I'm gonna miss out on almost £4k minus tax.

My only strand of hope now is that there might be some sort of cancellation period on the new policy that my funds are being transferred into. I don't know if that's likely or possible but all I can do is keep my fingers crossed.

oh no i am really sorry it wasnt better news! you need to be contacting the new policy and find out whether you can do anything about it. really hope you get it sorted

lesley76

Hi all,

I actually got to spoke to someone in England too after logging a complaint.

I have received confirmation of my settlement amount and was told that payments were being released from Tuesday of this week but it will depend on your bank how soon this will clear. The guy did say that if the funds have not cleared by Monday you should call them as all payments should have cleared by this time. I have been checking each day but as yet the money is not there.

I notice some people are saying that there amount has increased since the original letter, mine is exactly the same as what I was originally notifed back in May?? I wonder why?? If anyone knows why this may be I would be grateful if you could advise me!!

Well happy spending everyone :T mine has pretty much gone before I have even received it

garyinpaignton

lesley76 wrote: »

Hi all,

I actually got to spoke to someone in England too after logging a complaint.

I have received confirmation of my settlement amount and was told that payments were being released from Tuesday of this week but it will depend on your bank how soon this will clear. The guy did say that if the funds have not cleared by Monday you should call them as all payments should have cleared by this time. I have been checking each day but as yet the money is not there.

I notice some people are saying that there amount has increased since the original letter, mine is exactly the same as what I was originally notifed back in May?? I wonder why?? If anyone knows why this may be I would be grateful if you could advise me!!

Well happy spending everyone :T mine has pretty much gone before I have even received it

Hi Lesley76,

Did the person you spoke to give you any breakdown of how the net figure was arrived at, and were any deductions taken for commission at all? I definetely have a discrepancy of almost 1200.00 in their favour, and at the time no one could give me a break-down, just the net figure.

I keep checking my bank (LloydsTsb) as the account updates in real time. If they had processed my payment on Tuesday it could have turned up any time between then and now, but nothing yet, so holding out for tomorrow now. (Like you, mine has virtually gone before I even receive it, kids/motor repairs etc )

hyokai

Gary, if you pm me, I can give you the number I used. They have a spreadsheet that shows all the deductions.

Monty1975

Hi Guys,

I have found your comments really useful and have often checked back for updates regarding the wind-up of the pension.

I emailed peopleline about 10 days ago, and have just had this reply come back today.

"Thank you for contacting Peopleline pensions.

I have checked your record and can confirm that we have received your completed forms. The pension service is commencing the lumpsum payments to be made into the respective bank accounts by 12th August 2011. Therefore, you should have your lumpsum payment into your bank account by end of next week. There would be an acknowledgment letter sent to you during the same time confirming the net and the gross amounts. "

Not very clear as to whether it will be in my account by the 12th August, or whether that's when they will start processing payments as it says it should be in my account by end of next week.

Just wanted to share with you all in case anyone is still unsure, and thanks for all your info over the past month or so.

:T

lesley76

Hi Gary,

Sorry I don't know how to get someones email as a quote in my reply to that person

Anyway, they gave me no indication of how the payment was broken down. I've been crazy busy at work this work but am defo going to call them tomorrow. I'll let you know what they say

Thanks, Lesley

lesley76

lesley76 wrote: »

Hi Gary,

Sorry I don't know how to get someones email as a quote in my reply to that person

Anyway, they gave me no indication of how the payment was broken down. I've been crazy busy at work this work but am defo going to call them tomorrow. I'll let you know what they say

Thanks, Lesley

Hahahahahah now I know :T