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Opting out but let down by company
afl2
Posts: 29 Forumite
Looking for advice.
Last august i was offered a opt out of my company pension with an incentive. I duly filled in the forms and sent in oct 2010. Phoned in may and was informed not to worry as it was still processing.
asked work of any impeding issues with this and was informed it should of all been completed. Phoned the company today and have been informed that because they have not sent me a form to complete in nov/dec 2010 the date has now passed and i am unable to opt out and recieve the relevant incentives.
Is there any thing i can do as they have told me that it now can not happen.
Thanks
Last august i was offered a opt out of my company pension with an incentive. I duly filled in the forms and sent in oct 2010. Phoned in may and was informed not to worry as it was still processing.
asked work of any impeding issues with this and was informed it should of all been completed. Phoned the company today and have been informed that because they have not sent me a form to complete in nov/dec 2010 the date has now passed and i am unable to opt out and recieve the relevant incentives.
Is there any thing i can do as they have told me that it now can not happen.
Thanks
0
Comments
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Is it better to be opted out or in? It may be lucky escapeI am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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It would be up to the company I would have thought as it is their right to apply the incentives as they feel.
TBH it may turn out to be a blessing in disguise as frequently these so called incentives are lacking compared to what you give up. The company is only doing it because it will be cheaper for them long term which usually means its going to cost you long term.
http://www.pensionsadvisoryservice.org.uk/workplace-pension-schemes/final-salary-schemes/transfer-incentives
EMI think opinions should be judged of by their influences and effects, and if a man holds none that tend to make him less virtuous or more vicious, it may be concluded that he holds none that are dangerous; which I hope is the case with me.0 -
Thanks for yor replys
Greatly appreciated0
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