Company delaying putting contributions in- is it 'normal practice'?

Edinburghlass_2

jamesd, the poster above you is spamming by copying and pasting other posts so just ignore until the posts are removed.

buel

jamesd wrote: »

Please let us know how it goes. Situations like this one where there seems to be financial difficulty as well can be tough.

Hi again.
Ok, a bit of a shock: My friend (who is in the company pension and has a policy number as opposed to me who doesn't) rang a lady at the Pensions Regulator. She seemed as if she wasn't too bothered about the fact that they have consistently missed contributions/delayed over the 19 day rule. She said that if they have at least eventually reimbursed the money then 'that is the main thing'.
My friend asked her 'Isn't it against the law to delay paying the money, even after the 19 day period?', she answered with 'It's more of a guide than a rule'. She didn't even mention the fact about they should not only reimburse the money but also pay any gains they meoney might have made if it was invested at the due date.

Please may i ask for any clarification on this and maybe a few comments on why this lady was so reluctant to do anything about the company taking the emplyees contributions as a free loan?

Thank you in advance!

buel

Hello, can anyone help me with this please?

buel

Can anyone explain to me why the Regulator seemed reluctant to take any action?

gadgetmind

buel wrote: »

Can anyone explain to me why the Regulator seemed reluctant to take any action?

Because doing something involves actually doing some work, which is something that all regulators seem reluctant to get dragged into.

Velcro_Hotdog

buel wrote: »

Can anyone explain to me why the Regulator seemed reluctant to take any action?

I'm in the same boat

My GPP is 5 months behind on payment (even though deductions have been taken from wages) and will be 6 months behind come the 19th. I'm told I should be greatfull I have a job :mad:

The regulator didn't care when I rang them either

buel

The annoying thing is if we had THEIR (employers or regulators) you can be pretty sure that the regulators would do something!
Surely it's their duty to at least have a word/warn them?

gadgetmind

Velcro_Hotdog wrote: »

I'm told I should be greatfull I have a job :mad:

That ones tops most of the "10 things only bad managers say" lists.

I must say, I find it very scary that companies regard making payments into a GPP as entirely optional and that there seems to be no law or regulator that can force them to make the payments.

buel

So am i right to assume that, legally, the regulator does not HAVE to take any action if an employer takes employees' pension contributions and doesn't pass them on the relevant Pension?

atush

Sounds to me like they can't be bothered, but I still believe that as the regualtor they have a duty of care to you (well your mate anyway) to take action.

If the money(ie the employees money) has not been paid in where is it? Will the employees get interest on the money? Who will make good losses incurred due to the money not being invested in good time (ie in the event the markes moves up strongly).