Entitled to pension but err not set it up!

dilemma10

Hi everybody,

I am going through a 'spring clean' with my paperwork and I am so disorganised. Basically seeking help to get my pension sorted.

I earn £28k a year and am entitled to a rather generous 15% pension.

Now the issue is that I work for an organisation that is only 6 people big and we have a rather peculiar work set up (expenses paid late, invoices always overdue, and this month apparently our pay may not actually be paid).

So what has been happening is that for the two years I have been working here I opted to also contribute £20 monthly on top of their monthly contributions, however, this is not actually going anywhere....

I did start dealings with Standard Life but due to them not receiving ID/paperwork it got left.

I do not want to enquire about it with my company because it has to go straight to the CEO who is difficult/touchy where money is concerned but at the same time do not want to lose my entitlement to a pension - especially one which should already mount up to about £9k?

What happens to this missing £9k?

Thanks in advance.

CannySaver_2

Hi

There are rules governing how quickly pension contributions deducted from salary should be paid to pensions, from memory it is by the 15th or 20th of the following month. Something like that anyway! The IFAs on here will know more accurately. It certainly isn't two years!

Basically your employer has been taking money out of your pay packet and not making the pension contributions on behalf of the company to which you are presumably contractually entitled.

Some less charitable people than myself would call that theft.

If he is that disorganised / strapped for cash, I would also check that NI contributions have been made by him.

Frankly I don't see that you have much of an alternative than to bring this up with him, or perhaps the company accountant; your employers actions are really not on.

The Canny Saver

bilbo51

CannySaver wrote: »

Hi

There are rules governing how quickly pension contributions deducted from salary should be paid to pensions, from memory it is by the 15th or 20th of the following month. Something like that anyway! The IFAs on here will know more accurately. It certainly isn't two years!

It's 19 days into the month following the month in which the deductions were made.

jamesd

If the money hasn't been deducted from your pay it's likely to be lost if SL never got you set up on the system so that you became a member of the pension scheme. SL is where you should go initially to chase things up and see what is happening on their end of things.

xylophone

I just don't know what to say!
Does this outfit have an internal/external auditor?

"We have a rather peculiar work set up (expenses paid late, invoices always overdue, and this month apparently our pay may not actually be paid)."

One can only hope that all the employees have enough in hand to cover next month's outgoings.

Are you even sure that you are a member of the pension scheme or that there actually is one in existence to which the generous 15% contribution is being made?

You opted to pay £20 a month but " this is not actually going anywhere...." ??? Do you mean it is being deducted from your salary or it isn't?

"I do not want to enquire about it with my company because it has to go straight to the CEO who is difficult/touchy where money is concerned. "

What is so wonderful about this concern that you continue to work there? Or is your line of expertise so esoteric that there are few openings?

Is there a payroll clerk?

Peculiar? I could think of some other adjectives?

atush

Dodgy come to mind?