missing NICO payment??

bockster

does anyone know why my NICO refund to a group stakeholder pension did not happen on the 5th april this year, as it has previous years? do we still get a refund? or has it gone to the wall like my married persons allowance and miras amongst other things!! oh well, at least tax hasn't gone up!?!

YorkshireBoy

bockster wrote:

...as it has previous years?

This is interesting because I joined my new employers stakeholder scheme in July 2003 (after many years in previous employers final salary scheme), and my 03/04 NICO didn't reach my fund until September 2004. When I asked my provider, they said this is the norm! Is it?

dunstonh

It probably appears on the statement as the April 200x payment but it doesnt usually arrive until around September.

Pal

And they have probably stopped quoting it on this years statement because people kept questioning why they didn't get the full years investment returns on the tax rebate, despite the fact that it was only actually invested in the middle of the year.

isasmurf

The NI rebate will be paid to your pension provider the month after NICO have processed your earning and national insurance details provided by your employer. Your employer must return these details to NICO by the end of May, and NICO process the bulk of these returns between May and September. When your pension manager receives the repayment they then have to pay it into your fund within 3 months.

bockster

thanks for the replies folks, so, sounds like it still exists then. did i here that it is being reduced or stopped though?

dunstonh

Actually, it looks like the rebate could be increased in a year or two and the new features of contracting out look like it will be back in fashion again

Big_Butts

Hi

I currently have a Scottish Widows pension and have been contracted out since.... I can't remember when.

Isasmurf states that your pension manager has three months from reciept of the NICO contributions to apply them to your fund.

Well Scottish Widows have had my NICO contributions since July 2004 and still have not applied them to my fund.

They say they have some sort of problem but are very vague about it and can give no timescale.

We are talking about NICO of £1,115

Question : is there some regulatory body I can contact to ensure these funds are paid into my account and/or I recive some sort of compensation.

dunstonh

Question : is there some regulatory body I can contact to ensure these funds are paid into my account and/or I recive some sort of compensation.

No. Any complaint you make goes through the product provider first. Only if that fails can you then take it to the ombudsman.