F.A. included me in Pension w/o my permission.

buel

Hi,
Please could I have some advice? Last year I spoke to the financial adviser who deals with my works pension. He briefly explained that he did not get trail commision and that my employer will match the minimum 3% contributions I make.

I explained that I would think about it and perhaps go ahead when I had sorted out a few matters with my finances. We did not discuss my attitude towards risk.

That same month I noticed that a pension contribution had been taken from my wages. I complained to him via email and informed my employer that I had not agreed to this. The pension provider, scottish Widows, sent me some documentation as if I had joined.

Yesterday I told my employer that I would like to join the pension (I had emailed the FA two months before Christmas to explain that I would like to join the pension but he never replied). My question is would the FA have deliberately signed me up before the new rules regarding fees and advice came in to force? And do I stand to lose out regarding any commision he may make now that I would officially be signed up as 'joined and then suspended contributions'?

Thank you in advance.

buel

Hello, anyone?

Linton

buel wrote: »

........
That same month I noticed that a pension contribution had been taken from my wages. I complained to him via email and informed my employer that I had not agreed to this. The pension provider, scottish Widows, sent me some documentation as if I had joined.

Yesterday I told my employer that I would like to join the pension (I had emailed the FA two months before Christmas to explain that I would like to join the pension but he never replied). My question is would the FA have deliberately signed me up before the new rules regarding fees and advice came in to force? And do I stand to lose out regarding any commission he may make now that I would officially be signed up as 'joined and then suspended contributions'?

Thank you in advance.

I am confused - see bold!!

I would have thought it unlikely that he would have corruptly signed you up for something he didnt have evidence you wanted. After all he would presumably lose far more from future business than any commission gained from a one-off sale. More likely some misunderstanding. Was he an advisor provided by the company?

buel

Hi,
I am adamant that I did not sign. The whole point of the meeting we had was so I could get the information I wanted and then I could think about it.

Yes he was provided by the company. A few months ago the employer was found to be missing 4 months worth of not only their contributions but also the employees' contributions. A meeting was held on the premises and this FA insisted that the company were allowed to take pension holidays. Something they found out was not allowed on this type of pension.

So I hope you now have a better idea of the man. There are other examples.

sandsy

buel wrote: »

Hi,


I had emailed the FA two months before Christmas to explain that I would like to join the pension but he never replied

So you did tell the adviser you wanted to join the pension hence why the pension contribution was taken from your salary.

Your post is very confusing.

atush

I am confused. you didn't want to join the pension, but alter said you did. and you were signed up. Now you are complaining you are signed up (and may have been signed up early giving you extra tax relief and extra contributions).

I fail to see what you are complaining abt, apart from your last post shows that you believe that money was taken out but not put into your pension?

buel

Apologies.
Let me make this clear:
8 months ago I chatted with the FA about joining the company but didn't sign anything.
That same month a contribution came out of my wages and I complained that I hadn't made my decision yet and had not signed anything. I got the contribution back.
4 months ago I emailed the FA to ask him to go ahead and that I wanted to join the company pension. I did not receive a reply.
Yesterday I emailed him again to ask the same thing and did not receive a reply so I rang his office and left a message.

My question is would the FA have deliberately signed me up before the new rules regarding fees and advice came in to force? And do I stand to lose out regarding any commision he may make now that I would officially be signed up as 'joined and then suspended contributions'?

Thank you in advance.

Sandsy, if you read the timeline of the original post you will understand it I hope.
I explained that I would think about it and perhaps go ahead when I had sorted out a few matters with my finances. We did not discuss my attitude towards risk.

That same month I noticed that a pension contribution had been taken from my wages. I complained to him via email and informed my employer that I had not agreed to this. The pension provider, scottish Widows, sent me some documentation as if I had joined.

buel

buel wrote: »

Hi,
Please could I have some advice? Last year I spoke to the financial adviser who deals with my works pension. He briefly explained that he did not get trail commision and that my employer will match the minimum 3% contributions I make.

I explained that I would think about it and perhaps go ahead when I had sorted out a few matters with my finances. We did not discuss my attitude towards risk.

That same month I noticed that a pension contribution had been taken from my wages. I complained to him via email and informed my employer that I had not agreed to this. The pension provider, scottish Widows, sent me some documentation as if I had joined.

Yesterday I told my employer that I would like to join the pension (I had emailed the FA two months before Christmas to explain that I would like to join the pension but he never replied). My question is would the FA have deliberately signed me up before the new rules regarding fees and advice came in to force? And do I stand to lose out regarding any commision he may make now that I would officially be signed up as 'joined and then suspended contributions'?

Thank you in advance.

I hope this also helps.

GhIFA

Have you spoken to your payroll department? They should be able to shed some light on the instruction they were given to start deducting contributions from your salary.

buel

Many thanks but that isn't my primary question, my primary question is would the FA have deliberately signed me up before the new rules regarding fees and advice came in to force? And do I stand to lose out regarding any commision he may make now that I would officially be signed up as 'joined and then suspended contributions'?

McKneff

Get hold of the origanl papers and have a look at the signature to see if he has signed it for you.

Then do something about it.