AVC's

Andrewjonuk

I've just found out my employer has for almost two years been paying my AVC's into the wrong fund. They have admitted the error. I want my money back - is this possible?

Thanks

dunstonh

I want my money back - is this possible?

Unlikely. They should correct it to put it into the fund you requested.

You need to be careful if the "wrong" fund has made more than the chosen fund.

Andrewjonuk

Thank you for your help

jem16

Andrewjonuk wrote: »

I've just found out my employer has for almost two years been paying my AVC's into the wrong fund. They have admitted the error. I want my money back - is this possible?

Thanks

Having read your other post you need to clarify a couple of points.

1. Has the Pru put your investment into a different investment fund from the one you chose? ( Unlikely as your other post says the Pru don't have your contributions)

2. Where exactly have your contributions gone? Have they been paid into an AVC ( ie money purchase and all risk is on you) or into the Teachers' Additional Pension scheme ( ie you are buying a specific amount of pension which is guaranteed and has no risk to yourself)?

As to employer error, I can't see how this error would have arisen as it is totally separate forms depending on your choice. Perhaps you made the wrong choice or misunderstood what you were signing up to?

However if it's Additional Pension that you have actually contributed to, you should be thankful that you made this mistake as it's much better than AVCs with the Pru.

Why would you want your money back?

pandora205

An error was made in my AVC contributions (same provider wrong fund) and I got a big adjustment made when I'd made enquiries and could prove my original choice. My advice is to always check your statements and follow up when you don't understand something.

I don't know how they could pay into the wrong provider though as you'd have forms to show your choices.