Trying to join company pension but told to hold fire?

bob_dob

Hi,
For the last few weeks I have been emailing the FA who is in charge of my employer's pension trying to get him to verify that he has signed me up to the pension.
Finally he emailed me back today to state that he had spoken to my employer and 'we may have to defer any new members for a month or two'.

Please could I ask why this could be?

quotememiserable

I think you should ask them exactly that, and say you're keen to join as soon as possible. I'll be interested to hear any reply.

bob_dob

Yes, I think I will. But I'm confused at to what possible reasons ithey could give?

JoeCrystal

bob_dob wrote: »

Yes, I think I will. But I'm confused at to what possible reasons ithey could give?

Auto-enrollment maybe?

Cheers,
Joe

bob_dob

JoeCrystal wrote: »

Auto-enrollment maybe?

Cheers,
Joe

Thanks, why would that be a bad thing, please (noticed the sad face!)?

xylophone

spoken to my employer

Why don't you do likewise and ask for an explanation?

JoeCrystal

No, it is not a bad thing. Sorry for a sad face. It is that I just wish there is better auto-enrollment choice rather than NEST that I guess my own employer will go along with. Sorry!

I will go along with in your case as it sound like your company pension is not NEST.

Cheers,
Joe

bob_dob

Thank you again for that.
Please can I ask how a company's pension would/could be different from NEST?

JoeCrystal

bob_dob wrote: »

Thank you again for that.
Please can I ask how a company's pension would/could be different from NEST?

The NEST comes with several disadvantages like paying the 1.8 % contribution charge to fund its set up and will be unable to transfer the fund elsewhere until you reach retirement age. The fund choice is also very limited with rather silly idea on how one should start investing which go like "Low Risk (first decade) High Risk (second decade) Lower Risk (third decade) (Which even apply at the higher risk fund). It is generally accepted wisdom that you can take lots more risk at the start. But NEST thinks that people will cry if they see their fund decline.

Cheers,
Joe

sandsy

I wonder if this has anything to do with the ban on consultancy charging?

bob_dob

Oddly enough I asked him if I could change the contract from an annual percentage fee to an outright fee but he said the terms couldn't be changed as the contract with my employer was made before the new rules. Shame.