Worked for Tesco for 7 years, only in pension for 18mths, lose their contributions?

The_Angry_Jock

hyubh wrote: »

I don't see why you think periods of non-contributing service should matter. Why weren't you in the scheme earlier?

I'm guessing she's 26.5 years old, since (I understand) Tesco auto-enroll everyone over the age of 25. So she probably started working there at 20 and didn't didn't bother signing up - my OH did the same and every now and again pipes up about she'd rather have the money, then I point out she's been paying in less than me for a shorter period of time and stands to get much more.

shop-to-drop

You automatically get enrolled in the Tesco pension after 12 months unless you opt out so I don't see how it is anyones fault but your own if you are unhappy with your pension forecast. Tesco do actively encourage all staff to participate too.

*Kat*

Okay. I'm not saying I expect 7 years worth of Tesco contributions. I am asking why I don't get contributions for the 1.5years I was in the scheme. (I don't think that's correct now though?). I want to transfer my funds to my Scottish Widows pension scheme, but expected it to be more. THATS ALL.

And. I was never offered pension after 12 months. I don't know if this is a recent thing or whatever.

atush

Were you offered it day1?

hyubh

*Kat* wrote: »

Okay. I'm not saying I expect 7 years worth of Tesco contributions. I am asking why I don't get contributions for the 1.5years I was in the scheme.

Maybe over the years there's been the odd discrepancy, but in general, defined benefit scheme refunds have never involved being 'refunded' employer contributions regardless of who is/are the sponsoring employer(s).

I want to transfer my funds to my Scottish Widows pension scheme, but expected it to be more.

A refund and a transfer out are two separate things. In your first post you talked of clearing a credit card (and so, wanting a refund); now you're talking about a transfer out.

jem16

*Kat* wrote: »

I want to transfer my funds to my Scottish Widows pension scheme, but expected it to be more. THATS ALL.

Nothing stopping you doing that;

http://www.pensionwebsite.co.uk/leaving-us/

If you need to login it's Tesco as username and mypension as password.

If you choose that option you will get the whole value including employer contributions.

dunstonh

I am asking why I don't get contributions for the 1.5years I was in the scheme.

Because you are choosing to exit the scheme.

I want to transfer my funds to my Scottish Widows pension scheme, but expected it to be more. THATS ALL.

So transfer it then. Not withdraw it. Transfer will retain a relative value of the employer benefit was well as not having to pay NI.

Linton

jem16 wrote: »

Nothing stopping you doing that;

http://www.pensionwebsite.co.uk/leaving-us/

If you need to login it's Tesco as username and mypension as password.

If you choose that option you will get the whole value including employer contributions.

In post #1 the OP has said the transfer value is £403 which is less than the gross cash refund. With this DB scheme do you get the employers (hypothetical) contribution if you leave within 2 years???

jem16

Linton wrote: »

In post #1 the OP has said the transfer value is £403 which is less than the gross cash refund. With this DB scheme do you get the employers (hypothetical) contribution if you leave within 2 years???

Thanks for pointing that out - I had missed that. You would expect the transfer value to be higher than the gross refund.

I would be checking those figures with Tesco.

bigadaj

Will the OP be allowed to transfer out of a defined benefit scheme, as it's not a very sensible thing to do in the vast majority of circumstances?