Pension auto-enrollment

stevejbrecon

Hi all,

Situation is as follows.

We all had our meeting explaining what auto-enrollment is etc. We were then told that we would be provided with all of the details about how to un-enroll via e-mail within the next few days. This never came.

I chased for the information but nothing was forthcoming.

April's paycheck rolls round and the money has now automatically been reduced from my paycheck.

I have chased again for the information and have been told that it will be sent to us "shortly".

As far as I can see, I have never been given the opportunity to opt out, I tried to get the information required but it was not forthcoming. What can I do about the money that has been taken already? Surely I can reclaim this if I was never given the option to un-enroll.

Cheers in advance for the responses

(PS. Please don't respond asking me why I would not take up this option and just leave the money there. I manage my own money and my employer's contributions are so small it makes the whole thing pointless)

dunstonh

As far as I can see, I have never been given the opportunity to opt out, I tried to get the information required but it was not forthcoming. What can I do about the money that has been taken already? Surely I can reclaim this if I was never given the option to un-enroll.

One assumes you didnt plan to be silly and opt out. So, whilst the companies admin isnt great, at least you havent missed out.

I manage my own money and my employer's contributions are so small it makes the whole thing pointless

Its not really managing your own money when you turn down free money. More mismanagement.

stevejbrecon

Well done, the exact sort of reply I did not want, managing to respond to none of the questions asked and insult at the same time.

What I do with my money is my choice.

However, cheers for your help, greatly appreciated.

greenglide

There is a sub-forum called "Auto Enrollment" which would have seemed the place to go.

This post https://forums.moneysavingexpert.com/discussion/4919646 answers your query.

You can't, generally, opt-out before the first payment is taken. You then have 30 days to opt-out.

If you really, really insist on throwing money away write to your employer telling them and send it by a recorded postal service if you don't trust them.

stevejbrecon

Thanks for the link, I searched for something like that but couldn't find it.

Cheers

dunstonh

Well done, the exact sort of reply I did not want, managing to respond to none of the questions asked and insult at the same time.

The only insult is to common sense.

What I do with my money is my choice.

It is. One positive outcome with auto enrolment so far is that there have been fewer foolish people opting out than expected. However, you can't expect everyone to be sensible.

stevejbrecon

Terribly sorry, I forgot, everyone who disagrees with you is a fool and everyone who agrees is one of the sacred chosen ones.

I must have missed the memo.

I'm sorry but I asked for some advice and your response was "you're silly, you're a fool" that is hardly advice. It was perfectly possible for you to make your point in a way that didn't make you seem like an elitist snob. Let me give you an example

"I don't have an answer I'm afraid, but personaly I think the auto-enrollment is a good thing and well worth being a part of, maybe you should have another look before opting out. Have a nice day!"

Not too hard was it?

But once again, thanks for giving your time to respond.

dunstonh

Terribly sorry, I forgot, everyone who disagrees with you is a fool and everyone who agrees is one of the sacred chosen ones.

Not at all. Just those that opt out for silly reasons.

Seabee42

After miss selling etc it is just possible it might take time for people to build trust in pensions. Plus even though contributions are low maybe there is no spare cash.

Technically unless the Company is the scheme administrator the details on opting out should come from the scheme and not your employer directly.

stevejbrecon

dunstonh wrote: »

Not at all. Just those that opt out for silly reasons.

Well that's fair enough, I just don't recall giving my reasons, I didn't particularly want to post it in an online forum. However the reason is I have a really good private pension which is more than sufficent for my needs and makes the 1% my employer is currently giving pretty pointless. I will of course review this regularly.

However, this is all by the by, thanks everyone for your help.

pheonix254

In general, OP, people come rushing into this forum asking this exact question and they really haven't even considered any consequence past "it's reducing my pay."

If you have plans that can get you a better rate of return than an pension provided by your employer which they contribute to (i.e. the "free money" part) for the same amount of effort, then good on you, fair enough.
If you're planning on living for the now, buying an extra beer at the end of the week with the money you saved, or gambling it on penny shares/football/horseracing as your retirement option and expecting that the government bail you out when you're 95 (or however old retirement age will be when you get around to retiring), then this is indeed may be a foolish decision, and one which countless posters only come to realise when confronted with a response like the one you got at the start. From an actual Financial Advisor, no less.

If you know better - fair enough, I won't judge - I don't know you or your circumstances, but this is a public forum, where anyone can post, and a lot of people will lurk here for advice without asking their own questions. His answer to you isn't a personal attack on you, despite you taking it as such. And believe it or not, he genuinely might actually have your best interests at heart.

Peace out.