Company Pension issues

SuiDreams

Background. October last year The management company for our Company Pension changed (although investment company and funds remained the same). There were a few issues with the transfer, e.g. no on line access to funds till February this year and online access to pension transactions only appeared about a month ago.

Since recieving online access to my account I discovered the following issues.

First Payment into the pension through new management company should have been in mid November for contributions from end October Salary, but looking at my tranactions. I discovered the following. Balance from previous management company transferred in, in October (correct), but no monthly contributions were invested into my account until December (one month worth of Contributions). Then nothing further until March, when 3 months worth hit, then further 2 in April making it up to date.

I queried this with HR, who stated that there was a problem "for a couple of months only" due to the money being transferred to the management company, but this was not invested as the company failed to send them the breakdown of the payments. This menat that the money was not invested as the managament company did not know who this money belonged to. Apparently the company has sent up a project to investogate if employees have lost out and we will be informed of the outcome once complete and if we have lost out they will purchase more units on our behalf. Apparently the Trustees are aware of this issue. Also note the company are not freely distributing this information, but only letting people know if they query their pension contributions.

Since then I have noted that Contributions from end of May salary took 35 days to get invested in my pension, is this amount of time excessive. Contribution from June salary yet to be invested.

Should I just wait and see what happens with the companies investigation, or should I be doing something further?

FatherAbraham

SuiDreams wrote: »

Should I just wait and see what happens with the companies investigation, or should I be doing something further?

You should wait and see what happens with the company's investigation.

Warmest regards,
FA

SuiDreams

FatherAbraham wrote: »

You should wait and see what happens with the company's investigation.

Warmest regards,
FA

Thank you, I was concerned as they weren't acticely telling scheme members about the issues, and only informing them when they queried it. Hopefully they will come to a result shortly.