HELP!! Work never set up my pension.

misslitt

Morning Everyone

A little advice would be much appreciated. :A


I set up a pension with work in January 2013. I went for the Medium Risk option and had money deposited each month from myself and work.

I had been getting increasingly worried that I hadn't received any information from them. When my end of year statement didn't arrive in April I decided to look into the problem. As it transpires, the pension was never set up.... The problem is that I have been paying into the pension since January 2013 and even though I am sure work will sort out that side of things, what happens to the money I may have made through the pension scheme???????


Any advice? :eek:

Lokolo

Have you thought about asking the company you work for how they are going to rectify the error?

misslitt

Yes, but i though it would be better to find out what I am after before I ask.

Would i be best to work out how much (on average) I should have made through the pension . I am worried they may make out that compensation is not owed to me.

somethingcorporate

Compensation may not be due to you if the investments you bought have decreased in value since you would have bought them.

I think you should be put back in the position you would have been had the investments been bought at the times and values they should have been bought at.

This seems a reasonable request.

jamesd

In cases like this the company is supposed to work out what would have happened if all of the payments had been made on time and pay in enough so that the pension pot value is exactly what it would have been if that had happened.

They should not use averages. The pension firm will have a process to work out the exact result.

misslitt

Thank you for your replies.

That sounds like the perfect solution. I will go back to my employer and ask that this is carried out asap.

Thanks again.:T