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Miss sold pension can I reclaim contributions?
rupesmcd
Posts: 7 Forumite
Hi,
I had a part time college lecturer's post back in 2007, as part of my employment with the college (hereafter named partner college) I was sold a pension. Deductions were made from my pay over the next 2 years, and the partner college also contributed to my pension.
I have all my old payslips and have estimated the contributions I made to be around £1000.
At this point i should mention that the teaching post I held was actually with a private specialist college that was in 'partnership' with the college that formally employed me to deliver the course. It was a sub contracting arrangement. The partner college were a way of the private specialist college gaining LEA funding to run the course I was teaching on. In this case it was music, but similar arrangements are made between mainstream colleges and private specialists for other industries to access public funding.
My feeling is that I should never have been sold the pension in the first place. The contract with the partner college was finite, renewed annually as they saw fit. It is my view that as such it was wrong to sell part time lecturers on a sub contracted course a pension that was in all likelihood not going to last very long.
Since that time the partnership did indeed end (2009) and all of us part time lecturers were made redundant. The specialist college then decided to employ all lecturers themselves- and as such the pension was then null and void.
There was no mention of the pension scheme again from the previous partner college. I still haven't heard from them (and I remained at the same address until 2014), i have no idea how much they have contributed to the scheme, no annual statement or plan of action for the pension following the redundancy.
At the time we were sold the pension the member of staff from the partner college was waxing lyrical about the scheme: 'oh yes, it's a great scheme, you'd be foolish not to take it, we take 6% of your salary each month, and contribute 15% to the pension on top, and yes you can transfer it to another employer if you leave your post...' etc etc
Well, I never had a statement, tried to transfer it to another college i was offered a post at and was told it couldn't be done, and have never heard from them again! Hardly as rosy as it was made out to be.
Sorry for the ramblings but it's been bothering me a while.
Any thoughts anyone??
I had a part time college lecturer's post back in 2007, as part of my employment with the college (hereafter named partner college) I was sold a pension. Deductions were made from my pay over the next 2 years, and the partner college also contributed to my pension.
I have all my old payslips and have estimated the contributions I made to be around £1000.
At this point i should mention that the teaching post I held was actually with a private specialist college that was in 'partnership' with the college that formally employed me to deliver the course. It was a sub contracting arrangement. The partner college were a way of the private specialist college gaining LEA funding to run the course I was teaching on. In this case it was music, but similar arrangements are made between mainstream colleges and private specialists for other industries to access public funding.
My feeling is that I should never have been sold the pension in the first place. The contract with the partner college was finite, renewed annually as they saw fit. It is my view that as such it was wrong to sell part time lecturers on a sub contracted course a pension that was in all likelihood not going to last very long.
Since that time the partnership did indeed end (2009) and all of us part time lecturers were made redundant. The specialist college then decided to employ all lecturers themselves- and as such the pension was then null and void.
There was no mention of the pension scheme again from the previous partner college. I still haven't heard from them (and I remained at the same address until 2014), i have no idea how much they have contributed to the scheme, no annual statement or plan of action for the pension following the redundancy.
At the time we were sold the pension the member of staff from the partner college was waxing lyrical about the scheme: 'oh yes, it's a great scheme, you'd be foolish not to take it, we take 6% of your salary each month, and contribute 15% to the pension on top, and yes you can transfer it to another employer if you leave your post...' etc etc
Well, I never had a statement, tried to transfer it to another college i was offered a post at and was told it couldn't be done, and have never heard from them again! Hardly as rosy as it was made out to be.
Sorry for the ramblings but it's been bothering me a while.
Any thoughts anyone??
0
Comments
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please use the duplicate thread to keep everything in once place:
https://forums.moneysavingexpert.com/discussion/5164046I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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