Opted out of work place pension

mingus2003

Hi,

In November my workplace auto-enrolled me and and took 1% of my salary, 2 weeks later i received my pack from the pension provider.

I opted out straight away. Stopped contributions.

My understanding is that they should treat this as never joined and I should get this money back. I chased Jan, Feb & Mar but when the Tax code changed in April I have mistakenly thought I had this back until I looked at my payslips today while sorting my folder.

I assume I should continue to chase the employer?

Also who I work for they are not the easiest to deal with what route should I take because I feel this is an unauthorised deduction of my salary?

atush

First of all why did you opt out? Do you like throwing away free money? Do you ever intend to retire or wil you work til you die?

They HAD to enroll you into the pension, it is law now.

dunstonh

I opted out straight away. Stopped contributions.

What is it about free money that you do not like?

Also who I work for they are not the easiest to deal with what route should I take because I feel this is an unauthorised deduction of my salary?

They have to opt you in automatically. You then have to opt out if you dont want free money. Did you get confirmation that you opted out?

mingus2003

atush wrote: »

First of all why did you opt out? Do you like throwing away free money? Do you ever intend to retire or wil you work til you die?

They HAD to enroll you into the pension, it is law now.

Wow - didnt expect that.

I opted out due to having 3 frozen pensions from previous employers to which I didnt want a 4th one I need to see a financial advisor because I would like to explore the opportunity to move them into 1 fund and want them to advise me.

I am not disputing what they did.

I just would like the advise on how to get my money back!

mingus2003

dunstonh wrote: »

What is it about free money that you do not like?



They have to opt you in automatically. You then have to opt out if you dont want free money. Did you get confirmation that you opted out?

Yes and they stopped the contributions from my salary.

jamesd

Also worth knowing that they have to opt you back in again every two years.

If you're 55 or going to be 55 soon it might be best to take the money then look to take it out via transfer every so often.

PeacefulWaters

mingus2003 wrote: »

I opted out due to having 3 frozen pensions from previous employers to which I didnt want a 4th one

So you chucked away a percentage of your income because you're incapable of filing an extra statement once a year?

I need to see a financial advisor because I would like to explore the opportunity to move them into 1 fund and want them to advise me.

You can almost certainly do this yourself. Post basic details of the other schemes (are they defined benefit, defined contribution etc).

But if your employer is paying contributions into something in addition to your own 1% (which is 0.8% with tax relief) I can only summise that it's close to madness to opt out. Get yourself back in!

I just would like the advise on how to get my money back!

You set up your own private pension and transfer it in. Then, when you get past age 55, other options open up.

HappyHarry

In November my workplace auto-enrolled me and and took 1% of my salary, 2 weeks later i received my pack from the pension provider.

I opted out straight away. Stopped contributions.

My understanding is that they should treat this as never joined and I should get this money back.

Your company will have deducted your contribution from your wages and passed it to the pension company. If you opted out immediately, then the pension company should have refunded your contribution to your company who, in turn, should have refunded your pension contribution to you. Your employer should be your first point of contact.

what route should I take because I feel this is an unauthorised deduction of my

No, your company were under a legal obligation to make this pension contribution.

I need to see a financial advisor because I would like to explore the opportunity to move them into 1 fund and want them to advise me.

The adviser (hopefully an IFA) will most likely to advise you to opt back in immediately.

atush

mingus2003 wrote: »

Wow - didnt expect that.

I opted out due to having 3 frozen pensions from previous employers to which I didnt want a 4th one I need to see a financial advisor because I would like to explore the opportunity to move them into 1 fund and want them to advise me.

I am not disputing what they did.

I just would like the advise on how to get my money back!

What he said:

PeacefulWaters wrote: »

So you chucked away a percentage of your income because you're incapable of filing an extra statement once a year?

You can almost certainly do this yourself. Post basic details of the other schemes (are they defined benefit, defined contribution etc).

But if your employer is paying contributions into something in addition to your own 1% (which is 0.8% with tax relief) I can only summise that it's close to madness to opt out. Get yourself back in!

You set up your own private pension and transfer it in. Then, when you get past age 55, other options open up.

mingus2003

Wow all I did was ask for advice what to do!

Anyway turns out they have reimbursed me my deduction, wasn't shown itemised going back like it did as when deducted.

They just added it to the net amount when they paid me. But bizarre.

Next stop look into the best scheme to put it all in!

kingrulzuk

mingus2003 wrote: »

Wow all I did was ask for advice what to do!

Anyway turns out they have reimbursed me my deduction, wasn't shown itemised going back like it did as when deducted.

They just added it to the net amount when they paid me. But bizarre.

Next stop look into the best scheme to put it all in!

I opt out of my work pension last year and got enrol again this year so had to opt out again.
but now I have been told that they will not enrol me till after 3 years.
so check your payslip every month.