Wesleyan Pension Payout Help

Whisstler

This is painful for me, please bear with me
I hope this is the right place
Cant believe I am having this trouble
I decided to take the lump sum payout at 55,

I had already completed all forms hoops etc previous to reaching 55
Since then I have had nothing but pathetic excuses, untruths etc
Unbelievable for a company like this, they are doing their utmost to hold onto my money and not payout in full
I eventually got my 25% tax free payout
Them more excuses for not paying out the rest
Now they've paid me an amount a lot less than expected with no explanation
After complaining, i was told it was taxed wrong and I'd get a P45 - not happened
Obviously I checked the Pensonwise tax calculator several times with my figures
There is no reason for me to be on the higher tax level


I have checked my HMRC account, nothing there about it
Help, this company are just full of feeble excuses
I have phoned them, done online chat etc several times, very stressful, always feeble excuses, certainly no legitimate reasons


Apparently, The Financial ombudsman has extremely poor reviews and even stranger this company are not on Resolver as yet


Can anyone help me get my missing money due please ?

robber2

I can understand why you are upset but to get any meanful and useful responses you are going to have to actually explain what the issue / complaint is with facts and figures rather than just having a rant.

kidmugsy

Whisstler wrote: »

There is no reason for me to be on the higher tax level(

You're almost certainly wrong there. HMRC has them treat the taxable payout as if it's a monthly figure. Why not phone HMRC and see if they'll rebate the overtax? Try them at 08:00 on Saturday morning.

ColdIron

You need to provide more information. Was sort of pension is it? How much was in it? How much did you you take out after the 25% lump sum?

Whisstler wrote: »

There is no reason for me to be on the higher tax level

If the amount you took out including any other earnings for the year is greater than £46,350 there certainly is. It could just be that you have had tax at the emergency rate applied

Whisstler

kidmugsy wrote: »

You're almost certainly wrong there. HMRC has them treat the taxable payout as if it's a monthly figure. Why not phone HMRC and see if they'll rebate the overtax? Try them at 08:00 on Saturday morning.

Thank you
Are you sure, why would they do that knowing its a one off pension payout ?

robber2

but how do they know its a one off payout?

Whisstler

robber2 wrote: »

but how do they know its a one off payout?

Because its a one time cash full lump sum payout ?

Silvertabby

but how do they know its a one off payout?
Originally posted by robber2

Whisstler wrote: »

Because its a one time cash full lump sum payout ?

But how would they know that you weren't cashing in other pension pots at the same time? Or what other pensionable income you may be receiving?

In the absence of a tax code supplied by HMRC Wesleyan have, quite rightly, complied with the tax regs and applied higher rate tax to your pension.

If it's wrong, then you will be able to claim back the difference from the tax man.

This is the norm for the industry - you haven't been singled out in any way.

Whisstler

Silvertabby wrote: »

But how would they know that you weren't cashing in other pension pots at the same time? Or what other pensionable income you may be receiving?

In the absence of a tax code supplied by HMRC Wesleyan have, quite rightly, complied with the tax regs and applied higher rate tax to your pension.

If it's wrong, then you will be able to claim back the difference from the tax man.

This is the norm for the industry - you haven't been singled out in any way.

Thank you
If only that was true
Wesleyan even quoted my Tax Code 1185L (one thing they did get right) and said that was a 40% one lol
This transaction does not yet appear on my HMRC account online and no P45 they say they sent either - its just another excuse to hold onto my money for as long as possible

Whisstler

ColdIron wrote: »

You need to provide more information. Was sort of pension is it? How much was in it? How much did you you take out after the 25% lump sum?

If the amount you took out including any other earnings for the year is greater than £46,350 there certainly is. It could just be that you have had tax at the emergency rate applied

Thank you
Dont forget the 25% tax free, anyway, after taking everything into account I should not on the 40% tax

HappyHarry

What was the pension value prior to payment?
How much did you receive in total?
How much tax have you paid?