Why would my workplace pension say i've contributed more than i have?

JustAnotherSaver

I was just going through the accounts yesterday and when i logged in to my workplace pension portal i noticed it'd been updated since the last time i was there and it listed what i had contributed in terms of AVCs.



Now i have every payslip in .pdf format since i was enrolled.

Because i'm very anal like this, i also have a spreadsheet detailing every contribution made - both the minimum by myself as well as each AVC for each month, so i was able to instantly check out of curiosity to see if it tallied.


It was about £50 out. Apparently i contributed £50 more than what i actually have. It can't be a case of maybe it hasn't updated yet because i stopped paying AVCs about a year or so ago (& put the money in to my SIPP instead).


I'm just wondering why it wouldn't be exact?

xylophone

Have you included tax relief (if appropriate)?

squirrelpie

JustAnotherSaver wrote: »

... it listed what i had contributed in terms of AVCs.
...
Apparently i contributed £50 more than what i actually have.

Since your records are so detailed, you can presumably see exactly what doesn't tally. Does it think you made an extra payment or that a specific payment you made was for more than it actually was?

So identify the exact transaction. Cross check against your bank and payslip details to ensure you haven't made a mistake. The send a polite enquiry to the pension administrators asking exactly what the £50 difference is.

JustAnotherSaver

xylophone wrote: »

Have you included tax relief (if appropriate)?

My first thought was that but over the amount it's not possible. My AVCs total over £1000 so the tax relief would equate to more than £50.

squirrelpie wrote: »

Since your records are so detailed, you can presumably see exactly what doesn't tally. Does it think you made an extra payment or that a specific payment you made was for more than it actually was?

So identify the exact transaction. Cross check against your bank and payslip details to ensure you haven't made a mistake. The send a polite enquiry to the pension administrators asking exactly what the £50 difference is.

They only give me a total, not individual contributions.

Basically if i've contributed £1,500 they're saying i've contributed £1,550.



Which is fine and all ... i'm just wondering how they got a different number when i can quite clearly see on my payslips exactly what i've paid in (bank statements wont show anything as it's all before my pay hits the bank anyway as unlike NEST my AVCs are paid before my money hits the bank).




I'll write to them. Fingers crossed i get a response before next summer. They're absolutely bloody awful with responding!

Tealblue

I suppose it's nothing simple like interest on your AVC account...?

MK62

JustAnotherSaver wrote: »

My first thought was that but over the amount it's not possible. My AVCs total over £1000 so the tax relief would equate to more than £50.


They only give me a total, not individual contributions.

Basically if i've contributed £1,500 they're saying i've contributed £1,550.

Were your AVCs paid under a salary sacrifice scheme?
If so, the difference could be the Employers NI saving.....which the company may share with you.

Bimbly

Does your company throw in an extra contribution? My company pays a max of £25/month into our DC pot in addition to main pension if we decide to contribute.

No way to know for sure until you ask them.

jonnygee2

If so, the difference could be the Employers NI saving.....which the company may share with you.

This. My company and many others will give you their NI saving from salary sacrifice.

JustAnotherSaver

MK62 wrote: »

Were your AVCs paid under a salary sacrifice scheme?

The company i work for will not offer a salary sacrifice scheme. I've asked them for it but the fact they would have to pay in to it when people are signed off work is what they said "one of" the reasons they wont offer it.

Bimbly wrote: »

Does your company throw in an extra contribution?

:rotfl::rotfl::rotfl::rotfl:
Sorry i think that question was probably a serious one No, my company would never throw in extra contributions, ever. They're not happy about the thing being in place as it is.