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Fair admin fee to change Direct Debit amount?
snozdop
Posts: 12 Forumite
I have a personal pension, which my boss also pays into as part of the Government Workplace Pension Scheme.
The amount my boss pays is taken by Direct Debit each month, so every time the amount needs to be changed, I have to contact the pension company and ask for the Direct Debit to be amended. So far it's been changed each April when the government has changed the contribution percentage.
My pension company wants to charge me £75 + VAT, (which is more than a whole months contribution), and appears to bear no relation to the actual work involved in making the change.
What is a typical or fair admin fee for this type of change?
The amount my boss pays is taken by Direct Debit each month, so every time the amount needs to be changed, I have to contact the pension company and ask for the Direct Debit to be amended. So far it's been changed each April when the government has changed the contribution percentage.
My pension company wants to charge me £75 + VAT, (which is more than a whole months contribution), and appears to bear no relation to the actual work involved in making the change.
What is a typical or fair admin fee for this type of change?
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Comments
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£90!! What a cheek!0
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My pension company wants to charge me £75 + VAT, (which is more than a whole months contribution), and appears to bear no relation to the actual work involved in making the change.
And what is the actual work level?What is a typical or fair admin fee for this type of change?
Depends on the annual charge. If its a higher annual charge, then you tend to find there are no charges for d/d changes. If its a lower annual charge then explicit charges for transactions becomes more common.I 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 -
Why can't the company make a direct payment to the scheme each month and vary the amount as appropriate each tax year?0
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