Stakeholder transaction dates?

GibbsRule_No3.

I know this is a minor query but wondered what people feel about it?
For the second time this year and from what I can see it has not happened in the the previous five years that I have been in my work place Stakeholder Pension with L&G, no payment showed in November. Last time none showed in June, two did then appear in July, so I assume another one will appear at the end of December. I don’t know if it is my employer or L&G that are delaying the process of the monthly transaction.
I guess I am noticing because I am approaching retirement sometime next year.  What would happen if I had retired at the end of June or November and asked to take it as a lump sum. I am using the scheme as a savings account rather than a Bank savings, much better returns and was just going to take it all, I am now revising that as I did not realise how much would accrue after just a few years in the scheme. I don’t need a monthly payment option as I already have two monthly pensions along with the SP. My next question will be how and what should I do to minimise wasting the money when the time comes. 

I am paying 14% at present on a three day week, if I drop to one day, I have been told I can if I want to, will I have to “earn” a certain amount or can I still pay into the pension, does my three pensions in payment count towards me being able to maybe pay all of my pay into the pension? The three pensions are over the personal allowance.

Marcon

GibbsRule_No3. said:

I know this is a minor query but wondered what people feel about it?
For the second time this year and from what I can see it has not happened in the the previous five years that I have been in my work place Stakeholder Pension with L&G, no payment showed in November. Last time none showed in June, two did then appear in July, so I assume another one will appear at the end of December. I don’t know if it is my employer or L&G that are delaying the process of the monthly transaction.

Why not find out if it's bothering you - sounds like another COVID casualty, but a pretty minor one. Contributions deducted from an employee's pay should be remitted to the provider by 19th of the month following the contribution due date, so it's possible the timescales were compliant even if a bit 'odd'.  If your contributions are all made via salary sacrifice, then no 'rules' have been breached in any case.

GibbsRule_No3. said:

I guess I am noticing because I am approaching retirement sometime next year.  What would happen if I had retired at the end of June or November and asked to take it as a lump sum. 

Presumably you'd have had the sense to check all payments were up to date. If one did slip through after you'd taken the lot as cash, you could then just take the straggler when it made it!

GibbsRule_No3. said:

I am paying 14% at present on a three day week, if I drop to one day, I have been told I can if I want to, will I have to “earn” a certain amount or can I still pay into the pension, does my three pensions in payment count towards me being able to maybe pay all of my pay into the pension? The three pensions are over the personal allowance.

A stakeholder must accept minimum net contributions of £20, so no issue there. Have you 'flexibly accessed' any of the pensions already in payment - if you have regular monthly contributions from the 2 private pensions it sounds as if they are either DB, or you bought an annuity, so you haven't triggered the 'Money Purchase Annual Allowance' which would limit you to £4,000 gross contributions. State pension isn't relevant.

Brynsam

GibbsRule_No3. said:

I know this is a minor query but wondered what people feel about it?
For the second time this year and from what I can see it has not happened in the the previous five years that I have been in my work place Stakeholder Pension with L&G, no payment showed in November. Last time none showed in June, two did then appear in July, so I assume another one will appear at the end of December. I don’t know if it is my employer or L&G that are delaying the process of the monthly transaction.

I don’t need a monthly payment option as I already have two monthly pensions along with the SP. My next question will be how and what should I do to minimise wasting the money when the time comes. 

Unless you are contributing a very large amount and the market moved sharply so that you lost out significantly and the payment breached payment deadlines, there's nothing really for you to complain about, but as suggested above, worth establishing why the delays happened.

If you don't want a monthly payment option, stakeholders don't offer drawdown, so transferring to a SIPP would be the obvious thing to consider.

GibbsRule_No3.

Thank you for the replies.