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Kay_Dot

Deleted thread

Albermarle

Perhaps a more important question , is why did you opt out and miss the employer contributions to the pensions and tax relief ? Essentially free money you have turned down.

Dazed_and_C0nfused

Definitely can't have been an affordability issue!

but the pension company kept taking contributions every month, having forgotten about opting out, i never challenged this..

dunstonh

couple of years down the line now, i contacted them and they say the did in fact recieve my opt-out form (after saying they didnt) a couple of years ago but I have yet to receive my refund, its been a couple of weeks when they've confirmed they would refund all contributions but surely im entitled to some sort of compensation because they kept taking money out even after receiving my opt-out form?

Why are you interested in compensation?  After all, it would likely be less than the amount of value added to the pension plus you are volunteering to give up all the employer free money as well.    It seems like a very short-sighted decision.

It's a shame as this was an opportunity to correct your mistake of opting out.  You clearly didn't need the money and the mistake has benefited you.   However, you want to give up all that benefit.   You should get back in contact with them ASAP and tell them to leave you opted in.

Bravepants

Opting out of your work's pension is quite possibly the biggest financial mistake you will ever make!

Don't do it.

Thrugelmir

The pension would have been paid via your employers payroll and deductions made on your payslip. Why didn't you speak to employer to stop the payments. The pension company didn't claim the money from you in effect you paid it.  

Silvertabby

If both your and your employer's contributions have continued to be paid into your pension fund, then count your blessings and ask to withdraw your opt out request.

jamesd

Are you anywhere close to being 55? I'm asking because it's likely that the opted in value is between two and four times what you'll get back and if you're 55 you can get at that money if you really have a reason to.

sheslookinhot

I find it hard to fathom people at times. Seeking some compensation, probably a pittance, and yet making a terrible decision that wasn’t even impacting their financial position. 

Is this just the world we are in ?

Dazed_and_C0nfused

sheslookinhot said:

I find it hard to fathom people at times. Seeking some compensation, probably a pittance, and yet making a terrible decision that wasn’t even impacting their financial position. 

Is this just the world we are in ?

Partly but it is pretty clear from a lot of first time posters on here that a lot of people have very little idea about pensions and make an awful lot of assumptions without understanding the consequences.

Silvertabby

Oops! OP obviously didn't get the answers/support he wanted!