Pension Bee did not add the tax bonus to my personal contribution and still haven't

Psycholady6666

I opened a Pension Bee personal Pension  with a small lump sum from my earnings. The tax bonus should have been added by PB immediately on investment. They have not done so. It is three  or four weeks in. They have only been able to explain it s a 'technical issue' which they are trying to resolve. I found out that I am not the only investor this happened to.  I have rights to cancel within 30 days ( about 3 days away) - would I get all my money back ?

dunstonh

The tax bonus should have been added by PB immediately on investment. 

Whilst pre-funding of tax relief is normal with the big providers, but it is not normally the case with the smaller players.   Most robos do not pre-fund the cash.  They release it when they get it.

So, are you sure that Pensionbee prefund tax relief?

ColdIron

6-11 weeks is typical without pre funding. Why the rush? Wherever else you put it would likely be starting again

Dazed_and_C0nfused

Psycholady6666 said:

I opened a Pension Bee personal Pension  with a small lump sum from my earnings. The tax bonus should have been added by PB immediately on investment. They have not done so. It is three  or four weeks in. They have only been able to explain it s a 'technical issue' which they are trying to resolve. I found out that I am not the only investor this happened to.  I have rights to cancel within 30 days ( about 3 days away) - would I get all my money back ?

It isn't clear form their website if they orefund the tax relief but I suspect not.

With a lot of companies they only credit you with the tax relief once they themselves receive it from HMRC.  And this can take several weeks.


If you’re making a personal contribution and you’re eligible for tax relief, you’ll also receive a 25% tax top-up. For every £100 you put into your PensionBee pension, the government will add another £25. We’ll automatically claim your 25% tax top up and add it to your balance.

molerat

Their key features document states

Tax relief can take 12 weeks to arrive from HMRC.

So it looks like they don't pre fund.

Psycholady6666 said:

The tax bonus should have been added by PB immediately on investment.

What documentation do you have that confirms that statement ?

SkyyeBlue

I've always had the tax return invested at the same time as my own money with PensionBee. My monthly payment and tax return are both showing as paid and will be invested together in a couple of days - it's never taken more than 5 days from my payment arriving with them. 
I haven't invested a large sum in a single payment, max being about £2k, so not sure if that would effect it.

Marcon

Psycholady6666 said:

I opened a Pension Bee personal Pension  with a small lump sum from my earnings. The tax bonus should have been added by PB immediately on investment. They have not done so. It is three  or four weeks in. They have only been able to explain it s a 'technical issue' which they are trying to resolve. I found out that I am not the only investor this happened to.  I have rights to cancel within 30 days ( about 3 days away) - would I get all my money back ?

You say 'your earnings'. Are you self employed, or did your contribution come from a limited company which you run/own?

LHW99

SkyyeBlue said:

I've always had the tax return invested at the same time as my own money with PensionBee. My monthly payment and tax return are both showing as paid and will be invested together in a couple of days - it's never taken more than 5 days from my payment arriving with them. 
I haven't invested a large sum in a single payment, max being about £2k, so not sure if that would effect it.

Are you quite sure that the tax repayment for (eg) February isn't the refund for money you paid in in January?

On a regular monthly payment you will be getting rolling (probably monthly) refunds.

dunstonh

SkyyeBlue said:

I've always had the tax return invested at the same time as my own money with PensionBee. My monthly payment and tax return are both showing as paid and will be invested together in a couple of days - it's never taken more than 5 days from my payment arriving with them. 
I haven't invested a large sum in a single payment, max being about £2k, so not sure if that would effect it.

Prefunding would be immediate.  i.e. same day within minutes (some providers/platforms show the date and time of the transaction and not just the date).   A difference in dates could mean you are getting the tax relief for the month before.

Psycholady6666

molerat said:

Their key features document states

Tax relief can take 12 weeks to arrive from HMRC.

So it looks like they don't pre fund.

Psycholady6666 said:

The tax bonus should have been added by PB immediately on investment.

What documentation do you have that confirms that statement ?

They said themselves on the phone it should happen immediately ( implying they refund)  and they can't understand why it has not. then I. found out it has happened to a number of people and they were trying to sort to out

Albermarle

They said themselves on the phone it should happen immediately ( implying they refund)  and they can't understand why it has not

I am not saying this is the case here, but customer service staff at financial providers regularly give poor information.