No tax relief on my current pension?

Marcon

Clcatt91 said:

Hi All,

So another update, and a little bit of a question. We still haven't heard much about how they are trying to rectify the missing money.  Apparently it took the payroll company over 2 months to hear back from the pension company, for the pension company say that they will have to go to HMRC directly. 

We now have several employees who are quite flustered, a few who have gone to independent financial advisors for advice. Apparently one of them has been told that the money we are owed will not go directly into our pensions, it should be given to us personally instead? 

I was wondering if anyone had any experience in this? Now it seems a few people will be expecting money to them, rather than back in their pensions, and I am worried they will be disappointed. I assumed HMRC would transfer the missing tax relief directly back into our pension accounts?

With all due respect, you don't know exactly what the employee in question told the adviser, or what exactly the adviser said in reply. I'm also not sure what help an IFA is going to be in this situation - could be a cost with no benefit, at least at this stage.

I really wouldn't start worrying about other people being disappointed etc. You've done your bit and the ball is now rolling to get matters resolved. If progress continues at the current glacial speed, then there may come a point (probably early next year) when you consider making a complaint to the Pensions Ombudsman about maladministration.

Clcatt91

xylophone said:

 We still haven't heard much about how they are trying to rectify the missing money.  Apparently it took the payroll company over 2 months to hear back from the pension company, for the pension company say that they will have to go to HMRC directly. 

It seems to me that all employees should wait for a personal letter from payroll confirming their individual positions.

This would be nice, but so far all they have done is sent a email to the people affected, saying they are aware of the problem, and are working on it. I just wish i knew what kind of time frames I should be expecting. its been 6 months now since i first brought it to their attention. 

Clcatt91

So all, I have finally have had a letter back from the company. 

In this letter they agreed there was a discrepancy in setting up the pensions, and that this was done by an older office that is no longer a part of the business. 

According to the letter, they went straight to HMRC and our pension provider to agree a course of action. 

Both HMRC and Now Pensions were satisfied that the discrepancy was corrected from the 24/25 tax year. This is my first issue, it was corrected from May, so technically April was still paid incorrectly. 

Both companies also agreed that neither required for there to be resubmissions for prior years. This is my next issue, surely if we have all been paying too much tax for the past 5 years, HMRC would need to have our previous payslips resubmitted?

It then continued, saying our outsourced payroll company went through the past several years of payslips through the payroll software, calculating the exact difference in pension contributions, and that I owe the business 0.25p.

I am so angry I literally cannot think straight. I don't know what to do now, please help me. Please read the first post. Where do I go from here?