Pension contributions in my pot don't match what is taken from my salary

mae

Hi

For the past 6 months the amount going into my pension is less that what has been taken from my salary. 

I asked for my contributions to be increased 6 months ago and also for my bonus (bonus sacrifice) to go in my pension pot. I check my pension every month and the bonus has not gone in at all and the increase has gone up but not to the amount that is showing taken from my salary.

So basically my pension is about 5k underpaid compared to my payslip. I hope that makes sense.

I have spoken to work and keep getting told I will look into it but nothing is sorted. I am missing out on the money plus any potential growth.

Not sure what way to tackle it as like I said I keep asking but keep being told I am trying to sort it. How long should something like this take to sort? Seems strange that they did increase my payment but not to the correct amount (ie the amount that is showing on my payslip).

Any ideas what could be happening please?

DE_612183

Is the pension with a seperate organisation?

For Example you work for Joe Bloggs Ltd and the pension is administered by Aegon?

DE_612183

So, have you checked with Standard Life - what usually happens is the SL will get a transfer each month for £xxx,000 which covers all the employees, then they apply it to each one - the error could be with them ( although it's more likley at the employer end ) - maybe worthwhile checking just in case you employer tries to say it's not their fault...

Exodi

This sounds like an issue with the employer rather than a pensions issue and it sounds like they have accepted the issue is on their end.

I'm not sure what advice we can give except obviously underpaying into your pot is wrong and needs to be addressed asap. Have they provided a reason why?

Are you sure your calculations are correct on what you should be receiving? What is the agreement on employer NI saving?

mae

Exodi said:

This sounds like an issue with the employer rather than a pensions issue and it sounds like they have accepted the issue is on their end.

I'm not sure what advice we can give except obviously underpaying into your pot is wrong and needs to be addressed asap. Have they provided a reason why?

Are you sure your calculations are correct on what you should be receiving? What is the agreement on employer NI saving?

Yes my calculations/payslips are definitely correct. The amounts on my payslip match what I asked to pay into my pension etc its just that none of it is the same when I look at Standard Life.

They haven't provided a reason, just a little vague and says I will sort it leave it with me. But surely 6 months is enough time!?

mae

DE_612183 said:

So, have you checked with Standard Life - what usually happens is the SL will get a transfer each month for £xxx,000 which covers all the employees, then they apply it to each one - the error could be with them ( although it's more likley at the employer end ) - maybe worthwhile checking just in case you employer tries to say it's not their fault...

I will call Standard Life. I just wanted to give my employer chance to sort it but its been months now so I need to take it into my own hands somehow 

mae

DE_612183 said:

Is the pension with a seperate organisation?

For Example you work for Joe Bloggs Ltd and the pension is administered by Aegon?

The pension administration is dealt with in house if that is what you mean? The pension provider is Standard Life

Penguin_

If the deductions from your payslip don't match your online account, get in touch with the Pensions Regulator.

Marcon

mae said:

DE_612183 said:

So, have you checked with Standard Life - what usually happens is the SL will get a transfer each month for £xxx,000 which covers all the employees, then they apply it to each one - the error could be with them ( although it's more likley at the employer end ) - maybe worthwhile checking just in case you employer tries to say it's not their fault...

I will call Standard Life. I just wanted to give my employer chance to sort it but its been months now so I need to take it into my own hands somehow 

Standard Life won't be able to help if the issue is incorrect information from your employer, but it is worth checking they have correct information for you (especially your NI number).

If you've been pursuing this for 6 months and got nowhere except vague promises to 'sort it out', then the time has come to toughen up your approach. I'd send a firmly worded letter to whoever you've been complaining to, with a copy to whoever does your payroll, pointing out that the issue has dragged on since [date]; you have chased repeatedly but matters remain unresolved; and asking them to confirm that they will make good the loss of investment growth suffered as a direct result.

If after another couple of weeks things remain in limbo, your employer has a grievance procedure and I suggest you implement that. They'll be quick enough to point the finger at Standard Life if it turns out SL are at fault.

dunstonh

With auto-enrolment schemes, the provider (SL) is told your qualifying income details by the employer's payroll team each month (each payroll if frequency is different).     So, the provider would be able to tell you if they have been told the correct information or not.

However, I suspect the provider has not been told because any discrepancy in the amount told vs amount received would lead to them raising it and ultimately reporting a breach.

Hoenir

We know nothing about your employer. The concern must be however that they are in financial distress. Conserving cash where ever possible.