Old employer does not have salary details for pension company

yok

hiya,

I have a pension from a job i had ages ago. I want to take some of the benefits but my old employer does not have salary details for the pension company. The pension company say that they can't provide my benefit tax free (as is my entitlement)..because my employer did not provide these details..

I have a rough idea of my salary and length of service, but the pension company will not accept this. Surely I should not be penalised for a lack of didligence on the part of my old employer / pension provider?

Many thanks

itsthelittlethings

I don’t understand why they need your salary and tax details. It’s down to the pension company to be keeping the records they need to administer your pension properly. Or the pension department of your organisation. You can take 25% of a DC pension tax free, you can get a lump sum from a DB pension, unsure if this is tax free.

dunstonh

I have a pension from a job i had ages ago. I want to take some of the benefits but my old employer does not have salary details for the pension company. The pension company say that they can't provide my benefit tax free (as is my entitlement)..because my employer did not provide these details..

I think there is mixed information here.

The pension provider does not require historic earnings information in respect of the 25% tax free cash payment.

If you have a protected tax free cash, it doens't need historic earnings either.

However, if it's an EPP (executive pension plan), the tax-free cash works differently. These allowed tax‑free cash up to 1.5 × final remuneration or 3/80ths per year of service. That was until April 2006 when the 25% standard came in. However, pre 2006 EPPs gained protected lump sum status. If the calculation wasn't done back in 2006 (and showing an "A DAY" protected tax free cash value), then the calculation can be done now using your salary information from that period.

If you cannot provide salary information from that period, then the scheme would typically revert to 25% tax free cash. It would not become zero.

I have a rough idea of my salary and length of service, but the pension company will not accept this. Surely I should not be penalised for a lack of didligence on the part of my old employer / pension provider?

It is not your ex-employer's responsibility to retain your P60s or payslips. It is your responsibility. Indeed, by law, they are required to destroy data that is no longer required for their benefit.

You are being "penalised" for your lack of record keeping.

LHW99

https://forums.moneysavingexpert.com/discussion/comment/81882885#Comment_81882885

The PCLS from a DB scheme is tax-free, but may not be "25%" as there isn't a pot like you get in a DC.

OP was this pension DB or DC? Does your state pension forecast mention "COPE" anywhere?

FIREDreamer

https://forums.moneysavingexpert.com/discussion/comment/81882977#Comment_81882977

The personal tax account may hold historic salary details.

Marcon

https://forums.moneysavingexpert.com/discussion/comment/81883037#Comment_81883037

Only for the last 5 years.

OP, try a subject access request to HMRC: https://www.gov.uk/guidance/hmrc-subject-access-request

No guarantee they'll have the necessary information in a format acceptable to your pension provider, but worth a go.

FIREDreamer

https://forums.moneysavingexpert.com/discussion/comment/81883061#Comment_81883061

Theres an online HMRC form you can complete that gives you all your historic earnings, tax and NI details. I dont remember the details but the link has been published on this forum quite a few times.

sheramber

https://www.gov.uk/government/publications/national-insurance-employment-history-request

hyubh

https://forums.moneysavingexpert.com/discussion/6655191/old-employer-does-not-have-salary-details-for-pension-company

What is the pension scheme, and who is the 'pension company'…? Everyone is rather second guessing at the moment.

yok

Thanks Folks,

It's actually an Irish pension from my time over there. I've got back in touch with the pension provider in order to clarify a few things. I'll keep yous posted. Thanks for taking the time to respond.

penners324

https://forums.moneysavingexpert.com/discussion/comment/81886697#Comment_81886697

Why not add that it was an Irish pension scheme initially?

The advise is likely completely different.