Pension Palaver

Jan1972

Hello Everyone,

This is the first time i've put a message on here. I've been using this site for ages, and i know i'm going to get good advise from you.

I havn't got a clue about pensions but here goes.....

I've been paying monthly contributions into my pension and my employer matches it.

I havn't received a statement or summary so ive been chasing my employer for one. After being fobbed off for months i eventally got in touch with the companies broker and he has said that he hadn't completed an application form to start my pension.

The money however has been taken out of my pay and has been sent to the Pension company.

Ive been offered my money back or to use that money to start my pension. I want a pension, i can work out how much ive paid and how much my employer has paid, but what about the interest i would have gained? How do i work this out?

I would appreciate your help

Many thanks

Jan

jonathon_hart

Is there a default fund option or did you complete a fund choice form? If so what was the investment return on those funds since you should have started the pension?

Personally I would press for at least "compensation" equivalent to that - thats not advice but is simply what I would do if I was in your situation.

Jonathon

dunstonh

Ive been offered my money back or to use that money to start my pension. I want a pension, i can work out how much ive paid and how much my employer has paid, but what about the interest i would have gained? How do i work this out?

First of all you dont earn interest on pensions. You invest the money and the value goes down as well as up in the short term. Ironically, you may actually be better off currently because most low and medium risk investments are down in value and back to around 2006 values.

Your payslips will tell you how much you have paid (gross) and your employer should be able to tell you what they paid. If its an exact match then just double yours.

The adviser for the scheme should be able to get this information and sort it for you.

Jan1972

Thanks for your advise

Jonathan_hart i havnt filled out any forms so i dont know if its a default option or a fund choice form. But i will see about compensation, it has been a worrying time

Many thanks

dunstonh i'll get back onto the advisor, thanks for setting me staright

Many thanks guys, i'll let you know how it goes

Jan

Jan1972

Sorry didn't mean to put an angry face on the last post, very happy with your replies