Propertymad
Registered User
- Messages
- 3
I hadn't been focussing on my pension since I joined a company 3 years ago ...... as per the original correspondence with HR, the pension was supposed to be auto-enrollment upon signing of the contract and HR forms.
As it turned out, the employer made an error (that they have accepted as their error) and hadn't included me in the pension scheme. Their employer contributions weren't being paid in and my employee contributions weren't being deducted from salary .... meaning the pension pot was zero after 3 years.
They have proposed to lodge the entire 3 years of employee and employer contributions into the pension in recognition of the error on their part (I was obviously at fault too for not spotting it immediately) and in order to bring the pension pot to where it should be in terms of value. They want me to incrementally pay them back for the 3 years of employee contributions that they are making on my behalf, having failed to deduct them up to now.
Couple of questions:
Is there a case for me to say to them that it was their mistake that led to no contributions whatsoever going into the pension pot, and that therefore it should be the company who should make good the employee contributions without any recourse to me finding the last 3 years of contributions from my side, at any stage. In other words, the 3 years employee pension contributions that I should have seen deducted from my wages, would essentially become a bonus payment, in order to make good the pension pot.
If the answer to the question above is NO, then I want to spread my repayment of their 'loan' of the 3 years of employee contributions, over as long a period as possible. My current contract expires in 20 months and to pay back 3 years of past contributions (that the company is 'loaning' me) over 20 months, plus my normal monthly pension contribution over that period, would blow a massive hole in my budget.
I would like to spread any additional employee contributions from my side (in order to pay back the 'loan') over a time frame that far exceeds my contract expiry date. In this scenario, if I joined another company in a few years time, there would be no salary from which my current employer could deduct the employee contributions 'loan' that I was given. This would again mean a bonus payment from my employer in the form of a loan that never got fully repaid.
Is there a case for me to ask that they include any compounded gains the company pension fund has made over the last 3 years (i.e. not just contributing the capital sum of 36 months x the combined employee & employer contributions)? Is it likely the pension fund will have lost money in the last 3 years and I should keep schtum about looking for compounded interest?
I'd be keen to hear peoples thoughts on this peculiar situation.
As it turned out, the employer made an error (that they have accepted as their error) and hadn't included me in the pension scheme. Their employer contributions weren't being paid in and my employee contributions weren't being deducted from salary .... meaning the pension pot was zero after 3 years.
They have proposed to lodge the entire 3 years of employee and employer contributions into the pension in recognition of the error on their part (I was obviously at fault too for not spotting it immediately) and in order to bring the pension pot to where it should be in terms of value. They want me to incrementally pay them back for the 3 years of employee contributions that they are making on my behalf, having failed to deduct them up to now.
Couple of questions:
Is there a case for me to say to them that it was their mistake that led to no contributions whatsoever going into the pension pot, and that therefore it should be the company who should make good the employee contributions without any recourse to me finding the last 3 years of contributions from my side, at any stage. In other words, the 3 years employee pension contributions that I should have seen deducted from my wages, would essentially become a bonus payment, in order to make good the pension pot.
If the answer to the question above is NO, then I want to spread my repayment of their 'loan' of the 3 years of employee contributions, over as long a period as possible. My current contract expires in 20 months and to pay back 3 years of past contributions (that the company is 'loaning' me) over 20 months, plus my normal monthly pension contribution over that period, would blow a massive hole in my budget.
I would like to spread any additional employee contributions from my side (in order to pay back the 'loan') over a time frame that far exceeds my contract expiry date. In this scenario, if I joined another company in a few years time, there would be no salary from which my current employer could deduct the employee contributions 'loan' that I was given. This would again mean a bonus payment from my employer in the form of a loan that never got fully repaid.
Is there a case for me to ask that they include any compounded gains the company pension fund has made over the last 3 years (i.e. not just contributing the capital sum of 36 months x the combined employee & employer contributions)? Is it likely the pension fund will have lost money in the last 3 years and I should keep schtum about looking for compounded interest?
I'd be keen to hear peoples thoughts on this peculiar situation.