Has anybody out there examined their AVC investments in a Company Pension Scheme in detail? Recently I have been doing this and if the Tribunals are complex I don’t now how to briefly explain this. But let me try quickly and advise everyone out there to get going also as there are €0000’s in this for me and others.
- It simply started with me querying how long to took the Administrators to effect a switch between funds – 5 1/2 months as it turned out and there’s no legislation for this.
- During the wait I requested details of all my AVC contributions from time of salary to Investment it took 6 months to get the initial data. But what a mess exploded then.
- Over 30% of occasions the investment took place outside of the legislated timeframe and there are more serious delays pre the 2003 legislation,
- “Questions” regarding the commissions taken when I compared the file the Administrators sent me vs. Web Prices for the funds,
- After raising these questions the Administrators they then said I should be using the Inv Mgr Notes that they sent and which only added to the questions. Through this data I found the complete switch hadn’t taken place as requested and there were other questions re Ad Hoc payments I had made, Also there is a question re IR£ to € conversion rate along with an instance where the full amount (short a few €) wasn’t invested.
The Trustees weren’t aware of any of this (too close to Administrators and eyes not on the ball) and are currently calling the Administrators to task with a lot of difficulty.
The Administrators have recently written to members “regretting” the delays in investments and purchasing more units to make up for losses (but they’ve even made a mess of this).
Anyway this has a long way to now as Company Annual A/C’s can’t be signed off and an Independent Audit is to be carried out.
So I would advise everyone to start asking questions as the Administrators to the scheme (who are a big name and widely interviewed on the Media) have been found to be incompetent and unprofessional – there are a lot more details to all of this but time and space!!
- It simply started with me querying how long to took the Administrators to effect a switch between funds – 5 1/2 months as it turned out and there’s no legislation for this.
- During the wait I requested details of all my AVC contributions from time of salary to Investment it took 6 months to get the initial data. But what a mess exploded then.
- Over 30% of occasions the investment took place outside of the legislated timeframe and there are more serious delays pre the 2003 legislation,
- “Questions” regarding the commissions taken when I compared the file the Administrators sent me vs. Web Prices for the funds,
- After raising these questions the Administrators they then said I should be using the Inv Mgr Notes that they sent and which only added to the questions. Through this data I found the complete switch hadn’t taken place as requested and there were other questions re Ad Hoc payments I had made, Also there is a question re IR£ to € conversion rate along with an instance where the full amount (short a few €) wasn’t invested.
The Trustees weren’t aware of any of this (too close to Administrators and eyes not on the ball) and are currently calling the Administrators to task with a lot of difficulty.
The Administrators have recently written to members “regretting” the delays in investments and purchasing more units to make up for losses (but they’ve even made a mess of this).
Anyway this has a long way to now as Company Annual A/C’s can’t be signed off and an Independent Audit is to be carried out.
So I would advise everyone to start asking questions as the Administrators to the scheme (who are a big name and widely interviewed on the Media) have been found to be incompetent and unprofessional – there are a lot more details to all of this but time and space!!