Problems with my Company Pension

T

theresa1

Registered User
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A long story short - I just got my Pension Benefit Statement for my AVC's, I have a DB plan with my company.
I noticed a 'strange' amount on one of the summer month's for last year and when i queryed it I was told that in the early part of last year they had paid two month's of my AVC's into the DC plan in error and this 'strange' amount was the two month's going back in correctly plus an investment gain that was made. Should i just accept this and move on. It was me that discovered it and they never notified me of the error. Maybe I have lost out financially -difficult to say. Any view's?
I've had one or two other problem's before which i'll save for now discussing.
 
Re: Problem's with my Company Pension

Hi Theresa,

Welcome to AAM.

I'm a little confused when you say that it was you who noticed their error. If I'm reading your post correctly you noticed it because they had found the error, corrected it and allowed the outstanding investment gain also. This would indicate that you have not lost anything.

I'm only speaking for myself but in my case it is quite easy to track the AVC contributions on my pay slip and the total paid to-date by me. I can then compare this with my benefit statement at year-end.
 
Re: Problem's with my Company Pension

Thanks sueellen - sorry for confusion. What you say is correct but if I had not checked the statement I would be none the wiser. i feel they should have informed me when they discovered the error -also the investment gain I presume is from the money going into the DC plan instead of the DB plan so which would have had a better investment gain for those two month's? -a very tricky question.
 
Re: Problem's with my Company Pension

Another problem is that my Company pay's all admin charges but last year my first year on the plan I was charged the fee's and after a few month's I eventually got a refund. What happens this year the same problem happens -only this time the pension provider is claiming they charged the company directly and I shouldnt have been charged. It clearly show's the charge and here I go again chasing after my H.R. dept. for a refund. I even had to bring in a photocopy of my pension statement. Surley the pension company would keep a copy of the statement's they send out. I'm really getting the run around and would it be worth contacting the pension board over this?
 
It's now just over two week's and still nobody has come back to me from my H.R. dept who in turn contact human resource consultants who in turn contact the pension company that operates the plan. I'm getting abit tired of all this. Should I just contact the pension company directly or will they give me the brush off as it's a company plan? Obviously I dont want to go upsetting my company's H.R. too much as the same people do interview's when new job's come up in the company. Some advice please.
 
My advice is don't presume or assume that your contributions are being invested to maximise your return. Ask questions, get explanations and do your own analysis. I'm getting back lots of money due to mismanagment of my AVC's. Yes it's difficult to do with your employers but it's the Trustees responsibility and it's your money. Find out who they are, write to them and get all the details you need to feel comfortable.
 
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