Pension stuff

Soldato
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6 Jan 2013
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Rollergirl
Another question from me: our company appears to have frozen my current policy with L&G and started paying my contributions into their own company scheme. Can they do this without communicating the changes? Is this a bad thing for me to now have 2 policies?
 
Soldato
Joined
5 Mar 2010
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12,305
Another question from me: our company appears to have frozen my current policy with L&G and started paying my contributions into their own company scheme. Can they do this without communicating the changes? Is this a bad thing for me to now have 2 policies?

I'd be amazed if they're allowed to do that without notifying you, i know when my employer changed providers it was a massive upheaval and took like 12-18 months from initial announcement to funds being transferred over.

As for whether it's a bad thing, i guess that depends on too many factors to say. All schemes come with admin type costs so you'd need to see if your new scheme is on-par/cheaper. And then i guess it depends where they're investing your pension. This is really where an IFA is best suited to advise.
 
Soldato
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Rollergirl
I've found out that it was a compulsory move from L&G to a company run scheme and all future contributions will be paid into the company scheme. This is a company that is currently $1.5bn in debt, so a little bit concerning that they've made this move. I've been told that I can transfer all my L&G funds to the new scheme.

Can I ask for my contributions to be paid into my L&G scheme?
 
Soldato
Joined
19 Jan 2006
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15,940
You need to get more details of your new scheme/provider etc. Any changes should have been communicated to all affected individuals
 
Soldato
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_
I pay 5% and my employer pays 3%. That's all they've ever paid. It seems that everybody else gets a hell of a lot more.
 
Associate
Joined
25 Mar 2010
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358
Location
Leeds
Same here - my company default now is 4% employer and 5% employee. stepped up twice in recent years to match the min gov requirements slowly increasing since they introduced mandatory workplace pension and enrolment. I'm actually surprised they pay 4% and not 3% - perhaps an admin error at payroll but that is what it is so I'm not bringing it up with them as I'm sure they said 3% last year at big annual meeting to advise all staff the next change was coming
 
Associate
Joined
25 Mar 2010
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358
Location
Leeds
quick question - do others here pay a % based on half the age you started paying into a pension to give the min % of your salary you should pay in to your pension to get a reasonable retirement pot. Or do you pay less/more?
 
Soldato
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26 Dec 2007
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Broadstairs
I pay 7% (including 1% AVC and salary sacrifice) + 15% from company (was 6% until about a year ago) = 22% Scottish Widows pension

Currently I'm 39 and only started paying into a pension early 30's so got some catching up to do - hopefully I didn't leave it too late
 
Caporegime
Joined
13 Jan 2010
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32,495
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Llaneirwg
Got a good one here.
Can get 20pc pension contribution (in total)
Which costs me 7 percent of my salary

Old job was 10:10 to get 20
Here it's me 7:them 13
 
Caporegime
Joined
13 Jan 2010
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32,495
Location
Llaneirwg
I pay 7% (including 1% AVC and salary sacrifice) + 15% from company (was 6% until about a year ago) = 22% Scottish Widows pension

Currently I'm 39 and only started paying into a pension early 30's so got some catching up to do - hopefully I didn't leave it too late

I started at 27 and had to put in 20pc in total.
Ran some calculations. If I don't I won't have enough.
A lot of people are in for a shock later in life
 
Associate
Joined
10 Feb 2004
Posts
198
Does anyone know of a standardised form, or template, for claiming higher rate tax back on pension contributions? I dont do a self-assessment, and all the gov.uk site says is you must let HMRC know, so they can work out the sum they owe. But they don't even say what information is required. Any pointers?
 
Associate
Joined
18 Oct 2002
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1,765
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Kent, UK
I pay 6% which is matched by my employer and then another 9.5% added, so total 21.5% (the 9.5% used to be 18% a few years ago :( )
I've been with the company for 20 years though - new employees get nowhere near that.

*edit*

Does anyone know of a standardised form, or template, for claiming higher rate tax back on pension contributions? I don't do a self-assessment, and all the gov.uk site says is you must let HMRC know, so they can work out the sum they owe. But they don't even say what information is required. Any pointers?

I would phone them up and ask. I suspect you may end up having to do self-assessment to reclaim it.
 
Soldato
Joined
18 Nov 2011
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2,561
Location
Caddington
My pension at work is really very good. They double what we pay in up to £10,000 a year and I can pay in 100% of my wage up to the £40,000 a year cap. I worked it out so I am paying around £15,000 a year in now + my personal SIPP and ISA on the side.
 
Soldato
Joined
6 Sep 2005
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5,996
Location
Essex
Does anyone know of a standardised form, or template, for claiming higher rate tax back on pension contributions? I dont do a self-assessment, and all the gov.uk site says is you must let HMRC know, so they can work out the sum they owe. But they don't even say what information is required. Any pointers?

For future relief give HMRC a call. Depending on the level of contributions they may be able to adjust your tax code. If contributions are too high then they may ask for proof.

For past relief (i.e. tax years 2018/19 and earlier), send a letter detailing the amount you paid into your pension scheme. Include your National Insurance number somewhere so they can find your tax record. They should have everything else needed from RTI submissions, but worse case scenario they write back and ask for other information!
 
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