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Crediting of pension contributions

steelman99
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Crediting of pension contributions

#214060

Postby steelman99 » April 10th, 2019, 8:40 am

As have previously said on her , we paid £2k into the wifes personal pension at beginning of March. On checking her personal pension , the £2k has still not been credited to her account .

Phoned them about 2 weeks ago , and got the usual end of tax year and we're busy excuse , and said we should hear something soon

I know with Workplace pension the contributions have to be credited to the account within 22 days of the deduction from your wages , is there any such regulation for payments made personally direct to the pension company ?

Just want to be aware of all the facts before I phone them again

Bialystock
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Re: Crediting of pension contributions

#214395

Postby Bialystock » April 11th, 2019, 1:28 pm

Who is the provider? All providers that I have ever used, and there have been many, have credited payments within less than a week, regardless of time of year. Tax relief can take a bit longer.

steelman99
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Re: Crediting of pension contributions

#214400

Postby steelman99 » April 11th, 2019, 1:45 pm

Provider is Wesleyan - policy was taken out many years ago - if I knew then what I know now , would of been with someone else , not the best of company's , very limited as to what we can do with proceeds " asked if we could take 25% tax free then draw rest down over a few years to keep below the income tax bracket , told not possible - would have to transfer to new policy which allows this ,at a cost of 3%
only options they are offering is to take a lump sum each year of which 25% is tax free, buy an Annuity , or transfer it to another company

Considering we paid the £2k in early march , its just seemed to be dragging on a bit

Jabd2001
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Re: Crediting of pension contributions

#214451

Postby Jabd2001 » April 11th, 2019, 5:23 pm

Do they charge 3% on all transfers out? :o
I’d get it out if there if I were you!!

steelman99
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Re: Crediting of pension contributions

#214500

Postby steelman99 » April 11th, 2019, 9:34 pm

not worth a lot of effort now -she's retiring in July and we will take a lump sum out equivalent to state pension which with her works pension will be as good as shes earning
will run out when she gets to state pension age , so only 7 years before its gone - just they are so long winded doing anything


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