| Product: |
Standard Life |
| Date: |
19/09/00 (2050 review reads) |
| Rating: |
 |
Advantages: Not sure!
Disadvantages: Possibly a few!
I, like many others, contracted out of "SERPS" many years ago when recommended to do so. Just fill in the forms, and carry on working in the knowledge that your contributions are now being directed into your new "personal" fund as opposed to the state fund.
Oh, if only it was that simple!
I was recommended Standard Life, which i agreed to go with, and to be fair they appear very good, yearly statements pop through my door which I file away. Last year (or maybe year before) however, I took a closer look, there had been no contributions in that financial year! and this was, I think, October/November! I panicked! picked up phone and contacted Standard Life who said the contributions have not been sent through yet! Now as i had been working (and always have been) I couldnt understand it, until the very helpful gentlemen at Standard Life made some enquiries on my behalf. It transpires that the Government pay these contributions on an annual basis, you pay in April to March, they are supposed to then send the total of contributions to you pension fund at the end of each financial year. I think it took till December or January to receive the contributions I had paid in for the PREVIOUS financial year! Now, I know my pension is not going to be very big, but surely the contributions I pay in each week should be for my benefit, not an extra source of interest gaining revenue for the Government? The long and short of it is my money should be paid into my investment as it taken from me, at worst, to at least go in at the end of the financial year, but to wait to what amounts to nearly 18 months for my contribution to be allocated to my pension is nothing short of theft! In this day of computer technology, would it really be that difficult to set up an option on the National Insurance system that immediately directs the % of contributions to our pensions to actually go there?
I hope to receive this years statement soon and see if last years co
ntributions are allocated yet, if not I will do what I should have done ages ago and write to a watchdog programme as I am sure many do not realise how much money they may be loosing for their retirement.
Summary:
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Last comments:
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- 30/04/01 I think you are correct, the problem is with the tax/NI office, I didnt mean for it to sound critical of Standard Life as they were very good when I queried it, I just wasn't sure where else to put the opinion! One day I may get around to pointing this out to watchdog as I think it is disgraceful that the tax/NI office can consistantly delay OUR money going into our pension that we were encouraged to do by the Government in the first place! |
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- 27/04/01 I understand the frustration you feel about this, but is this a Standard Life issue, or will it affect all companies that do pensions? I know my personal pension with Eq Life only appears to have about 3 months of SERPS payments although I have had it for over 2 years. Luckily I now have a full 17.5% non-contrib staff pension, but interested in making sure that SERPS stuff is coming to me and not the government. |
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- 07/11/00 Dear Jillmurphy, I agree, thats why I did it in the first place (and will stay "opted-out"), however, I still think its naughty they take over a year to part with the money that you have paid throughout the year, thats not fair. |
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