There is a transfer I don’t recognise, out of my pension fund! What might have happened?

[Clutchstench]

im in a very big company scheme belonging to the U.K. arm of a global company. There’s a closed DB scheme and the current DC scheme and I checked the balance there today, after an irregularity with my SaveAsYouEarn thing (administered entirely separately) and there it was! Gone!

it says that the transaction took place on Feb 14th and on the statement it says my balance is £0 and that the money was “transferred out to
a U.K. registered scheme.” That’s it. No clue where it’s gone. My employer is still deducting payments but they’re not showing against this account number and disappearing to the ether.

I couldby get hold of anyone anywhere whatsoever today, and so am in the dark. To add to the confusion, our online payslip company is changing and we got a paper one last month and the new one hasn’t been set up so i
cant obsess over that either.

does anyone have any idea what might have happened here???

Anyone? It’s the entire value that’s disappeared!

Which company is it?

I would contact HR at the company you work for, explain the situation and ask them what you should do. If they don’t know, they should be able to signpost you.

Thanks for posting but They’re closed, and I’m on the ceiling…

Rather not say, but you’d have heard of it. The pension is managed via Fidelity.

Contact the pension administrator

Email them tonight so someone sees your email first thing

Asked DH - he is a pension actuary. Definitely contact the pension administrator.

Has there been a merger/takeover of the pension company? or the work company changing what pension co it uses?

Most likely thing is it’s all gone over to a new pension company for some reason, but you should have been informed. Might you have missed an email?

Yes, they had a giant bailout from an insurer after some big warnings from the TPR…

maybe I’ve missed an email somewhere. I’ve been back through my statements and gone as far as I can with the information I can find on my file online and it says I officially left the scheme in Oct 22, but everything else stayed the same until this giant transfer out, this month.

so maybe it’s related to that. I plan to have all this information by 9.03 tomorrow morning!

If there’s a record of you leaving the scheme in Oct 22 but you’re still paying contributions, it sounds like they’ve changed pension providers (rules are complicated, but in some types of pension scheme that’s allowed without member consent). But they should have told you, so I think contacting them as soon as you can is the best idea.

Mystery solved. The entire pension scheme was restructured and further investigation showed that all the info has been going to the wrong email address. Lots of apologies and buck-passing on comms, but at least I know where everything is and I haven’t been robbed!

rhanks everyone

Phew, a relief for you!