Pension cock-up with work

[Yogapoga123]

Not sure if anyone can advise but I started a new job back in February this year and was signed up to the company pension scheme. I currently pay in 5%, which equates to around £150 a month, and employer pays in the minimum 3%, around £85 a month.

Anyway, I checked my scheme the other day and it turns out that both my contributions and my employers have been made incorrectly, at only around half of what they should be.

Accounts have acknowledged the error and have said they’ll sort it but my question is, should they be making some sort of adjustment on top to make up the shortfall on any gain I might have made? I’m not sure where I stand with it. Obviously it’s only been a short time - 9 months - although if I hadn’t noticed, it might not have been picked up at all

On more finance focused boards that I have been on, yes, it would be normal to be put back to the position you would have been in, when it’s employer error.

However, I’m not sure if you mean your contributions were correct but not added to the account correctly - or you were never paying the full amount? That’s partially your error not to have highlighted it.

MSE boards are good for posters with specific pension experience.

Thanks Coconarine. Yes, my contributions have been correct, and I think my employer’s too - will check. But there seems to have been a payroll mixup between me and someone else in the company. It’s the firm’s error, which they’ve acknowledged. I’m not sure who decides the adjusted amount though.

If you've missed out on investment returns as a result of delayed contributions then you should be put in the position you should have been in. They would probably need to ask the investment managers to confirm estimated returns in the funds you are invested in over the period in question. The Pensions Advisory Service may be able to help you if you need specialist guidance (it's free)

Thanks cardboardeaux

Good idea re the Pension Advisory Service, I will contact them.