Workplace pensions - payments ?

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KennyN

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Currently paying into a Fidelity workplace pension , payday is 25th of the month - money not showing in Fidelity account for a further 2 - 3 weeks , never used to take that long and the "gap" has been increasing slightly over time.

Called Fidelity and they said that as soon as they receive the funds from my employer it is put into my pensions account ?

Called work pension department over the last few weeks and as per usual the phone just rings out then goes to the leave a message option.

Anyone else with Fidelity and can confirm the time from salary deduction to funds appearing in their online pension account ?

I can see that "holding" back transferring pensions payments company wide for a couple of weeks would be a nice little interest "earner" especially if you have 4k employees all paying in , surely a modern employee focused company wouldn`t do something like that :doh:

K
 
Currently paying into a Fidelity workplace pension , payday is 25th of the month - money not showing in Fidelity account for a further 2 - 3 weeks , never used to take that long and the "gap" has been increasing slightly over time.

Called Fidelity and they said that as soon as they receive the funds from my employer it is put into my pensions account ?

Called work pension department over the last few weeks and as per usual the phone just rings out then goes to the leave a message option.

Anyone else with Fidelity and can confirm the time from salary deduction to funds appearing in their online pension account ?

I can see that "holding" back transferring pensions payments company wide for a couple of weeks would be a nice little interest "earner" especially if you have 4k employees all paying in , surely a modern employee focused company wouldn`t do something like that :doh:

K
Not with Fidelity, but LifeSight (Wills Tower Watson) They take their "Management Fee" immediately, then update my Pension Fund up to a month later with my Contributions! :wallbash:

Stand and Deliver springs to mind!:fail:
 
The other, probably world wide, pension fleecing con with these company schemes is that they might charge you a share purchase admin fee e.g. when you company payroll pays in your contribution on 28th of the month. Then there is another admin fee when your company pays their contribution a few days later, again for the purchase of shares/funds. Then there is another admin fee a few days later when the pension provider sells some of your shares so they have cash to pay themselves the management fee.
Apparently it's "impossible" to align all the dates, so they could just deduct the cash as cash on the day it goes in.
If it were a private pension scheme, you could hold cash in the account and they could take their management fee from that. But as it's a company negotiated scheme, that's "impossible" as well.

Stitch up central and how this is legal begs a serious question!
 

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