Pension refund Q

bs2014

Last year in my job we were forced to pay into pensions (I actually didnt want to join in as my head wasn't in the space) but had to go along with it. I left the company last Oct and when they wrote to me, I thought be handier to just take the money and restart a pension in another year or so when I turn 30 and more in the space for researching and picking my pension company/fund etc.

8 months contribution:
4% of salary @€;37500: Gross deduction into pension €125 p/mth
8 months of these contributions into pension: €1000 total

Cost to me off payslip after tax: €81.25 x8 €650

In Dec they wrote to me saying pension value was €768 (not sure how it fell from €1000) and I'd get a net refund of €614 after 3 months.

Low and behold a cheque rocks in this morning for only €526. I appreciate its small money but I think its smart of them to just issue out a cheque for 15% less than what they quoted me. If I had a large amount this could be €1000s of a loss to me.

Now I admit my knowledge of pensions is very limited but when you get through to a call centre, its even less and all they say is oh pensions go up and down.

I believe I am now paying tax on the double. Tax at source and now tax on refund.

Can someone who understands pension calculations give me a steer. Thanks.

Henry Ford III

bs2014 wrote: »

Last year in my job we were forced to pay into pensions (I actually didnt want to join in as my head wasn't in the space) but had to go along with it. I left the company last Oct and when they wrote to me, I thought be handier to just take the money and restart a pension in another year or so when I turn 30 and more in the space for researching and picking my pension company/fund etc.

8 months contribution:
4% of salary @€;37500: Gross deduction into pension €125 p/mth
8 months of these contributions into pension: €1000 total

Cost to me off payslip after tax: €81.25 x8 €650

In Dec they wrote to me saying pension value was €768 (not sure how it fell from €1000) and I'd get a net refund of €614 after 3 months.

Low and behold a cheque rocks in this morning for only €526. I appreciate its small money but I think its smart of them to just issue out a cheque for 15% less than what they quoted me. If I had a large amount this could be €1000s of a loss to me.

Now I admit my knowledge of pensions is very limited but when you get through to a call centre, its even less and all they say is oh pensions go up and down.

I believe I am now paying tax on the double. Tax at source and now tax on refund.

Can someone who understands pension calculations give me a steer. Thanks.

Ask the insurer or administrator.

p.s. You weren't forced to join. That's illegal

Bass Reeves

bs2014 wrote: »

Last year in my job we were forced to pay into pensions (I actually didnt want to join in as my head wasn't in the space) but had to go along with it. I left the company last Oct and when they wrote to me, I thought be handier to just take the money and restart a pension in another year or so when I turn 30 and more in the space for researching and picking my pension company/fund etc.

8 months contribution:
4% of salary @€;37500: Gross deduction into pension €125 p/mth
8 months of these contributions into pension: €1000 total

Cost to me off payslip after tax: €81.25 x8 €650

In Dec they wrote to me saying pension value was €768 (not sure how it fell from €1000) and I'd get a net refund of €614 after 3 months.

Low and behold a cheque rocks in this morning for only €526. I appreciate its small money but I think its smart of them to just issue out a cheque for 15% less than what they quoted me. If I had a large amount this could be €1000s of a loss to me.

Now I admit my knowledge of pensions is very limited but when you get through to a call centre, its even less and all they say is oh pensions go up and down.

I believe I am now paying tax on the double. Tax at source and now tax on refund.

Can someone who understands pension calculations give me a steer. Thanks.

TBH you are an idiot. When money goes into s pension fund it is stupidity taking it out. If you had fully read the letters you would have seen that the refund was a present quotation of value. In the meantime stocks and shares have fell in value. As well was the tax paid or a portion withheld from you for an tax liability.

Saudades

Henry Ford III wrote: »

p.s. You weren't forced to join. That's illegal

Is it illegal? The company I work for have a pension scheme which is optional in your 20's but you must join when you get to 30.