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...having an idle moment, so looking at my Section 32 Policy document (as you do....)
So, in 1988 I paid a single premium for my pension when I left my employer..this was made up of two parts...my contributions and my employers contributions..it wasn't much back then, just over £6,300 with a pension of £560 pa.
The company pension scheme was I paid 6% and the employer paid 8%.
but...it seems the Employers took a 'pension holiday' some years because my contributions ended up being 60% of transfer premium, whereas it should have been more like 43%.
Whatever the reason my Employer didn't make any contributions, the fact is my 'pot' would have been more like £8.700 had they not had the 'holiday'.
Now a pot that size would no doubt have increased the 'base' pension from £560pa..to something higher...and that in the ensuing 26 years worth of guaranteed growth of 8.5% that difference may well be a couple of thousand pound, per year ?
Should I feel niffed ? complain ? forget it ? go and have a walk.........
So, in 1988 I paid a single premium for my pension when I left my employer..this was made up of two parts...my contributions and my employers contributions..it wasn't much back then, just over £6,300 with a pension of £560 pa.
The company pension scheme was I paid 6% and the employer paid 8%.
but...it seems the Employers took a 'pension holiday' some years because my contributions ended up being 60% of transfer premium, whereas it should have been more like 43%.
Whatever the reason my Employer didn't make any contributions, the fact is my 'pot' would have been more like £8.700 had they not had the 'holiday'.
Now a pot that size would no doubt have increased the 'base' pension from £560pa..to something higher...and that in the ensuing 26 years worth of guaranteed growth of 8.5% that difference may well be a couple of thousand pound, per year ?
Should I feel niffed ? complain ? forget it ? go and have a walk.........