I have worked for a company for a year. and noticed they have taken pension payments out each month when i signed an opt out form, will I be entitled to this money back as i have also left this job now?
2007-08-20 03:24:10 · 3 answers · asked by catjam 2 in Business & Finance ➔ Taxes ➔ United Kingdom
I believe, yes, but only because you have been there less than 2 years, you can ask for your contributions back (they will, of course, be Taxed first).
If you have been making contributions for more than 2 years, you will have a 'deferred' (frozen) pension instead (Opt-out is not retrospective i.e. it applies only from the date you signed it)
2007-08-20 03:45:48 · answer #1 · answered by Steve B 7 · 0⤊ 0⤋
I agree, if you can prove you opted out then the company had no right to take anything from your salary. I recommend contacting your HR department as the first stage and see what they say.
If you're in the UK, then you could apply for a refund of contributions (less tax). This way you might get more back than you paid in if it's been invested.
Good luck!
2007-08-21 14:24:54 · answer #2 · answered by princess_coffey 2 · 0⤊ 0⤋
Yes, if you can prove you opted out- they have no right to take anything from your wages without your permission. However, a pension is a good idea right from when you are young- infact its imperative so see if you can get it transferred and carry on with it- you haven't missed the money all this time. You should ALWAYS check your payslips thoroughly each payday and query anything you don't understand.
2007-08-20 11:03:13 · answer #3 · answered by Ellie 6 · 0⤊ 0⤋