Opt out ... it really should be illegal

[viv1969]

@Paulmag I for one am not confused as to how it works. I was annoyed that having opted out on the first date (hour, even) that it was possible to do so, and having confirmation from NEST that I had opted out early enough to ensure no contributions would be taken, I then received a second enrolment letter from them...different reference, and was forced to opt out again, and make the first contribution as the optimum opt out date had passed.

NEST confirmed that this was an administrative error on their part (14,000 erroneous second enrolments were issued), but it has still taken them 2 months to refund my contribution.

 

[Paulmag]

@Paulmag I for one am not confused as to how it works. I was annoyed that having opted out on the first date (hour, even) that it was possible to do so, and having confirmation from NEST that I had opted out early enough to ensure no contributions would be taken, I then received a second enrolment letter from them...different reference, and was forced to opt out again, and make the first contribution as the optimum opt out date had passed.

NEST confirmed that this was an administrative error on their part (14,000 erroneous second enrolments were issued), but it has still taken them 2 months to refund my contribution.

Ah okay....sorry ....I am just waiting for the time when the government realises the whole forced join is a crock of *****

 

[Cobra]

just make sure you do it within the first month

But thats one of the points I was making, I opted out ( as soon as I could) a full month before the scheme(ing) was due to start on the 9th of Sept.
They took the first payment from Augusts pay.
Thread is not only a complaint against nest, but the whole opt out scam that we seem to have been led into.
As I mentioned in post #8 Insurance renewals are another.

I was annoyed that having opted out on the first date (hour, even) that it was possible to do so, and having confirmation from NEST that I had opted out early enough to ensure no contributions would be taken,

Exactly how I did it too

.I am just waiting for the time when the government realises the whole forced join is a crock of *****

Sorry didn't see that as it was on a different page, and yep I agree!

 

[AJQS]

Well I can't even opt out of mine as the details I'm entering into the system don't match whatever my employers have given them, not surprised given the recent shenanigans with getting my wages right so guess that's something else to have to sort out. I haven't been able to work out what my contributions will actually be and whether I can just live with paying them.

 

[viv1969]

Well I can't even opt out of mine as the details I'm entering into the system don't match whatever my employers have given them, not surprised given the recent shenanigans with getting my wages right so guess that's something else to have to sort out. I haven't been able to work out what my contributions will actually be and whether I can just live with paying them.

For the first year, I believe your contribution will be 1% of your qualifying earnings, rising to 4% by 2018

 

[Phil V]

If they keep behaving this way it may become another PPI scandal and frankly they would totally deserve it. We just need good greedy fat cat lawyers working on our side.

They already had a 'mis-sold a pension' episode before the PPI one (I got a great deal from it ) in the late 90's

But it's not 'greedy fat cat lawyers' who hold the sway, permission for these to be settled comes from government (can't be arsed to look up the current name of the FSA).

 

[Phil V]

Clearly the process is flawed, only needing to notify Nest but then it's your employer who needs to know too to ensure it works as designed, but the point of the 'opt out' process is to keep as many 'in' as possible.

It's a clear direction of travel for government policy. You can't have the financial service sector, the right wing press, and god knows whatever other lobbyists pushing an agenda of 'the welfare state costs too much money' for years and years, to the point of convincing most of the electorate, without then having to deal with the fallout.

So we have the fallout, the private sector gets a guaranteed share of the pensions of ordinary folk who they never previously had access to.

We can all congratulate ourselves on the 'modernisation' of our pension system.

 

[tijuana taxi]

Commiserations to anybody caught up in this, all sounds so unecessarily complicated.

I was automatically enrolled in my companies pension at 18, deducted at source and paid in until I called it a day 37 years later.

So simple, monthly payment and lump sum on retiring which reminds me its payday and the sun is shining too

 

[Llamaman]

You think this is bad? Check out HMRC's latest ideas on 'Making Tax Digital'. It's horrifying.

 

[neil_g]

the whole opt out scam that we seem to have been led into

like i say i can understand why they did it. everyone should have a pension and should not have to rely on bare minimum national insurance contributions later in life (because lets face it, most of the population suck at saving money).

i've got emails going back to November 2013 for opting out so certainly not a new thing that HR departments that should be on the ball with.

 

[Cobra]

I was automatically enrolled in my companies pension at 18, deducted at source and paid in until I called it a day 37 years later.

If I didn't have the foresight to start a private one many years ago, then I may have been tempted, but as it, over the next few years the cost will rise above the one I have now,
and for far less return.

everyone should have a pension and should not have to rely on bare minimum national insurance contributions later in life

I'm sure this is the way the Government(s) plan to phase out state pension, but of course they will be no reduction in NI contributions.
There just isn't the money to go round, and I guess that's our fault, for living progressively longer.
And nothing to do with the money being filtered off to prop up other failings by the ruling classes.

i've got emails going back to November 2013 for opting out so certainly not a new

Of course, Insurance companies have been doing it for a lot longer than that.
(Unless you tell us otherwise we will renew)