Company has unilaterally stopped paying its pension contribution.

Re: Pension Fraud

I'd be very careful in just accepting the payback figure they suggest.

I was previously a pension consultant and from what i've read quickly here there are 3 parties at fault. Both the trustees and employer are in serious trouble if this is reported. I would say the trustees are in the most trouble as they seem to be aware the whole time what was happening.

The pension company may also be at fault maybe in the advise if any they were giving the company and trustees and also if they failed to whistleblow when they were fully aware a everything wasn't right.

In terms of the repayment. This seems to be a DC scheme so I would request a full listing of payments and dates that should have been paid what units they would have bought in the pension fund at these dates and the present value of these funds.

Your fund should then be credited with the same value at todays date. From what you outline above I would be very sceptical that this indeed is going to happen.

You should ask that this payment schdule be prepared by the pension company and maybe request that your employer get it independantly reviewed for you.
 
Re: Pension Fraud

What is a DC scheme? Im thinking at this stage I am going to be lucky to even get back the money i give monthly not alone the gains I shold have made.
If I get my money paid back should I then go and ask for the gains as I have or am not signing nothing for then to let them off the hook
 
DC = Defined Contribution. You make contributions and the final value of the pension fund depends on the performance of the assets/funds in which the money is invested.

DB = Defined Benefit. Once you make certain contributions certain pension benefits are guaranteed without (in theory) the unpredicatability of a DC scheme.

jimmyd said:
What is a DC scheme? Im thinking at this stage I am going to be lucky to even get back the money i give monthly not alone the gains I shold have made.
If I get my money paid back should I then go and ask for the gains as I have or am not signing nothing for then to let them off the hook
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I still don't understand why you won't countenance reporting this to the Pensions Board or maybe even the Gardai!
 
Re: Pension Fraud

Yes it is DC then,
@Clubman - The reason i am holding off reporting this is that if I report this that it could mean the end of the company as it is having tight financial times at the moment and can just see the light at the end of the tunnel from the hard times.
 
Re: Pension Fraud

If this light at the end of the tunnel is due, even in part, to defrauding employees then maybe the company does not deserve to survive?
 
Re: Pension Fraud

If it dosent survive then im dont my pension money and a job - can you see where im coming from?
 
I don't think that you necessarily lose your pension. Isn't there some sort of compensation scheme for circumstances in which trustees and employers collude to defraud scheme members? I am also amazed that you are content to continue working here after all of this.
 
Re: Pension Fraud

jimmyd said:
Yes I was a director for 6 months with this company along with the 3 other directors and 2 of us stepped down at the same time due to not being brought to any management meetings or shown any money figures.
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I presume you're aware that as a director you're entitled to examine any financial record of the company. Kind of important, bearing in mind if something is amiss, you can be held personally liable.

Anyway, the whole things smells like a ton of rotten haddock.

If what you say about the pension is true, it amounts to theft.

I've been aware of similar situations before (where relatives were caught in similar situations), and from my experience things rarely get better. Different matter entirely if a company gets in trouble, calls everyone round, explains the situation, does what's necessary in terms of cutbacks or whatever: that deserves support. This doesn't: it deserves action to rectify it. Contact the Pensions boaid, and don't be fobbed off with "it's being sorted": believe me, the chances of it being sorted internally are minimal.
 
Re: Pension Fraud

jimmyd said:
If it dosent survive then im dont my pension money and a job - can you see where im coming from?
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Yes, but you need to stand back and look at what's happened. You cannot trust these people: they've robbed and deceived you.

There are other jobs, and you can pursue the pension issue separately. If there was fraud involved (and it sounds like there was) you can pursue the trustees and directors even if the company goes under.

My advice: get legal advice. Most importantly though: take some action, and don't wait for it to get better.
 
JimmyD,

Just a few questions.

Are you a member of a trade union?

What does your contract of employment say about EE/ER pension contributions?

Have you recieved annual pension statements?

Have you and your fellow employees looked at your payslips? Does it state that your (EE) deduction has been paid into the pension fund?

Have you contacted entemp.ie?

Are you actually an employee of the company or is there some other relationship between you and the company.

aj
 
ajapale said:
JimmyD,

Just a few questions.
Click to expand...

Are you a member of a trade union? No

What does your contract of employment say about EE/ER pension contributions? I will check and edit
Have you recieved annual pension statements? No

Have you and your fellow employees looked at your payslips? Does it state that your (EE) deduction has been paid into the pension fund? It does

Have you contacted entemp.ie? No

Are you actually an employee of the company or is there some other relationship between you and the company. Only an employee
 
Re: Pension Fraud

ang1170 said:
I presume you're aware that as a director you're entitled to examine any financial record of the company. Kind of important, bearing in mind if something is amiss, you can be held personally lible
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I have looked into this and I dont think i will be - there are a few clauses as wheather i could be liable or not. - i was never in any management meetings or was never given any figures and have numerous emails and lettters to the main director complaining about this. Also I am not a person who could be classed as a financial expert due to my job and this is one of the clauses.
I now also have writted proof that I only found out about the pension fraud last friday week.
 
ClubMan said:
I don't think that you necessarily lose your pension. Isn't there some sort of compensation scheme for circumstances in which trustees and employers collude to defraud scheme members? I am also amazed that you are content to continue working here after all of this.
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Does anyone know is there a compensation scheme ? If there is I am willing to go that route.
 
Re: Pension Fraud

jimmyd said:
I have looked into this and I dont think i will be - there are a few clauses as wheather i could be liable or not. - i was never in any management meetings or was never given any figures and have numerous emails and lettters to the main director complaining about this. Also I am not a person who could be classed as a financial expert due to my job and this is one of the clauses.
I now also have writted proof that I only found out about the pension fraud last friday week.
Click to expand...

I think you misunderstand the point I was making: you said that at one stage you were a director and you were prevented from seeing finacial records. My point was that you shouldn't have been prevented from doing this, as you had every right. This is one of the reasons I think the other directors are behaving in a very suspicious way, and are definitely not to be trusted.

I didn't mean to imply that you could be in any way responsible for the fraud (if indeed there was fraud): just make it clear that for the period you were a director information that you requested was deliberately witheld from you.
 
I need to find out today is there a compensation scheme and if there is I dont have to wait for them to pay it back over the next 3 months as i can report them and then claim my compensation.
 
jimmyd said:
I need to find out today is there a compensation scheme and if there is I dont have to wait for them to pay it back over the next 3 months as i can report them and then claim my compensation.
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The compensation scheme is not there to save fraudulent employers money!!
 
What i meant was that going by what all the posters have said there might be no chance or a slim chance that i am going to get any of my money back so if i know there is a scheme available to compensate me then I can do as everyone thinks i should do is report the company to the pensiosn broad and hey will try and pressure them into paying and if they dont pay i have a way i will be compensated.
 
ClubMan said:
Isn't there some sort of compensation scheme for circumstances in which trustees and employers collude to defraud scheme members?
Click to expand...

Are you thinking of the Pension Protection Fund in the UK?
 
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