Company has unilaterally stopped paying its pension contribution.

So the company is repaying the missing contributions but not the investment return missed out on.

Jimmy d - are you okay with that?

You are probably down something like €500.
 
If I get all back all as per his letter I'll be happy as their 5% contribution is good and then I will drop out of the company pension plan or else monitor it monthly sinc eI now have a login to the pension company website
 
2 months later and no payments - reported them today but It looks like they are planning on going into volantary liquidation and I dont think after that I can do anything to get the pension.
Any idea's? Or have I made a big mistake and left it to late?
 
Can you apply to have them made bankrupt as a creditor? You might not get your money back (depends on how much is in the company, I suppose), but it will stop them being directors for a while.

This has some useful info:
[broken link removed]

It looks as though (on a very speed reading) you cannot claim on a voluntary liquidation without going through the courts. It also looks as though a director may be personally liable in the event of fraud (i.e. stealing your pension!), so even if you get nothing out of the liquidation process, you may be able to sue the directors.

Not sure if this helps you, or provides you with a stick to beat them with to pay up!
 
Contact the pension board immediately.

Ask them if the company does go into voluntary liquidation and if money is owed to the pension scheme, can it be classed as money owed to employee if so you may be classed as a preferential creditor.

Maybe other contributors can also answer the question.
 
Time for a visit to the gardai. Report them for theft/fraud. A jail sentence will definitely prevent them from acting as directors for a while.
 
asdfg said:
Contact the pension board immediately.

Ask them if the company does go into voluntary liquidation and if money is owed to the pension scheme, can it be classed as money owed to employee if so you may be classed as a preferential creditor.

Maybe other contributors can also answer the question.
Click to expand...

The pension board said If the company goes into liquidation then they doubt I can get my money.
 
Came across this in the insolvency payments form from etemp.ie

ARREARS OF PENSION OR PRSA CONTRIBUTIONS
The Insolvency Payments Scheme covers contributions which the employer and/or the employee were liable to pay into an occupational pension scheme in respect of the year up to the date of insolvency of the employer. In the case of contributions payable on behalf of an employee, payment can be made under the Insolvency Payments Scheme only where the amount of the contributions was deducted from the pay of the employee but was not paid into the pension scheme. In the case of contributions payable on an employer's own account, the lower of the following amounts is
payable
a) the balance of the employer's contributions remaining unpaid in respect of the period of twelve months immediately preceding the date of the employer's insolvency, or
b) the amount certified by an actuary (or equivalent, if the employer is insolvent under the legislation of another EU Member State) to be necessary for the purpose of meeting the liability of a pension scheme on dissolution to pay the benefits provided by the scheme to or in respect of the employees concerned.

Where a pension scheme does not provide for the liability described at (b), only (a) will apply.
Similar entitlements and conditions apply to unpaid PRSA contributions.
If the cost of sickness, disability benefit or life assurance forms part of the contributions to an occupational pension scheme or PRSA, the amount of contributions attributable to this should be deducted from the application.
The application for payment of outstanding contributions should be made on Form EIP6. Part 1 of the Form should be completed by a person competent to act in respect of the scheme. Part 2 of the Form should be completed by the insolvent employer's representative, who should send the Form to the Department. A Form EIP7 (Actuarial Certificate) is required where an employer’s contributions are claimed and a pension scheme provides for a liability described at (b) above. Details of the occupational pension scheme or PRSA and supporting documents should be submitted with an application.

Might be worth looking at for me.
 
If you've evidence of fraud, which it seems you have, the directors are liable to criminal prosecution. Even if this doesn't happen, limited company protection doesn't apply (i.e. normal rules about who gets paid in what order the event of a liquidation), as the directors will be held to be personally liable.

I'd say it's time for you to get profressional legal advice (as well as contacting Pensions Board and Director of Corporate Enforcement, as others have suggested).
 
I have a meeting for legal advise Friday - Both directors know they are liable for alot of money as they had personally signed for loans.
As for fraud it has been reported this to the pension board by a co worker.
 
An Update: Got my pension cheque last wenesday from the Managing director and lodged it that morning so fingers crossed it has until thursday morning of this week to clear :), The company has since closed but I had this illegal act as leverage over them and he ended up paying me and 2 of the others from the scheme so just 1 chap has to be paid yet.
Was given it in a cheque - not into my pension scheme
 
jimmyd said:
An Update: Got my pension cheque last wenesday from the Managing director and lodged it that morning so fingers crossed it has until thursday morning of this week to clear :), The company has since closed but I had this illegal act as leverage over them and he ended up paying me and 2 of the others from the scheme so just 1 chap has to be paid yet.
Was given it in a cheque - not into my pension scheme
Click to expand...
You should probably set up a PRSA or something and transfer the money in there, otherwise you may be liable for tax on it? Perhaps the money-wonks can give you the low-down on that one?
 
As I understand it, with the changes in the pensions act about trustees' responsibilities, whoever was acting as the trustees of your pension can be held partially responsible for not ensuring the pension was run in compliance with the law.
 
Seagull said:
As I understand it, with the changes in the pensions act about trustees' responsibilities, whoever was acting as the trustees of your pension can be held partially responsible for not ensuring the pension was run in compliance with the law.
Click to expand...

I'd bet that the company was the Trustee.
 
The trustee has to be an individual.

I'd still say try to get all responsible parties prosecuted. They have been in significant breach of pensions law, and sounds like they could possibly be hit for more serious crimes as well.
 
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