and am I right in thinking that the money cannot be recovered from the pension?
As others have pointed out, you won't have to repay this directly. It should be possible to repay it from the pension fund. However, you should know that the contributions are likely to have fallen in value quite significantly. If it was me, I would be strongly of the view that my fund should not suffer as a result of the incompetence of others. If the value of the erroneous contributions has fallen by 10% in the interim, you should not suffer as result by having your fund repaying 100% of the contributions' value.
As others have pointed out, you won't have to repay this directly. It should be possible to repay it from the pension fund. However, you should know that the contributions are likely to have fallen in value quite significantly. If it was me, I would be strongly of the view that my fund should not suffer as a result of the incompetence of others. If the value of the erroneous contributions has fallen by 10% in the interim, you should not suffer as result by having your fund repaying 100% of the contributions' original value.
I've never come across that happening. In a case where it has gone on for so long and the values have fallen, the life company will give a refund of the value of the overpaid premiums.
You also have to remember, these policies are held in trust for the members benefit. The trustees have real duties (although a lot of them forget they have) to protect the members of the scheme. If an employer took funds from a member to correct a mistake they made, it is the trustee's duty to protect the members pension fund. Can't see it happening but no harm in being aware.
Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
That would be crazy. As markets have fallen, the innocent member is getting hammered for the mistakes of others. They should only be refunded the current value of the contributions.
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