A weird pension conundrum....I need help.

Dave7

Legendary Member
Location
Cheshire
I am 74 and retired aged 63.
I have small company/private pensions = approx £3K a year.
I have recently received letters from Capita (on behalf of Tarmac) advising me that I am entitled to a Tarmac pension of £1,700 pa backdated 9 years.
They sent me a load of forms that I cannot possibly complete as they are so complex.
I can only think of getting a 'pensions advisor' to help but they seem to charge a lot (happy to pay if I MUST but looking for options).
 

DCLane

Found in the Yorkshire hills ...
Citizens Advice Bureau? It seems you just need help with form-completion which may require employment details.
 

ebikeerwidnes

Über Member
I would agree with checking out the letter
Find their phone number from their website and ring them

After that - they will need to ask a load of question - mostly to confirm your identity - but other than that if they have proof that you are you they have everything they need. If they are asking anything else then I would contact them and check why they need it.
Some of it may not be needed
Maybe
 

T4tomo

Guru
Citizens Advice lot would be your best bet. Having a nasty suspicious mind is it genuine? It seems too good to be true so check carefully.
its should be pretty easy for @Dave7 to work out whether he worked for Tarmac (or a group company) or not. He posts a lot of daft questions on here (this one excepted), but I doubt that he has completely lost his marbles :okay:

@Dave7 do you have access to a younger family member perhaps, or trusted friend to waltz thru the form on your behalf, as i doubt it actually that complex
 

Pale Rider

Legendary Member
Presumably the Tarmac pension is not entirely unexpected as you know you worked for them and made some contributions at the time.

All the trustees will want to establish is they have the right Dave the Tarmacer so they pay the correct person.

Apart from the advice already given, I think it would be reasonable for you to contact Capita by phone and ask them to talk you through the forms.

One decision you may have to make is whether to accept a lump sum or what is likely to be a fairly small annual payment.
 

Sharky

Guru
Location
Kent
Can you contact the HR dept from Tarmac fir advice?
 

oldwheels

Legendary Member
its should be pretty easy for @Dave7 to work out whether he worked for Tarmac (or a group company) or not. He posts a lot of daft questions on here (this one excepted), but I doubt that he has completely lost his marbles :okay:

@Dave7 do you have access to a younger family member perhaps, or trusted friend to waltz thru the form on your behalf, as i doubt it actually that complex
All true but 9 years seems a long backlog.
 

T4tomo

Guru
All true but 9 years seems a long backlog.
not really, if they had no / lost contact details (and he retired 9 years ago) they couldnt get in touch as to what account to pay pension into.

its now incumbent on Financial institutions to try to trace people, which a relatively recent thing, which Capita have done.
 
OP
Dave7

Dave7

Legendary Member
Location
Cheshire
Presumably the Tarmac pension is not entirely unexpected as you know you worked for them and made some contributions at the time.

All the trustees will want to establish is they have the right Dave the Tarmacer so they pay the correct person.

Apart from the advice already given, I think it would be reasonable for you to contact Capita by phone and ask them to talk you through the forms.

One decision you may have to make is whether to accept a lump sum or what is likely to be a fairly small annual payment.
In order........
1. I had a lot of jobs over the years. Tarmac has so many subsidiaries but I can't recall working for any of them.
2. The forms they sent have all my correct details eg name, address, DOB etc.
3. I did phone them after the letter and they sent me these complex forms to complete.
 

BoldonLad

Not part of the Elite
Location
South Tyneside
I recently had a similar "happening" on behalf of a relative (brother-in-law) whose affairs I help him look after. He too was sent a bundle of forms, which, at first sight, appeared extremely complex. In his case, the pension was extremely small, and, the sensible option appeared to be to take the lump-sum. Very careful reading of the forms allowed me to fill in the relevant sections, on his behalf. I cannot yet claim success, since we only sent the forms away about a week ago, and so far, nothing has happened, but, at least they have not been returned (yet) ;)

If you cannot complete the forms, I can only echo the advice above, ie speak to Capita, they may help, failing that, try Citizen Advice.
 

PaulSB

Legendary Member
Based on what you've posted I would find a financial advisor who will provide advice for a one-off fee. It's likely a one-off fee will be higher than for those clients who use the FA regularly which seems fair to me. My FA charges £400 for an annual review which also gives support through the year if I need it. Contrary to popular opinion a decent FA is a good investment and will not be a rip off merchant.

Reasons to use an FA:
  • The FA will be able to establish if this is genuine thus protecting you from any potential scam. It will be quick and simple for an FA
  • An FA will be entirely familiar with such forms
  • Tax! The back payment will be £15300 which is above the tax threshold of £12570. How this sum is treated will decide whether or not it's taxable. If you have no other income and if this is treated as annual income in a single tax year the tax due will £545. For every additional £1000 of income you have in the same tax year £200 tax will be payable
  • In my experience if a pension provider has to make a one-off payment the provider is legally required to deduct tax leaving you to reclaim it from HMRC which may not be possible till after April 2022. If you have a tax code and give it to the pension provider you may be able to avoid this. If you don't currently pay tax you won't have a Tax Code. To make the reclaim yourself you will need a Personal Tax Account with HMRC. More hassle
  • If a pension exists there may well be a pension pot from which you could be entitled to take a tax free lump sum of 25%
  • This is an unexpected windfall, money you didn't know about or expect. If it's treated as annual income in a single tax year this will cost you at least £545. If you find an FA who will work for roughly the same sum and knows the tax rules it's possible/likely he/she will save you more than this.
It could be worth asking CAB but do they have the relevant expert advice? Your bank should be able to help but do they charge for this type of service? In this instance the bank would effectively be acting as an FA and I would expect to pay for the service.

Alternatively find a friend/relative with all the relevant knowledge who can do this for you.......for free!!
 
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