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18-10-19, 08:17AM

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Author Topic: Smart Pension Query  (Read 6358 times)

Viva La Revolution

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Smart Pension Query
« on: 01-06-17, 01:00PM »
Hi, a few months ago Tesco paid back a fair sum because of the smart pension being in a column that meant staff would be under the minimum wage. I've just checked my wage slip, it appears that the smart pension credit part is in the first column again, does this not mean the problem has not been rectified or have I missed the answer and am just being me.

frase344

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Re: Smart Pension Query
« Reply #1 on: 01-06-17, 06:22PM »
Mine is also back in the payments column.

I think it will be because the bonus has inflated the wage this month.

Sam29

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Re: Smart Pension Query
« Reply #2 on: 01-06-17, 08:04PM »
 It is first Column for me too. Which is strange considering I had a letter last month to say I was out of smart pension because under minimum wage. Make your mind up! Am I in or out!

Nattienat

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Re: Smart Pension Query
« Reply #3 on: 02-06-17, 04:17PM »
Mine is too in the first column , which had been  for many yrs however I got nothing in the pay out .

StinkyPoo

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Re: Smart Pension Query
« Reply #4 on: 02-06-17, 04:31PM »
Yep, mine back to smart too. Guess they make it up as they go along!

Sam29

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Re: Smart Pension Query
« Reply #5 on: 11-07-19, 08:48AM »
I found out why we get taken in and out Of  smart pension. Smart pension is based on basic pay, sick pay and another line( sorry can’t remember). So every time you take a holiday you get paid holiday pay which comes off you basic pay. So smart pension thinks you are not earning enough to be in smart pension.
Last month I was out of smart pension because I had one holiday. This was despite me working my normal 33 hrs a week and 45 hrs overtime.
I just feel I can’t win

forrestgimp

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Re: Smart Pension Query
« Reply #6 on: 11-07-19, 08:59AM »
So as is the way with Tesco the smart pension is in fact not that smart.

lucgeo

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Re: Smart Pension Query
« Reply #7 on: 11-07-19, 11:42AM »
Tesco payroll...full of smart pensions and stupid people  :-X
Live for today. Learn from yesterday.

Sam29

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Re: Smart Pension Query
« Reply #8 on: 11-07-19, 04:43PM »
It seems smart pension is for people above g.a rate of pay.

Charlie Harper

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Re: Smart Pension Query
« Reply #9 on: 12-07-19, 11:40AM »
As a side note...If you are NOT paying through SMART, then any money you pay into the pension is added to your 'top figure' for the month/year before then being taken off and put in your pension. For tax credit purposes, this makes your top figure 'false' and you are entitled to deduct anything paid into your pension over the year from that figure.

Sam29

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Re: Smart Pension Query
« Reply #10 on: 12-07-19, 04:47PM »
Sorry what do you mean top figure?

Charlie Harper

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Re: Smart Pension Query
« Reply #11 on: 14-07-19, 03:30PM »
The figure before any deductions tax/N.I. etc

Charlie Harper

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Re: Smart Pension Query
« Reply #12 on: 15-07-19, 10:41PM »
As a side note...If you are NOT paying through SMART, then any money you pay into the pension is added to your 'top figure' for the month/year before then being taken off and put in your pension. For tax credit purposes, this makes your top figure 'false' and you are entitled to deduct anything paid into your pension over the year from that figure.

Maybe I should have worded that slightly differently and wriitten  'included in'  rather than 'added to'

Sam29

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Re: Smart Pension Query
« Reply #13 on: 16-07-19, 07:46AM »
Wish I’d known that before. Thanks for explaining though

Spaceranger1

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Re: Smart Pension Query
« Reply #14 on: 24-07-19, 12:41PM »
Sorry if I am using the incorrect thread, but was unable to see anything elsewhere. Has anyone heard a rumour about Tesco charging/deducting 25% if you want to move your old locked-in pensions :question: I was recently instore and a member of staff happened to mention it. Can't quite comprehend why or how that would happen but, being Tesco who knows.
I was recently one of the few thousand let-go through the latest wheeze of structure changes, so won't be affected, just curious.

5fdp

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Re: Smart Pension Query
« Reply #15 on: 24-07-19, 04:05PM »
The old locked in pension cannot be moved to anywhere else  It is closed.

Nightworker23

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Re: Smart Pension Query
« Reply #16 on: 24-07-19, 05:56PM »
The same rules apply to a Tesco pension as to any other.
It can be moved to another pension scheme anytime, or cashed in or drawn from the age of 55 without any % being taken. However, you will lose a large chunk to the taxman if you take it all as a lump sum.
Please make sure you use an accredited financial advisor though, as there are many scammers out there happy to take everything you've saved.

lucgeo

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Re: Smart Pension Query
« Reply #17 on: 25-07-19, 07:50AM »
Sorry if I am using the incorrect thread, but was unable to see anything elsewhere. Has anyone heard a rumour about Tesco charging/deducting 25% if you want to move your old locked-in pensions :question: I was recently instore and a member of staff happened to mention it. Can't quite comprehend why or how that would happen but, being Tesco who knows.
I was recently one of the few thousand let-go through the latest wheeze of structure changes, so won't be affected, just curious.

No, if you received booklets pertaining to the old pension, when being made redundant, it explains your options. You can take it all out aged 55 or above, but only the first 25% is tax free. But there are other scenarios where Tesco retain a % in your pot for when you retire.

I withdrew all mine a couple of years ago, so not clued up on any recent options regarding whether they will now release it all or retain the % in your pot? I think it's something to do with your age?
Live for today. Learn from yesterday.

Rad

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Re: Smart Pension Query
« Reply #18 on: 25-07-19, 11:06AM »
The old locked in pension cannot be moved to anywhere else  It is closed.

You can take the money and invest it elsewhere.  It's how people are losing their entire pensions to scammers. And if you're lucky, you can make a bit of money over time, get a little right now.

Leaving it where it is is safe but won't grow much.
 

Baker1961

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Re: Smart Pension Query
« Reply #19 on: 25-07-19, 01:42PM »
The old locked in pension cannot be moved to anywhere else  It is closed.
you can ask for a transfer value if over a certain amount you have to seek financial advice ,then you can transfer it to another scheme but if you are in good health like me my advisor told me to leave it as it as life insurance attached and is for life ,if I become ill in the next five years I will transfer out to the new tesco pension just before I retire