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Author Topic: A dreaded pension question  (Read 9708 times)

KittyKat

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Re: A dreaded pension question
« Reply #25 on: 07-07-17, 06:21PM »
What does it mean when you receive a letter saying they have taken you out of the SMART pension? It explains that it's because your earnings are not high enough to qualify, is this detrimental to my pension long term?

lightmyfire

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Re: A dreaded pension question
« Reply #26 on: 07-07-17, 07:31PM »
This happened  to me while on long term sick.once I returned  to work and received  full wages I was automatically  put back in....long term it will be detrimental  to pension cheers

HereWeGoAgain

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Re: A dreaded pension question
« Reply #27 on: 21-07-17, 12:33PM »
I had this letter today and not too happy about it. I opted to pay a certain amount for a reason don't want it only taken if it doesn't take me below living wage.

Welshie

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Re: A dreaded pension question
« Reply #28 on: 21-07-17, 12:43PM »
You are not removed from the pension,  They are now taking payments after tax as opposed to "smart pension" before tax . You are still in the pension .It's

Compromiseman

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Re: A dreaded pension question
« Reply #29 on: 31-08-19, 09:26AM »
SMART Pay pension....Hokey Cokey (Bonus month in....next month out)

Has anyone had issues with SMART pay pension where they are in the SMART pension when the bonus is paid, but then taken out the next month (letter received from Pension department)?

Welshie

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Re: A dreaded pension question
« Reply #30 on: 31-08-19, 10:00AM »
"Smart pension hokey cokey" , best description ever . I get these letters every other month, and I dont really do overtime , so dont know why but no doubt be back into smart pension when pay rise kicks in .

Compromiseman

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Re: A dreaded pension question
« Reply #31 on: 31-08-19, 10:07AM »

NightAndDay

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Re: A dreaded pension question
« Reply #32 on: 31-08-19, 05:21PM »
S.M.A.R.T pension scheme takes between 4-7.5% of earnings on your gross amount before tax and n.i applies (because when you take your pension out it gets taxed anyway past a cash free lump sum, the savings in having a pension scheme is by Tesco contributing) meaning your taxable amount will be less than with no pension scheme in place because your taxable erarnings are less.

You can't be part of the S.M.A.R.T pension scheme if you don't do enough hours, however you will be put on a non smart scheme, this part I don't understand fully though, the non smart scheme adds your contributions after your tax and n.i, I think it assumes that if you're not doing enough hours to be part of the SMART scheme, you're not earning enough to be taxed, this happened with me when I went down from Shift Leader to 1 day a week ca (though my tax contributions were negative (i gained money) due to how HMRC forecasts earnings.)
« Last Edit: 31-08-19, 05:25PM by NightAndDay »

Welshie

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Re: A dreaded pension question
« Reply #33 on: 31-08-19, 06:17PM »
I always pay tax and ni , it just keeps moving in and out .

Sam29

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Re: A dreaded pension question
« Reply #34 on: 31-08-19, 09:40PM »

NightAndDay

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Re: A dreaded pension question
« Reply #35 on: 31-08-19, 10:06PM »
Saying what I've said earlier, the payslip where we got our colleague bonus payment, I had a smart pension contribution deduction for that (when I dropped down to a 1 day a week ca, my pension contributions were non-smart types), I would guess that you may need to be earning a certain amount for smart to apply.

Compromiseman

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Re: A dreaded pension question
« Reply #36 on: 01-09-19, 08:10AM »

lordadmiral

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Re: A dreaded pension question
« Reply #37 on: 01-09-19, 04:37PM »

Sam29

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Re: A dreaded pension question
« Reply #38 on: 03-09-19, 09:55PM »
« Last Edit: 03-09-19, 09:56PM by Sam29 »

NightAndDay

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Re: A dreaded pension question
« Reply #39 on: 03-09-19, 10:17PM »

blueberet

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Re: A dreaded pension question
« Reply #40 on: 16-09-19, 10:46AM »
I wish I hadn't clicked into this thread, I've just spent the last hour or so trying to work out what's going on with my pension contributions.

I currently have my contributions set to 7.5% to maximise the amount of money that Tesco also contribute. I'm a dotcom driver and work a sunday so this contribution doesn't bring my average hourly wage below the minimum, yet I am still opted out of SMART. This results in me only paying around 6% into my pension rather than the 7.5% and also leads to me paying more tax than a online calculator suggests I should be.

Can anyone explain how this doesn't result in me paying money to the tax man that could be in my pension instead?

Pochin123

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Re: A dreaded pension question
« Reply #41 on: 16-09-19, 12:58PM »
Quick question I left the business just short of a month ago will i get a final statement regarding how much my pension is worth in my final pay? When I asked my manager he just looked at me like i just called him a tw*t. Many thanks
Has This Been Briefed Out??

NightAndDay

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Re: A dreaded pension question
« Reply #42 on: 16-09-19, 01:49PM »
If you email TescoRetirementSavingsPlan@landg.com, they'll be able to acquiesce any pension related requests upon giving them your former employee information.

I'm not sure however to go about obtaining share log-in info once you're an ex-employee.

tumshie

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Re: A dreaded pension question
« Reply #43 on: 16-09-19, 03:42PM »
After you've had your final pay, you'll get letters in the post about shares & pension.

Pochin123

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Re: A dreaded pension question
« Reply #44 on: 16-09-19, 03:52PM »
Many thanks guys :)
Has This Been Briefed Out??

Compromiseman

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Re: A dreaded pension question
« Reply #45 on: 17-09-19, 07:46AM »

Compromiseman

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Re: A dreaded pension question
« Reply #46 on: 17-09-19, 07:49AM »

best

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Re: A dreaded pension question
« Reply #47 on: 17-09-19, 04:58PM »

NightAndDay

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Re: A dreaded pension question
« Reply #48 on: 17-09-19, 06:38PM »
Staff discount isn't a taxable benefit.

best

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Re: A dreaded pension question
« Reply #49 on: 18-09-19, 06:02AM »
Thank you for your reply night and day.👍

 

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