Home Forums Money Pension advice

  • This topic has 5 replies, 3 voices, and was last updated 1 month ago by mel.
  • Pension advice

    I only receive a reduced rate on my state pension because my employer put me on married woman stamp. But I was in a pension scheme with them which they paid. I am now in the position of a vastly reduced State Pension after working over 40 years but 20 with this employer. And for the last 13 years since I retired they have done claw back from my company pension of £82 per month.   I thought claw back couldn’t happen anymore. But I am out of pocket a. On a reduced State Pension and b. Nearly £13k paid back to the company.

    Posted by Bobbylaa
    • Reply by mel

      So sorry to hear this. I know many people have been hit hard by claw back and it does seem horribly unfair. It might be worth having a chat with the Pensions Advisory Service who might be able to shed light on your letter or where to go for more help. You can find their contact details on their website here: https://www.pensionsadvisoryservice.org.uk/

    • Reply by Brian Johnson

      That is really bad.  I would ask them to explain it in language you can understand.


      • Reply by Bobbylaa

        It’s a large bank and the same letter comes out each time. It did go to parliament who agreed claw back should be stopped but to take it to the shareholders to date we have not heard but I think they will not give up on their fat shares whilst we are all giving a portion of our pension each month. But thank you for your thoughts.

    • Reply by Brian Johnson

      Have you asked them to check exactly what the deduction from your benefit is?  There are many ways that company pension schemes link to private schemes.

      • Reply by Bobbylaa

        They gave a letter but I asked a financial advisor what it all meant and he couldn’t even understand it.