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A workplace pension is a scheme set up by an employer to help employees save for their retirement.
While it’s mandatory for employers to offer a workplace pension scheme, disputes can, unfortunately, arise regarding the contributions made by the employer, the investment decisions made by the scheme provider, or the level of support provided to employees in managing their pension.
If you find yourself in such a position, read on for some advice on how you might rectify the situation.
Steps to follow in a pension dispute
If you’re facing a potential workplace pension dispute, the following steps can help you to resolve the issue.
- Review your pension documentation
First off, it’s important to check your employment contract, pension scheme documents, and any correspondence related to your pension to ensure you fully understand your pension entitlements and the terms and conditions of the scheme. These documents can be difficult to understand, and it may be helpful to go over them with an employment law specialist such as Weightmans Solicitors.
- Speak to your employer
If you’re unclear about any aspect of your workplace pension, speak to your employer or HR department to seek clarification. They may be able to explain the terms of the scheme or provide you with additional information.
- Raise a complaint
Next, if you have a reason to lodge a complaint about your workplace pension, raise it with your employer. Most pension schemes have a formal complaints procedure in place, which you should try to follow.
- Seek independent advice
If you are still not satisfied with the outcome of your complaint, seek independent advice from a financial adviser or a legal specialist in that area. They can help you understand your rights, and advise you on the best course of action.
- Contact the Pensions Ombudsman
Once you’ve exhausted all other avenues for resolving your pension dispute, you might want to contact the Pensions Ombudsman. The Ombudsman is an independent organisation that investigates complaints about workplace pensions, and can make a legally binding judgement.
Resolving a workplace pension dispute can be a stressful process, especially if it leads to additional tensions in the workplace. To avoid disputes, it can be beneficial to clarify your pension entitlements early on, and to seek additional advice if you are unsure about any aspect of your pension scheme. You should also regularly review your pension documentation, and keep records of all correspondence related to your pension.
Seeking financial advice
It’s also a good idea to seek independent financial advice to help you make informed decisions about your pension. It may not seem urgent now, but when it’s time to retire, the difference it can make to your quality of life can be highly significant. A financial adviser can help you understand your pension options, the risks involved, and the potential returns you can expect.
If you’re facing a workplace pension dispute, it’s important to take the issue seriously and seek some form of resolution as soon as possible. By following the steps outlined above, you can ensure that your pension entitlements are protected, and that you receive the support you need to manage your pension in the best manner possible.
