FundRobot » Pension Funds » Tax Relief On Pension Not Showing Up On Account?

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Old   #1 (permalink)
 
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Default tax relief on pension not sing up on account

I took out a stakeholder pension with Virgin Money. I keep reading about the taxman putting money in to top it up every time I put money in. Now I've paid money in 3 times now by direct debit but when I log on to check my pension pot it's only showing the money I've paid in and how much it's gone up by but there is no sign whatsoever of the taxman topping up my contributions, The website says they will claim the relief for me. What's going on?



Is the top up meant to be monthly every time I pay in or does it do it every so often? I can't seem to find ANY answers anywhere on the web.
NewEra50 is offline   Reply With Quote
Old   #2 (permalink)
 
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Default tax relief on pension not sing up on account

Ask the pension provider about the timing of the claims.
Money07 is offline   Reply With Quote
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Old   #3 (permalink)
 
Posts: 2,502
Default tax relief on pension not sing up on account

Virgin Money's marketing department have been a little disingenuous with explaining how pension plans work. You pay in net of basic rate tax, Virgin claim the tax back and invest the gross amount. So if you pay 8, Virgin should invest 10 in the selected fund and that should be reflected in the fund value.
Owner101 is offline   Reply With Quote
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