Parasol Pension

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RockinRobin replied

21 April 2009, 20:17
Yes I could open a SIPP but I would only get tax relief; the Parasol scheme also saved employees and employers NI as it was paid directly from gross earnings...or should have been if it had worked as intended !
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moorfield replied

21 April 2009, 17:10
Originally posted by RockinRobin View Post

Is anyone in this scheme? It is a good idea as pension is deducted straight from gross saving tax and NI. However I had so much trouble trying to get Parasol to actually pay the money they had deducted over to the pension company that I have now left the scheme. They just stopped paying it and when I queried why, they tried to say it was for their 'advance' pension payments that they had already paid (which they had not). And we are talking about several thousand pounds here ! I don't know if Parasol are having cash flow or staffing problems or both but it was a right pain and worry to sort out. I never received any apology or compensation for late payment either. Parasol Financials even had the cheek to email me about how they pride themselves on customer service etc. when they had left it entirely up to me to chase up my missing pension.
A great scheme if it worked but just not worth the hassle !

Open your own SIPP, make your own contributions into that, claim any higher rate tax back on your self assessment. Much more portable if you switch to a ltdco in future or even go back to perm.
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RockinRobin started a topic Parasol Pension

21 April 2009, 12:24
Parasol Pension

Is anyone in this scheme? It is a good idea as pension is deducted straight from gross saving tax and NI. However I had so much trouble trying to get Parasol to actually pay the money they had deducted over to the pension company that I have now left the scheme. They just stopped paying it and when I queried why, they tried to say it was for their 'advance' pension payments that they had already paid (which they had not). And we are talking about several thousand pounds here ! I don't know if Parasol are having cash flow or staffing problems or both but it was a right pain and worry to sort out. I never received any apology or compensation for late payment either. Parasol Financials even had the cheek to email me about how they pride themselves on customer service etc. when they had left it entirely up to me to chase up my missing pension.
A great scheme if it worked but just not worth the hassle !
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