Topic: Missed Pension Payments...what to do?

[rrocket]

Our company was purchased last year when the owner retired.  Since then, I've found out that the company has missed paying a couple of our pension payments.  Not only their 3%, but my matching 3% contribution.  My 3% contributions were deducted off my cheque, so they've had our money...and just didn't put it in our pension plan.  The company claims if was a "mistake" and said they'd fix it.  That was over 3 months ago.  I'm tired of waiting.  I'd ask my dad for advice (he's a CA) but he's on vacation for the next several weeks. 

What recourse, if any, do I have?  Is there some government watch-dog for pensions? 

[Ex-airbalancer]

Phone a paper or TV station?

[safristi]

If it is a Defined Benefit pension and you are "Vested" that is locked in and guaranteed a pension based on TOTAL contributions......for example 2% times annual salary
 times Years worked times best last 5 years salary...NO PROBLEMO (in most cases) as the monies have (should have) been set aside in a separate and untouchable account in your name.................other pensions NOT so much.................call your pension GURU.......

    your situation may Vary...........

[Brig]

My dad worked for Atlas Steel all of his working life and also had a company-managed pension.  The company was bought and sold a few times.  After he retired, it came to light that the company had not been making contributions to the plan for many, many years and his pension was almost cut in half.  I hope this isn't what's happening to you. 

Ours is managed by a third party - Great-West Life.  Untouchable by anyone (unless GWL decides to screw off with it).  After sub-prime mortgages, nothing surprises me anymore.

[rrocket]

My dad worked for Atlas Steel all of his working life and also had a company-managed pension.  The company was bought and sold a few times.  After he retired, it came to light that the company had not been making contributions to the plan for many, many years and his pension was almost cut in half.  I hope this isn't what's happening to you. 

Ours is managed by a third party - Great-West Life.  Untouchable by anyone (unless GWL decides to screw off with it).  After sub-prime mortgages, nothing surprises me anymore.

Our is managed by Manulife.  But when the deduction come of my cheque for the pension contribution (3%) the company matches it (3%).  But they physically didn't mail/send/deposit the monies into the account.

[Ex-airbalancer]

My dad worked for Atlas Steel all of his working life and also had a company-managed pension.  The company was bought and sold a few times.  After he retired, it came to light that the company had not been making contributions to the plan for many, many years and his pension was almost cut in half.  I hope this isn't what's happening to you. 

Ours is managed by a third party - Great-West Life.  Untouchable by anyone (unless GWL decides to screw off with it).  After sub-prime mortgages, nothing surprises me anymore.

Our is managed by Manulife.  But when the deduction come of my cheque for the pension contribution (3%) the company matches it (3%).  But they physically didn't mail/send/deposit the monies into the account.

Any of the new owners on a trip south

[rrocket]

My dad worked for Atlas Steel all of his working life and also had a company-managed pension.  The company was bought and sold a few times.  After he retired, it came to light that the company had not been making contributions to the plan for many, many years and his pension was almost cut in half.  I hope this isn't what's happening to you. 

Ours is managed by a third party - Great-West Life.  Untouchable by anyone (unless GWL decides to screw off with it).  After sub-prime mortgages, nothing surprises me anymore.

Our is managed by Manulife.  But when the deduction come of my cheque for the pension contribution (3%) the company matches it (3%).  But they physically didn't mail/send/deposit the monies into the account.

Any of the new owners on a trip south

LOL...no, no.  It's nothing like that.  It was in the interim between the old and new owners that payments got missed.  Looks to be an oversight.  But it has NOT been corrected quickly enough IMO.

[tenpenny]

If it's been corrected, that's good.

To answer your question, yes, there is a supervisor of pensions or some other similar name in each province, and probably at the fed level for federally-mandated pension plans.  I believe it would come somewhere under the dept of labour. 

[safristi]

..Congrats Wing........a SENIOR MOMENT there.....i tho't ya were YOUNGER ......................

[rrocket]

If it's been corrected, that's good.

To answer your question, yes, there is a supervisor of pensions or some other similar name in each province, and probably at the fed level for federally-mandated pension plans.  I believe it would come somewhere under the dept of labour. 

Sorry...sorry...it HASN'T been corrected quickly enough.

[inco]

If your payroll is managed by ADP or perhaps Ceridian, they deducted and have set aside the money and possibly even paid it. It won't show though until your company portion shows up to match.

If payroll is totally done by your company it may not. You can go to the person or company that is responsible for your benefits ( a consultant or broker) and get them involved or you can go to the Ontario website and look under pensions to see you need to contact. They are regulated.

[baumer00]

You're in Ontario so you're pension should be regulated by FSCO, try contacting them:
http://www.fsco.gov.on.ca/english/pensions/

[rrocket]

Thanks everyone!!  Will keep you posted!