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Are companies able to raid companies’ pensions and steal from its employees?

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Written on: 03.11.2009 [18:39]
Topic creator
Posts: 7
I was reading in the Telegraph that people who work in small companies (as do I) should be careful of their pensions if the company is struggling due to the crisis. They claim that companies are starting to turn to companies’ pensions to fund themselves. Is this possible? Isn’t this somehow against the law, how can they take our hard earned money under the pretext of putting it into our pension scheme and then not. What happens then? I imagine if they get back on top they have to pay the owed monies back into the pensions but what if they don’t? Do we have no security against this at all?
Written on: 05.11.2009 [16:48]
Posts: 1
This is an unfortunate truth that has happened to a lot of people, they have worked and stayed by the company and then they find out that the company has been taking their money. They then get made redundant and then go into administration and thus cannot pay back the pensions. The only thing left then is to try and claim it back from the administrator or claim back from government compensation schemes, but either way is not certain that you will receive all your money that you had put in.

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