A well-managed pension process is crucial for maximising returns and ensuring a smooth transition into retirement. At CrusaderSterling Pensions (CPL), our goal is to help our contributors secure financial stability through consistent and effective pension savings management. Despite the structured nature of the pension management system, contributors may encounter challenges that can disrupt the seamless flow of funds into their Retirement Savings Accounts (RSA). Â
Here’s how you can successfully navigate some of these challenges and keep your retirement savings on track.Â
Key Challenges and Solutions:Â
- Delays in Remittance: Sometimes, employers may delay remitting pension contributions due to administrative or financial issues, which can result in delays in crediting RSAs and missed investment returns. To address this, regularly check your account using our mobile app or website. If you observe any delays, promptly contact your employer to ensure they fulfill their remittance obligations.
- Incorrect Information: Employers must submit a Schedule of Collection (SOC) with every pension remittance to enable accurate crediting of employees’ pension accounts. Without an accurate SOC, CPL cannot properly allocate the pension contributions, leading to delays in crediting and other issues. Additionally, errors in RSA PINs or personal details can cause misallocation and further delays. To avoid these issues, confirm that your employer has accurate and up-to-date information. If you have changed jobs or updated your details, ensure that your records are updated accordingly. Employers must also ensure that the correct SOCs are sent to the respective Pension Fund Administrators (PFAs) with which their employees are registered. For CPL Contributors, SOCs should be sent to schedules@crusaderpensions.com and info@crusaderpensions.com.
- Employer Non-Compliance: Irregular remittances by employers can impact your pension’s growth. Stay informed about your rights and responsibilities under pension regulations. If your employer is not complying, address the issue with them or contact CrusaderSterling Pensions for assistance. We are here to help ensure timely contributions.
- Lack of Monitoring: Failing to regularly monitor your pension account can lead to unnoticed discrepancies. Make it a habit to frequently check your pension statements through our mobile app and self-service portal. Identifying and resolving errors early ensures that your pension savings are accurately reflected.Â
For any questions or enquiries about your pension account, kindly call Tomi on 0201 2713800-4, or Chidiogo on 0201 2714605. Send us an email at info@crusaderpensions.com
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