L&G can’t explain missing £7,000

One of Britain’s largest savings companies is to review all its workplace pension records after a customer found it had miscalculated his transfer by thousands of pounds.

Telegraph Money reader Kevin Slattery discovered the £7,000 error by Legal & General Investment Management (LGIM) by chance when he downloaded the account transactions for his L&G Worksave Pension Plan.

He had consolidated another retirement pot into his L&G pension, and the £147,700 appeared correctly on the first page of his online records.

He found the discrepancy only when he looked at his payment history in the associated spreadsheet and saw that in fact only £140,700 had been paid into his pension.

Mr Slattery said: “I was told a

transfer rate of 95pc had been used rather than 100pc. I have been given no explanation for this.”

When Mr Slattery made L&G aware of the mistake it was corrected, but the firm offered scant further details.

“I have received no reply to my last email asking whether I have lost out financially and how they would compensate me,” he said.

A spokesman for LGIM blamed the mistake on “human error”. She said that the missing amount was now correctly in Mr Slattery’s account and that investment values for July 2018, when the transfer was made, had been used to ensure he had not lost out. It is now checking all workplace pension transfers for errors. The spokesman could not say how many customers were affected. However, Mr Slattery disputed LGIM’s version of events. He said: “It doesn’t sound like complete human error as a very specific transfer rate of 95pc was applied. “They have also glossed over the fact that I had to bring it to their attention and it was not easy to spot from the information they provided. I still have not received anything from them in the post explaining what happened.” Proportion of Kevin Slattery’s pension that was transferred – what happened to the rest?