Share Save Scheme

callmeBadger · 28 Mar 2006 at 11:08

I was working a few years ago for a compnay that had a sharew save scheme, I left them after paying in for a couple of years, (the scheme I join had a 3 year option).

Is there anyway to get my money I invested back out? or any way to get the shares?

I was in the scheme whilst I was at Uni, and since then (its been about 4 years) I've moved house.

Who do I contact and what proof its me do i need?

SeriousPigeon · 28 Mar 2006 at 11:12

The money should be in a bank account which will be in your name.
Leaving the company has probably ended the scheme for you, but the money is yours, so getting it shouldn't be a problem.
Just look at any documentation you have to find out details of where it is.
If not phone up the HR department of the company you worked for and ask them to sort it out.

alexakasloth · 28 Mar 2006 at 11:52

What do you mean by a 3 year option, does it say that you have to put money in for 3 years before you can take any out?

kaiowas · 28 Mar 2006 at 11:55

suicidle_tramp said:
What do you mean by a 3 year option, does it say that you have to put money in for 3 years before you can take any out?

If it's like the scheme here, you commit to paying into a savings account every month for 3 years. At the end of the 3 years you have the option to either remove your money or buy shares at the price they were 3 years ago. Obviously if the value of shares has gone up you're onto a winner, if they've gone down you've not lost anything

callmeBadger · 28 Mar 2006 at 12:25

kaiowas said:
If it's like the scheme here, you commit to paying into a savings account every month for 3 years. At the end of the 3 years you have the option to either remove your money or buy shares at the price they were 3 years ago. Obviously if the value of shares has gone up you're onto a winner, if they've gone down you've not lost anything

also as I was staff at the time, they were at a discounted rate when quoted. I paid in for 2 yhears about £150 / month, even if they didn't buy the shares, I'm hoping I get my money back.

Is truly amazing what you remember when bored at work.

Vanilla · 28 Mar 2006 at 12:34

callmeBadger said:
Is truly amazing what you remember when bored at work.

Can't believe you'd even forget that!

wsurfa · 28 Mar 2006 at 12:41

SAYE schemes are 3,5 or 7 year terms if IR approved - normally you will receive your contributions plus the relevant interest if you've paid in for more than 1 year.

This is fairly standard so the leaving proceduire will alsoe be standard for getting the money back - it may be adminsistered externally to the normal payroll hence might not have automatically been reimbursed on leaving. Your HR dept at the old firm should be able to sort this easily