"User has an existing pledge" code creates new payment rather than linking payment

When a contribution is posted for a contact with an active or overdue pledge, a link is presented to apply the contribution to the pledge. The form that loads does not contain the data from the contribution and if the form is adjusted to match the contribution data and saved, a second contribution is created. Bug exists in both 3.2 demo site and 3.3 alpha sandbox

Steps to reproduce:
Create a pledge
Record a contribution via the contact's Contribution tab
Follow the link presented
Adjust the data to match the contribution or simply save as if it did match.