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final salary

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By *ung and ready OP   Man
over a year ago

newcastle under lyme

I have just been told my final salary pension finishes on jan 1 and a new one will start.

new one takes the risk off the company.

has any got any advice please.

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By *iewMan
Forum Mod
over a year ago

Angus & Findhorn

check with your HR department, your union representative and possible external legal advice.

probably will have been all checked in advance of communicating to you, but still worth checking.

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By *urreyfun2008Man
over a year ago

East Grinstead

Depends a lot on the new scheme.

Less risk for the firm, might mean that the money you have in the pension is less at risk from pension raids.

My advice, don't rely on a work pension for retirement, several tax free savings methods are available. The savings based ones don't perform as well or as bad as shares, but provide a nice stable basis.

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By *ung and ready OP   Man
over a year ago

newcastle under lyme

thank you for your advice.

it was very kind of you.

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By (user no longer on site)
over a year ago

A lot of final salary schemes are swapping to a career average scheme. This seems fair when you consider that someone may have been at a certain pay level for many years and only reached promotion with, say, 5 years to go before retirement.

Also, a lot of companies want to be rid of the final salary pension altogether and have set stringent requirements for those employees still in those schemes. Things like very inflexible contribution requirements. If someone goes over their period of sick leave, for example, and contributions cease for any length of time, they will find themselves dumped out of the final salary pension and automatically transferred into whatever new scheme is implemented.

I stopped all my contribs when Robert Maxwell raided the pension fund of his employees and then went for a swim. If my money is cast iron protected then I'm not giving it some fooker who can rob me of my security whenever he wishes to. Property will provide my pension as I'll be in full control of it.

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By (user no longer on site)
over a year ago

Edit ** isn't cast iron protected

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By (user no longer on site)
over a year ago

Alot of companies are ceasing salary linkage, we are too. Apparently 60% of our top competitors have too.

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By *atisfy janeWoman
over a year ago

Torquay


"A lot of final salary schemes are swapping to a career average scheme. This seems fair when you consider that someone may have been at a certain pay level for many years and only reached promotion with, say, 5 years to go before retirement.

Also, a lot of companies want to be rid of the final salary pension altogether and have set stringent requirements for those employees still in those schemes. Things like very inflexible contribution requirements. If someone goes over their period of sick leave, for example, and contributions cease for any length of time, they will find themselves dumped out of the final salary pension and automatically transferred into whatever new scheme is implemented.

I stopped all my contribs when Robert Maxwell raided the pension fund of his employees and then went for a swim. If my money is cast iron protected then I'm not giving it some fooker who can rob me of my security whenever he wishes to. Property will provide my pension as I'll be in full control of it."

Totally agree that bricks and mortar are the best form of retirement pension, the risks taken over the last few years by Banks, Insurance Companies and Pension Fund Managers have resulted in many people retiring with much reduced pensions.

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