Final Salary Pensions-any IFA here?
#1
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Final Salary Pensions-any IFA here?
Not sure if anyone here knows about these things .....
ASDA has just announced the closing of its Final salary Scheme. They are moving their staff to another (cheaper) scheme [clearly a worse scheme than the old scheme] and paying them a quarter of their annual salary as a lump sum .... I assume as some way of compensation - which, to my mind, is a pathetic amount.
Anyway - my pension is one of the last Final Salary Schemes still running ... it stands a good chance of closing.
Now, my thinking is that what I have accrued as of the date of closure should be safe - and be paid out as the terms were when the contributions were built up - and starting the alternative scheme is just that 'starting a new scheme' the old being fixed in stone?
The ASDA thing is now concerning me ..... would I lose what I have built up by moving to another (worse) scheme? Taking on the terms of the new scheme - even for my current built up sum?
Not sure if I have made myself clear .... any IFA's on the site?
ASDA has just announced the closing of its Final salary Scheme. They are moving their staff to another (cheaper) scheme [clearly a worse scheme than the old scheme] and paying them a quarter of their annual salary as a lump sum .... I assume as some way of compensation - which, to my mind, is a pathetic amount.
Anyway - my pension is one of the last Final Salary Schemes still running ... it stands a good chance of closing.
Now, my thinking is that what I have accrued as of the date of closure should be safe - and be paid out as the terms were when the contributions were built up - and starting the alternative scheme is just that 'starting a new scheme' the old being fixed in stone?
The ASDA thing is now concerning me ..... would I lose what I have built up by moving to another (worse) scheme? Taking on the terms of the new scheme - even for my current built up sum?
Not sure if I have made myself clear .... any IFA's on the site?
#2
Scooby Regular
Not sure if anyone here knows about these things .....
ASDA has just announced the closing of its Final salary Scheme. They are moving their staff to another (cheaper) scheme [clearly a worse scheme than the old scheme] and paying them a quarter of their annual salary as a lump sum .... I assume as some way of compensation - which, to my mind, is a pathetic amount.
Anyway - my pension is one of the last Final Salary Schemes still running ... it stands a good chance of closing.
Now, my thinking is that what I have accrued as of the date of closure should be safe - and be paid out as the terms were when the contributions were built up - and starting the alternative scheme is just that 'starting a new scheme' the old being fixed in stone?
The ASDA thing is now concerning me ..... would I lose what I have built up by moving to another (worse) scheme? Taking on the terms of the new scheme - even for my current built up sum?
Not sure if I have made myself clear .... any IFA's on the site?
ASDA has just announced the closing of its Final salary Scheme. They are moving their staff to another (cheaper) scheme [clearly a worse scheme than the old scheme] and paying them a quarter of their annual salary as a lump sum .... I assume as some way of compensation - which, to my mind, is a pathetic amount.
Anyway - my pension is one of the last Final Salary Schemes still running ... it stands a good chance of closing.
Now, my thinking is that what I have accrued as of the date of closure should be safe - and be paid out as the terms were when the contributions were built up - and starting the alternative scheme is just that 'starting a new scheme' the old being fixed in stone?
The ASDA thing is now concerning me ..... would I lose what I have built up by moving to another (worse) scheme? Taking on the terms of the new scheme - even for my current built up sum?
Not sure if I have made myself clear .... any IFA's on the site?
Crystal clear. You fecking work for Asda!
#6
Another epic pedro fail
according to ramblings of lewis circa 2006, you state your allready retired,
and acting as a consultant.
so if your allready retired pedro, and drawing your pension, what are you rambling on about..
onset of dementia is it?
Mart
according to ramblings of lewis circa 2006, you state your allready retired,
and acting as a consultant.
so if your allready retired pedro, and drawing your pension, what are you rambling on about..
onset of dementia is it?
Mart
#7
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Pete works at ASDA!
Pete works at ASDA!
Pete works at ASDA!
Pete works at ASDA!
Pete works at ASDA!
Pete works at ASDA!
Pete works at ASDA!
Pete works at ASDA!
Pete works at ASDA!
Pete works at ASDA!
Pete works at ASDA!
Pete works at ASDA!
Pete works at ASDA!
Pete works at ASDA!
Pete works at ASDA!
Pete works at ASDA!
Pete works at ASDA!
Pete works at ASDA!
Pete works at ASDA!
Pete works at ASDA!
Pete works at ASDA!
Pete works at ASDA!
Pete works at ASDA!
Pete works at ASDA!
Pete works at ASDA!
Pete works at ASDA!
Pete works at ASDA!
Pete works at ASDA!
Pete works at ASDA!
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#8
Ah !!
The Public sector (some jobs) are having a Pensions "choice" at the moment.........I missed out by not being 50 in October 2009.
This puts Pissy at 51-53 ish years of age and working for someone like the UKAEA / AWE at Aldermasten....or an NHS cleaner
Shaun
The Public sector (some jobs) are having a Pensions "choice" at the moment.........I missed out by not being 50 in October 2009.
This puts Pissy at 51-53 ish years of age and working for someone like the UKAEA / AWE at Aldermasten....or an NHS cleaner
Shaun
#10
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Normal practice is to ring fence existing entitlements and for any changes to not be retrospective, unless the scheme isn't fully funded.
The historic contributions will be under the ownership of the pension trustees with the fund (hopefully) sufficient to meet its obligations. The employer can then change future entitlements and flex contributions to the scheme based on any changes, hence what's been paid into the scheme isn't under the employers control.
(Unless you're in the public sector, in which case your part of the biggest ponzi scheme going )
D
The historic contributions will be under the ownership of the pension trustees with the fund (hopefully) sufficient to meet its obligations. The employer can then change future entitlements and flex contributions to the scheme based on any changes, hence what's been paid into the scheme isn't under the employers control.
(Unless you're in the public sector, in which case your part of the biggest ponzi scheme going )
D
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#14
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Normal practice is to ring fence existing entitlements and for any changes to not be retrospective, unless the scheme isn't fully funded.
The historic contributions will be under the ownership of the pension trustees with the fund (hopefully) sufficient to meet its obligations. The employer can then change future entitlements and flex contributions to the scheme based on any changes, hence what's been paid into the scheme isn't under the employers control.
(Unless you're in the public sector, in which case your part of the biggest ponzi scheme going )
D
The historic contributions will be under the ownership of the pension trustees with the fund (hopefully) sufficient to meet its obligations. The employer can then change future entitlements and flex contributions to the scheme based on any changes, hence what's been paid into the scheme isn't under the employers control.
(Unless you're in the public sector, in which case your part of the biggest ponzi scheme going )
D
For the benefit of Mart360 above - you do not have to collect your pension when entitled to ..... not collecting a Pension gives no indication of age whatsoever.
ASDA is paying its existing staff 1/4 a years salary - in compensation I guess ... I was concerned that compensation may have been for rights accrued to be given up. But, thinking about it now, it may just be compensation for what they are about to lose in the future?
I need to know if I should collect my Pension now, thus grabbing it while it's good ... or leave it still longer to grow bigger?
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Pete,
Its 3800 managers whose pension will be affected and not those on the shop floor.
Asda closed their final salary scheme to most employees 5 years ago.
Chip
Its 3800 managers whose pension will be affected and not those on the shop floor.
Asda closed their final salary scheme to most employees 5 years ago.
Chip
#17
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I work for Cadburys....well, Kraft now and they`ve just tried to blackmail us out of the Final Salary Pension. Basically if we stay in (which I did) then we don`t get a rise for 3 years...or so ! If we opt out, our contribution increases 1% a year for the next 4 years, increasing the pension contribution to 9%!! BTW, I didn`t stay in cos I`m a financial genius, I stayed in cos I couldn`t decide what to do and missed the deadline.......................................... ..........TWICE
#19
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#20
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I work for Cadburys....well, Kraft now and they`ve just tried to blackmail us out of the Final Salary Pension. Basically if we stay in (which I did) then we don`t get a rise for 3 years...or so ! If we opt out, our contribution increases 1% a year for the next 4 years, increasing the pension contribution to 9%!! BTW, I didn`t stay in cos I`m a financial genius, I stayed in cos I couldn`t decide what to do and missed the deadline.......................................... ..........TWICE
The agreement then was to try to save the Pension ... the Employees would rack up their contributions each year for 4 years until we are paying 7.5% into it (it was previously a non-contributory scheme [which was what I signed up for many decades previously]).
It would seem that the money the Employees have paid in may have only staved off the end .... it's the greedy Investment Bankers who wreck it - charging £millions to Invest and lose money!!!!!
#24
There is an intrinsic problem with final salary schemes in that following the tax changes in the late 90's pension returns are not what they used to be, and we are all living longer. The long and the short of it is that the schemes are just too risky and expensive for most employers to run.
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