Employer making changes to pension scheme. advice.
Discussion
Anyone on here know anything about this. Just had an Email with a 3 page acobat document summarizing changes to take place from March 2007. Basically they are closing the Final Salary Scheme and replacing it with one that's not. I feel Genuinely pissed off, especially as my boss's boss's boss is in the TOP 100 in US Salaries.
You get a pension from your employer?? !!?? wow, you may also get a govt pension - you lucky lucky lucky person.
Perhaps the final salary scheem is uneconomic, better to get a pension than nowt.
Talking about Nowt, why doesnt my boss pay into a pension for me??? what ?- Self employed. bummer.
Govt pension, hah tity ha ha.like that will still be there when i retire or they will put it up to 80.
Perhaps the final salary scheem is uneconomic, better to get a pension than nowt.
Talking about Nowt, why doesnt my boss pay into a pension for me??? what ?- Self employed. bummer.
Govt pension, hah tity ha ha.like that will still be there when i retire or they will put it up to 80.
superlightr said:
You get a pension from your employer?? !!?? wow, you may also get a govt pension - you lucky lucky lucky person.
Perhaps the final salary scheem is uneconomic, better to get a pension than nowt.
Talking about Nowt, why doesnt my boss pay into a pension for me??? what ?- Self employed. bummer.
Govt pension, hah tity ha ha.like that will still be there when i retire or they will put it up to 80.
Perhaps the final salary scheem is uneconomic, better to get a pension than nowt.
Talking about Nowt, why doesnt my boss pay into a pension for me??? what ?- Self employed. bummer.
Govt pension, hah tity ha ha.like that will still be there when i retire or they will put it up to 80.
Agreed.
Many big companies got rid of final salary pensions a few years ago exactly for this reason. You get a lot more money than a standard scheme. Which is naturally why you are p***ed off!
You would have to look through your employment terms to see if they can do this, but my gut feeling is that if it is a reputable company they would have covered there asses before changing the rules.
www.hispanicbusiness.com/wealthiesthispanics/details.asp?id=43
Apparently my boss's boss's boss is the 43rd RICHEST HISPANIC in the US worth $65 million.
Still: in the slightly modifed words of MONTY BURNS "That's one more ivory back scratcher"
Apparently my boss's boss's boss is the 43rd RICHEST HISPANIC in the US worth $65 million.
Still: in the slightly modifed words of MONTY BURNS "That's one more ivory back scratcher"
Yes, your employer can close the final salary scheme. They cannot remove the benefit you've accrued in it to date. Thank el gordo for putting your employer in the situation where the final salary scheme has become to much of a burden for it to be maintained.
Find out how much the employer has committed to paying into the scheme going forward - speak to the trustees. The likelyhood is that there will be a deficit to fund and the employer will be obliged to fund this. Your Member Nominated Trustee(s) should be "on your side" in this, although in my experience the majority of MNTs are but puppets who fear for their jobs if they object to what the other trustees, usually people in power in the company, are doing.
If the scheme's replacement (probably a stakeholder scheme) has less than a 7% employer contribution going into it feel a bit aggrieved, because that is a ball park figure for what your employer will be saving by capping the liabilities in the final salary scheme now.
Find out how much the employer has committed to paying into the scheme going forward - speak to the trustees. The likelyhood is that there will be a deficit to fund and the employer will be obliged to fund this. Your Member Nominated Trustee(s) should be "on your side" in this, although in my experience the majority of MNTs are but puppets who fear for their jobs if they object to what the other trustees, usually people in power in the company, are doing.
If the scheme's replacement (probably a stakeholder scheme) has less than a 7% employer contribution going into it feel a bit aggrieved, because that is a ball park figure for what your employer will be saving by capping the liabilities in the final salary scheme now.
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