Pension query

hackedoff · Post by **hackedoff** » 09 Nov 2007, 14:58

One for all you brainiacs out there

If i throw my resignation in before the deal is forced thru. sorry i mean accepted

can the b#stards still take from a frozen pension fund or will what i have remain safe......

jafferpants · Post by **jafferpants** » 09 Nov 2007, 16:08

The first point is how much service do you have. The second point is the pension you already have is safe and cannot be touched.

yogibear · Post by **yogibear** » 09 Nov 2007, 18:32

As Jim Bowen from Bullseye would say your mooneys safe

jafferpants · Post by **jafferpants** » 09 Nov 2007, 18:36

yogibear wrote:As Jim Bowen from Bullseye would say your mooneys safe

And seeing the final salary scheme close he would say "Have a look at what you could have had"

yogibear · Post by **yogibear** » 09 Nov 2007, 18:37

hackedoff · Post by **hackedoff** » 10 Nov 2007, 13:00

9 years service 7 in the pension

jafferpants · Post by **jafferpants** » 10 Nov 2007, 14:25

hackedoff wrote:9 years service 7 in the pension

Dont let anyone persuade you to move it. whether you leave the job or not and you wont regret it in years to come.

ronaldo · Post by **ronaldo** » 11 Nov 2007, 18:19

I dont understand any of this pension thing.i have 20 years in and 20 to go until 60 which gives me 40 years in the pension.can anyone tell me if i keep paying until im 65 or do my contributions stop.

Post by **baldrick** » 11 Nov 2007, 18:22

Under RM's proposals you will have to pay 45 years contributions for a full pension, instead of 40 as at present.

ronaldo · Post by **ronaldo** » 11 Nov 2007, 18:30

a friend of mine wants to buy years to get full pension and was told he had to buy 2.5 years to make 40 years.this was last week so when it changes will have to buy 7.5.is this right

Post by **baldrick** » 11 Nov 2007, 19:03

Probably - unless he is 60 before 1 April 2008, and he has 40 years (including bought years) before then.

Post by **dvbuk55** » 11 Nov 2007, 19:17

Actually I don't think he will - as far as I remember you can only contribute for 40 years - so although you retire at 65 you contribute only till you're 60 - the benefits, although not drawn will continue to grow using whatever formula is in place. The amount contributed over the final five years should accrue interest and over a career average would take into account the last five years - if that was the case then it would go in part to offset the closure of the old pension fund.

Although this is not an ideal situation it is better than trying to finance a pension from your own resources. I have always said that this is a done deal and I don't think there is any way back.

ronaldo · Post by **ronaldo** » 11 Nov 2007, 20:57

baldrick wrote:Probably - unless he is 60 before 1 April 2008, and he has 40 years (including bought years) before then.

60 in 20 years time and would have 37.5 years in if he didnt buy the extra

jafferpants · Post by **jafferpants** » 12 Nov 2007, 15:54

Although this is not an ideal situation it is better than trying to finance a pension from your own resources. I have always said that this is a done deal and I don't think there is any way back.[/quote]

DVBUK55 spot on athough it's not a patch on a final salary scheme it's still defined benefits. Which is a million times better than a personal pension where you can end up with nothing.

Post by **arsenalbob** » 12 Nov 2007, 16:02

does anyone know how expensive it is to buy extra years? i should have 29 at age 60 and thinking about buying the other 11

ROYALMAILCHAT

Pension query

Pension query

pension

Re: pension