Pension Query

pickaname · Post by **pickaname** » 14 Sep 2007, 16:25

If the proposed changes to the Pension scheme go through:

a) Can you come out of the scheme and get your contributions back in full.

b) Is it worth coming out of the scheme and putting the money elsewhere.

postie28 · Post by **postie28** » 14 Sep 2007, 16:28

pickaname wrote:If the proposed changes to the Pension scheme go through:

a) Can you come out of the scheme and get your contributions back in full.

b) Is it worth coming out of the scheme and putting the money elsewhere.

worth looking into. don't fancy doing 5 extra years for this f*****g shower

gingernut · Post by **gingernut** » 14 Sep 2007, 16:40

You really need to consult an independant financial advisor. I have and the pension fund is not good.

Post by **stephen500** » 14 Sep 2007, 17:03

At 60 i will have the max 40 years so can they increase the time i pay over the max?
How much will the 10 years i earn after 2010 cost me when i choose to retire at 60?

Post by **trythat** » 14 Sep 2007, 18:04

I called the pesion line today, and you can transfer to another scheme when ever you like, whether it's worth it or not is another matter, but I really don't intend to work after 60, so if all these crappy changes defently come in, I'll be shipping out to somewhere else, even if I have to contribute more.

Post by **baldrick** » 15 Sep 2007, 10:10

stephen500 wrote:At 60 i will have the max 40 years so can they increase the time i pay over the max?
How much will the 10 years i earn after 2010 cost me when i choose to retire at 60?

I'm not an expert on this, but from what I can make of it if they raise the pension age to 65 in 2010,
you will have to have 45 years from that date to get the full pension.
You will still be able to take your pension at 60 but will have it actuarily reduced by 5% for every year
earlier than 65. So if you take it at 60 you will lose 25%.
Jafferpants is the man who seems to know about pensions. He seems to be away at present.
When he returns he might be able to give more definite advice.

Post by **stephen500** » 15 Sep 2007, 12:13

At least they can't reduce what i have earned up to 2010, so any pension earned after 2010 would be reduced. So 30 years ok, but the last 10 will be affected. This is according the the non-agreement which i saw yesterday.

Post by **disheartened** » 15 Sep 2007, 12:58

stephen500 wrote:At 60 i will have the max 40 years so can they increase the time i pay over the max?
How much will the 10 years i earn after 2010 cost me when i choose to retire at 60?

Stephen500.....this is something i would like to know lots more about as it effects me in exactly the same way as you.I am 47 years now,started in 1979,so to date 28 years service,i would of paid my 40 years pension by the time i am 59 years old.There needs to be a better deal on the pension side of things.

coppertop · Post by **coppertop** » 15 Sep 2007, 13:40

Why should we have to increase our pension contributions , it was not us who took the money out and squandered it on managerial bonuses and ill investments, but now we are being told that we have to pay back that money (which the top brass took),by working five years longer . But what really pisses me of is that those that bennefitted from it like the top 60 managers do not have to contribute to the shortfall or have to give the company another five years.It is so wrong , how many people on this site agreed to them taking a ten year pension brake I didn't. We have all paid into this pension scheme with a view that if we wanted we could retire at 60 as I planned to do. and still do. But if dozy cut and burn crozier has his way we will prob pass away whilst working at our prep frames. I really am angry at this more than the pay offer and Ifor one think we should go out and stay out till those two twats realise that they cannot take the piss like this

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