Pensions

[gerrykeegan]

Is there anyone out there that might be well up on Pensions. A previous company I worked for has just informed me that they are going to windup the pension plan and will inform me of the reduced transfer value in due course. Now the company is highly profitable and i am wondering can they just do this. Any help appreciated before I go (if I have to) a solicitor. (Its a down south company)

[muppet]

Is there anyone out there that might be well up on Pensions. A previous company I worked for has just informed me that they are going to windup the pension plan and will inform me of the reduced transfer value in due course. Now the company is highly profitable and i am wondering can they just do this. Any help appreciated before I go (if I have to) a solicitor. (Its a down south company)

Depends, if the pension is a separate company it's decisions would be made by the trustees not the employer. Does it have trustees?

[gerrykeegan]

It does have trustees, they were the people who wrote to me. They are insurance brokers. What they said was "The company (who I worked for) have decided to cease contributions with immediate effect. The plans assets are insufficient to meet the value of its liabilities. this has been the case since 2004 when a funding proposal was agreed. The funding obligations will now now not be satisfied. the trusttes have no alternative but to wind up the plan.

As the trustees are Insurance Brokers I assume that they are just acting on the say of the company. As I said the company is highly profitable and i am guessing that they are attempting to walk away from this deficit and start a new scheme.

[magickingdom]

you should definitely get good professional advice on this even tho in reality there is very little you can do about it. most pensions these days are defined contribution  - which in essence means you will not know what you get out of it until you retire (as opposed to defined benefit where you know what your going to get on retirement). if you are in new employment you can transfer the value of it into your new pension (if you have one) or you can start a new one with that amount.

[STREET FIGHTER]

Anyone got any useful advice relating to pensions or investment plans?

Recommendations etc?

Probably a bit late thinking about this- in my late 30's- and with only the employers pension in play...

Would love to here some opinions on this all.....fear I've left it all a bit late....

[seafoid]

Anyone got any useful advice relating to pensions or investment plans?

Recommendations etc?

Probably a bit late thinking about this- in my late 30's- and with only the employers pension in play...

Would love to here some opinions on this all.....fear I've left it all a bit late....

Buy cheap. Don't buy and hold. Wait to invest. EG if markets fall by more than 30%.

[trueblue1234]

Anyone got any useful advice relating to pensions or investment plans?

Recommendations etc?

Probably a bit late thinking about this- in my late 30's- and with only the employers pension in play...

Would love to here some opinions on this all.....fear I've left it all a bit late....

Go online and use one of the pension calculators. You'll need an idea of when your planning to retire and that'll give you a steer on what you need to be investing. If you don't plan on working until your 67 then have a think about a separate private pension to bridge the gap. I've a private one that I'm throwing £100-200 in a month that hopefully will allow me to retire a few years earlier without having to take my work pension early.   

Does your work provide a decent pension currently?
And don't worry, most people don't worry about pension a til they're well into their 30's anyway. But a little now can make a big difference at the end.

[STREET FIGHTER]

Thanks Lads...

Will have to do some research on line to see what products are available...

Maybe arrange to meet a Financial Advisor etc...