No freedom for my pension!!!

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  • atush
    atush Posts: 18,726 Forumite
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    grantie2u wrote: »
    Ah, now I understand, it's all my fault :-)

    By George, I think they've got it!
  • OldBeanz
    OldBeanz Posts: 1,401 Forumite
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    grantie2u wrote: »
    Ah, now I understand, it's all my fault :-)

    You are lucky to get away with that comment on here. Mention Public Sector Pensions and there are a number of posters who will argue vehemently about how they have been robbed by fat cat Government backed Defined Benefit pensioners because they have not had access to such good schemes.
  • chucknorris
    chucknorris Posts: 10,786 Forumite
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    edited 12 July 2017 at 6:05PM
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    grantie2u wrote: »
    Yes thanks, I'm aware of all of the above. My question was why is this the case so why was the legislation allowed and how is that fair to me under the pensions freedoms act?

    I'm in the TPS (teachers pension scheme) and I can't transfer that pension to a DC scheme either, but you know what? I am just grateful that I was lucky enough to able to take advantage of such a great generous DB pension scheme, you won't find me whinging about it. All you'll hear from me is what fantastic value the pension scheme is.

    Think about all the people who don't have access to such generous pension schemes, your post is a real slap in the face for them. You really need to count your blessings and focus on what you have got, rather than what others have.
    Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop
  • grantie2u
    grantie2u Posts: 16 Forumite
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    I often do think about those people who didnt take out pensions such as my wife but no matter how much I sympathise it doesnt make my situation right or proper. I do indeed get the feeling on here that I should consider myself lucky, and I do consider myself fortunate to have had the foresight to have sought employment for an employer who offers such benefits and savvy enough to take advantage of those benfits, after all they were a condition of my contract of employment, still no one has answered the fundamental question of the fairness of introducing so called pension freedoms legislation and almost immediately ruling that the now unfunded pension schemes cant take advantage of the new legislation, it is in plain english unfair...
  • Malthusian
    Malthusian Posts: 10,944 Forumite
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    Unfair is a meaningless word invented to allow children to take part in adult conversations. The fundamental reason unfunded defined benefit schemes are not allowed to use pension freedoms is because the Government considered there was no reason the taxpayer should stump up an upfront bill so someone could make themselves poorer (in 99% of cases).

    Furthermore the reason pension freedoms were introduced - low annuity rates - is not a concern for those in unfunded defined benefit schemes. Do you think it is unfair that the Goernment hasn't given the right to terminate a pregnancy to men or the right to have a civil partnership to heterosexual couples?
  • Silvertabby
    Silvertabby Posts: 9,024 Forumite
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    There is a way round this, you know. Get a job in Local Government, transfer your RM benefits into the LGPS, then transfer the lot into a money purchase/cash it in now plan.

    Just don't come crying to us if your money runs out before you do.
  • System
    System Posts: 178,094 Community Admin
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    Hi

    I was aware of the change in the status of the Royal Mail, and possibly the side issue of the pension scheme, it was in the news a lot.
    ###################################################

    Royal Mail has offered its employees a cash balance defined benefit (DB) scheme as a compromise for closing its current career average DB scheme to accrual.
    The scheme, which could launch April 2018, would see members guaranteed a lump sum payment of the total value of contributions at retirement, which could be uplifted on a discretionary basis depending...

    ######


    Who knows what is over the horizon. It may be a rainbow with a pot of gold at the end, or just Bungle and Jeffrey.


    AAnd yes I am still angry about Postman Pat losing the right to display the Royal Mail logo, being sacked for being unreal. Royal Mail seems more of a puppet than he ever was.
  • Heatherclark
    Heatherclark Posts: 6 Forumite
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    Grantie2 you. I am in the same position. Even though I understand the financial implications of paying out so many DBs as a pot, I am also annoyed that this is my money - the pension was my savings plan that I will be taxed on twice (earnings and pensions), i was told that the earliest i could have it was 50 and now they have moved those goalposts to 55... and now is the only type of pension that cannot be transferred to DC as either a SIPP or cashpot. On my part i have a life limiting condition and the pension i have with the Post Office is relatively small, if i was able to transfer to DC i could invest part and use the other for medical needs. Whether or not people feel it is greedy, the main thrust here is it is money we have earned and they have kept (interest?) and use and give us access to on their terms, there is not many people i would allow to do this to me in the current climate. I have set up a workplace pension for a couple of companies in the last couple of years, they can opt out and invest their money where they feel meets their terms and needs, we did not get that. I also did not receive a letter to tell me of the changes, in addition i was on the phone to them to ask if i could transfer to a PO DC pension in the months prior to the 2015 date and they never told me or advised me of the up and coming changes.
  • Heatherclark
    Heatherclark Posts: 6 Forumite
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    Silvertabby

    I have worked in schools and have a pension scheme. (I am not currently working in one though). Can i have my PO pension scheme transferred to that one and access it that way?

    Thank you, a small light.....
  • Silvertabby
    Silvertabby Posts: 9,024 Forumite
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    Silvertabby

    I have worked in schools and have a pension scheme. (I am not currently working in one though). Can i have my PO pension scheme transferred to that one and access it that way?

    Thank you, a small light.....
    I'm so sorry, but no. You would have to be a current (contributing) member of the LGPS and within your first 12 months of membership to be able to transfer in your PO benefits.
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