Your Employer's Pension Scheme - Who has the best pension?

james10999

Hi,

I thought it would be interesting to compile a list of different company pension plans for people to see what plans are available in the market place.

Can everyone reply to this thread with:

A - Employers Name
B - Pension plan (Stakeholder / Final Salary Scheme)
C - Is your pension open or closed
D - Amount (Employee 4%, Employer 4%)

I'll then do a tally on this first post with a league of the best pension schemes around.

bigturnip

A - Not saying, but I'll give you financial sector
B - Career Average Salary, RPI (max 5%) increases for each year's salary to retirement on 60ths accrual
C - Closed to new entrants
D - 0%, N/A

ffacoffipawb

A - Contractor
B - Contracted In SIPP
C - N/A
D - 100% (company earnings split as 40% salary, 40% pension and the rest for expenses / contingency and corporation tax), Nil

Retire any time after age 55.

sarah_elton

A - Financial sector
B - stakeholder
C - open
D - Employer contribution 10%, employee contribution 0%

I can contribute more if I want of course, but at age 27, employer 10% contributions are good enough for me.

My previous company, also financial sector, was non-contributory with 15% employer contributions. That's about the best I've heard of at my level.

purch

Similar to BigTurnip

A) The Bank of New York London Employees Scheme
In my case Salary at Leaving Date otherwise Average of Final 5 Years
1/60 th accrual/RPI Indexation to both
C) This Plan Closed in 1992 to new entrants....many existing holders were 'conned' into joining the new money purchase scheme
D) Non Contributory (when I left the 'new' Money Purchase scheme was also non contributory and the Employer contribution was 15% up to age 30, 17.5% 30 to 40, and 20% therafter if I recall correctly)

Andy_L

a) Civil Service - Classic
b) Final salary (best in last 3 years), contracted out, 1/80ths plus 3x lump sum, Full RPI indexation
c) Closed to new entrants (as of 2002 IIRC)
d) Employee:1.5%. Employer: whatever it takes
e) Normal Retirement age: 60

by comparison the current scheme
a) Civil Service - Nuvos
b) Career Average, Contracted out, 2.3% (~1/43ths) accrual, Full RPI indexation
c) Open
d) Employee: 3.5%. Employer: Whatever it takes
e) NRA 65

sdooley

a) Major firm of solicitors
b) money purchase
c) open to all who have been with firm 3 months
d) 5% matched 5%
e) retire whenever

cupid_s

a) We're part of the Universities Superannuation Scheme
b) final salary
c) open
d) employee 6.35%; employer 14%

MikeJones_2

Interesting idea James. What criteria will you deem one scheme to be better than another, and will you split tables into defined benefit and money purchase and trust based and contract based?

Mike

jamie304

I think I must have one of the best:

a) A University one, not part of USS
b) Final Salary (1/60th )
c) Open
d) Employee 6%, employer 19.7% (up until 2004 employee contribution was 1%!)


...actually the Civil Service ones sound good ^^ but I heard they are 'under threat'

baileysbattlebus

Me
a) Mars
b) final salary - 40/60ths after 30 years, full RPI indexation or 3% which ever is higher.
c) closed
d) employee 0% employer (20%? / not really sure)
e) NRA 60
OH
a)NATS
b)final salary 40/60ths full RPI indexation
c)open
d)employee 7% employer 14%
e)NRA 60