Company pension stopped

cyclonebri1

Wonder if anyone can clarify the position for me?

The wife works for a company that has untill this year been a subsidury of Norwich Union.

She has subscribed to the pension scheme for the 2 1/2 years she has been entitled to. The Foriegn venture cap Co has stopped the pension scheme, only saying that further details will be available later but no detail. The previous scheme was money purchase up to 6% matched by NU. No doubt there will be no contribution from the new outfit.

What are thier legal obligations?, I understand that from some date all companies in the UK will have to offer a scheme even if non contributory?

Her fund only has a value of about £2300 as it stands.

Thanks in advance for any guidance

MikeJones_2

Hi cyclonebri1,

cyclonebri1 wrote: »

The Foriegn venture cap Co has stopped the pension scheme, only saying that further details will be available later but no detail. The previous scheme was money purchase up to 6% matched by NU. No doubt there will be no contribution from the new outfit...What are thier legal obligations?...

I'd suggest an hour reading up about Business transfers and takeovers (TUPE)

cyclonebri1 wrote: »

I understand that from some date all companies in the UK will have to offer a scheme even if non contributory?

From 2012. Here's a link providing more details: Personal Accounts Delivery Authority (PADA)

Hope these help.

Mike

I work in the field of Pension Education and Pension Guidance in the UK. I am a current member of the Specialist Pensions Forum as well as being a Voluntary Adviser for The Pensions Advisory Service. I work with scheme members, employers, trustees, scheme administrators and advisers on most things to do with employer sponsored pension schemes. The views expressed by me in this thread are my personal opinions. You should seek professional advice from an appropriately experienced and qualified adviser. I am not an IFA.

cyclonebri1

Usefull link Mike, thanks;)