Questions for final salary schemes

Cook_County

It has been my habit every few years to write to the administrators of final salary schemes to which I have contributed in the past.

I have asked them for:
1. A projection of the pension payable at retirement age
2. A current transfer value
3. What (if any) charges am I paying or will I pay (as former employers do not always pay administration charges).

Because of the way these pension plans were designed, the ultimate pension payable is a complicated calculation (part contracted-in/part contracted-out and indeed part guaranteed minimum).

It has always been my view that obtaining such informatiion every so often does no harm and may indeed help if the administrators cannot find their records in 20 or 30 years time when I come to ask for my few pennies (none of these funds are large, sadly!).

A new question is - I understand - being considered by trustees; the view of the employer’s ability to support the pension scheme if underfunded, referred to as the strength of the 'employer covenant'.

Can I ask the strength of the 'employer covenant' in my letters, and indeed are there other questions I should be asking as a member?

It is 4 or 5 years since I had figures from some of these 'legacy' pension funds, so I am minded to start writing to them again soon.

Any thoughts welcome!