Transfer of pension confusion

Nosmo_king_3

Hi, my first post here so hope you can help.. The company I work for have just been taken over and we have 4yr TUPE. The new comp" have offered to start a new pension scheme for us and want me to transfer, this is where i am confused.
Presently I have a final salary pension and they will provide similar with accrued benefits such as past service (30yr in my case), but this will be for the duration of TUPE. They dont say what happens after this, plus they have given us only 3 weeks to respond/agree to the switch.
Can they do this? I mean i have a lot to loose in 4 years if they decide to pull out or then provide me with a lesser scheme leaving me high and dry
Regards

Nosmo_king_3

Bump:j
Any comments please??

Andy_L

Were you in the public sector before TUPE as if you were you have more clout with the new employer

Under TUPE pensions should be "broadly comparable" so they should stay final salary or a suitably funded money purchase

There is no time limit on TUPE (a friend of mine received his civil service redundancy terms after about 12 years & 2 TUPE transfers). HOWEVER, like your previous employer, the new one can always negotiate a change in your T&Cs of employment. Traditionally the new employer bribes you with a payrise in return for giving up the FS pension & then as the original staff leave replace them with new ones on worse T&Cs

Are you in a trade union? I'd recomend joining

Andy

Nosmo_king_3

Thanks for reply
I am in a union and not public sector.
The new company (A) are starting a fresh pension scheme for those of us (comp b )who have transferred to them. Now I know it will be self funded by us (b) and also their contributions, but the worry is after 4 years they could transfer us (b ) into their existing scheme for the current pre- takeover employees, ( a ) which is not performing as well as our current/old system.
Also annoyed that we have now 2 weeks to decide to join the new scheme or defer the pension in old scheme to retirement age, which in my case is 20 yr