what happens to company pension when i finish with them.

lexi

Hello,
This week i am due to go to a meeting to finish work due to ill health. I am 42 & can do other work, just none that requires heavy duties, of which my current job entails. Anyway my question is this: i do have a pension with my employers & wanted to know whether its possible to carry on thru their scheme or do i start another with a future employer? It would be helpful for any information, which i can in turn talk about at my meeting. thankyou

dunstonh

It depends on the type of pension scheme it is. None of them can be continued. Although many group personal pensions can be converted to individual schemes and continued.

What type of scheme is it? GPPP/GSHP, COMP, CIMP, Final Salary/defined benefit?

lexi

Dunstonh i hate to admit this but i am not sure what scheme it is! i have checked my statements & cant see anything like what you have put down. I know i also have an avc fund with the pension if that helps! I am guessing then that my pension fund would be frozen till retirement age. As i am in my forties thats a time away so its important i get things sorted regarding pension issues. thanx for your help!

EdInvestor

If it is a final salary scheme - which sounds likely - you may be offered an "Ill health" pension, which is a reduced one which you can take early.

Jake'sGran

EdInvestor wrote:

If it is a final salary scheme - which sounds likely - you may be offered an "Ill health" pension, which is a reduced one which you can take early.

This is what happened to one of "my ladies". She was diagnosed with MS and was pensioned off in her early 50s. I left the same company in 1990 and just left the pension that had accrued to that point. It was a small amount when I started taking it about 12 years later but does increase each year.