Problems with my pensions department with Transfer value requests

dunstonh

OK, i take everyone's point, albeit with a pinch of salt as everyone is very anti-union on this thread.

The reason we are anti union is that we know what is going on and can see what the unions are saying and that does not match what is going on.

I have had nothing but support from my union from day one, which is a great deal more than can be said for my employers, but that's another story for a rainy day perhaps.

Unions can be useful in some circumstances but when they let their political allegiance get in the way of their members then that, quite frankly, is disgraceful. If Unions were so much about supporting you then how come the products they market in mailshots are so poor. Some of the worst products I have seen have appeared in Union mailshots to members. However, they pay the union big commissions, so whose interest is being supported there?

Going back to my original problem, that my pensions dept won't even tell me what the transfer value is. I still feel this is wrong and against my human rights. What right have they to conceal anything from me?

!!!!!!, human rights BS doesnt come into it. You cannot transfer out without an IFA. So, they are just telling you to see an IFA. It isnt about concealing anything from you. You have a defined benefit scheme and they tell you the benefits you get. It costs a lot of money to generate a transfer value and seeing as, statistically, it would not be in your interests to transfer and an IFA would tell you that, then why waste money giving you something that is of no use to you?

It sounds like you have been brainwashed by your time in the public sector.

atush

I am a member of a US political party aligned in some ways to the Unions but never a union member myself. I was very pro union until I saw some of the things unions were up to, incl misleading people such as yourself.

They may have 'given you support from day 1' but now you really need proper information and support, they are actually working against you to their own ends and NOT for your benefit. They are working for the Labour party in this.

Your employers are supplying you with one of the best pensions available. If you don't feel happy about that and greatful, then I don't know what to say to you. but I can assure you, I would tell the truth if the unions were up to good in this, but they are not.

The 3% is not set but an average, and if you are on low pay you should not even have to pay that. Did your union tell you that?

Go back to your pension dept and say you want them to go thru all the work for the pointless exercise of checking as is your right. But you have to see an IFA first.

hugheskevi

I thought that there was some sort of statutory right to one CETV calculation per year? Although I may very well be wrong about that.

Looking at TPAS website about transfers it says:

If you were a member of a final salary or career average scheme you must make a written request for a 'statement of entitlement'. Unless there are exceptional circumstances outside the scheme authorities' control, they have three months from the date of your application to provide you with a statement of your transfer value, guaranteed for three months from a 'guarantee date'.

Linton

majorwally wrote: »

OK, i take everyone's point, albeit with a pinch of salt as everyone is very anti-union on this thread.
I have had nothing but support from my union from day one, which is a great deal more than can be said for my employers, but that's another story for a rainy day perhaps.

Going back to my original problem, that my pensions dept won't even tell me what the transfer value is. I still feel this is wrong and against my human rights. What right have they to conceal anything from me?

I am certainly not anti-union. Working for a large employer you need someone to represent your interests. The problem is that if what they are saying has led to you to believe that leaving the pension scheme is to your advantage they have been grossly irresponsible.

jem16

majorwally wrote: »

OK, i take everyone's point, albeit with a pinch of salt as everyone is very anti-union on this thread.

Will you listen to me then? I am the union rep at my school - very important to be a member of the union in teaching as unfortunately I may need some legal support. Almost joined the Commitee of Management in my local association - my best friend at work is a member. I continually urge my colleagues to join the union.

However I do not agree with them on the stance over pensions. I've been to the Local Association SBM and have heard the arguments for strike action. I have read all the information coming out from the union and, whilst it is factually correct, it is naturally biased towards strike action.

My colleagues have been asking my advice about their pensions and I have been telling them the facts and that in my opinion it's still going to be a much better pension than they can get anywhere else. In the end though, it's up to them what they do with them. Most of them do listen to me though.

I have had nothing but support from my union from day one, which is a great deal more than can be said for my employers, but that's another story for a rainy day perhaps.

The unions have their place and they are invaluable in some areas. However pension knowledge is not their strong point but in our uinion they are giving in to the very strong activists who are only looking at political motives.

Going back to my original problem, that my pensions dept won't even tell me what the transfer value is. I still feel this is wrong and against my human rights. What right have they to conceal anything from me?

Your transfer value is going to be a lot less than what you are giving up. The pension department are actually doing you a favour and telling you to get advice from an IFA as they know it will be the worst thing that you can do financially. They are also following the letter of the law.

majorwally

Well, that's cleared that up!

I don't think you guys quite get me.

My contributions are going up 3%, yet I didn't ask for this and I get nothing extra for all those extra payments. Yes, I still get the pension when i'm 85 or whatever, but this wasn't the deal when I signed up. Nobody ever said "oh by the way, we will just keep raising your contributions until you drop out"

3% for me is £62 per month so just like pay cut of that amount.
Why must I have pay cut?
I didn't cause the crisis, or did I?

laurel7172

An example-I started paying into a personal pension when I also joined LGPS.

Over the years, the projected benefits have roughly kept pace with each other.

The difference-the private pension costs me four times as much per month.

Yes, it's not going to be as good a deal going forwards. But it's dropping from fantastic to very, very good. Don't cut off your nose to spite your face-stick with it. Pensions aren't sexy. but nor is being old and destitute.

jem16

majorwally wrote: »

Well, that's cleared that up!

I don't think you guys quite get me.

Yes we do.

My contributions are going up 3%, yet I didn't ask for this and I get nothing extra for all those extra payments.

Would you expect to pay the same now for a pint of milk, loaf or whatever that you paid 40 years ago?

Yes, I still get the pension when i'm 85 or whatever, but this wasn't the deal when I signed up. Nobody ever said "oh by the way, we will just keep raising your contributions until you drop out"

Contributions since I joined 35 years ago have risen just 1.4%. What else has risen by such a small amount over the last 35 years?

3% for me is £62 per month so just like pay cut of that amount.
Why must I have pay cut?

You don't need to - opt out if you wish.

However what will you do otherwise? How do you think you can do better?

atush

You should just leave then, I give up and fear you are an actual Wally although i didn't want to believe this. We tried to help you, but you I fear are un helpable.

Meeper

Another union propaganda victory.

At this person's retirement age, she will complain that her benefits are poor and the Union will get involved. They will blame the fact that she wasn't encouraged to keep up her contributions over the years, and the employer is at fault.