Problems with my pensions department with Transfer value requests

dunstonh

Maybe Martin should rename his web site to "moneysavingexpertsalsoincludingantiunionsadselfis hpatheticweasels.co.uk

Or just make it for ungrateful b*stards who are too stupid to listen to valuable advice.

Zelazny

Things seem to be getting a little off the rails here. Can we at least try to keep things civil?

Majorwally: You are entitled to one CETV quote per year. But - if you take it, it's valid only for a short time and if you subsequently decide to transfer out you would have to pay for another quote - and this can cost a lot (the company I used to do admin for charged around £250 for quotes beyond the first). Given that you can't transfer a Final Salary pension without a Financial Advisor signing off on it, they probably have a policy of not releasing CETV quotes except to a Financial Advisor.

That said, you are entitled to one CETV quote - so you could push and make them send you one. Just don't plan on transferring the benefits based on the value quoted, because by the time a transfer is arranged, the quote will no longer be valid.

There is a fair bit of hostility here - the reason is that the pension scheme you are currently getting costs somewhere in the region of 20-30% of your salary to provide. You're currently paying 6.5% towards this, which means you're getting ~4 times the value that you're paying for. With the proposed changes, you'll still be getting 2-3 time what you're paying for, so it's still a great deal, and the sort of deal that most of us would love to have (and can't afford). In my opinion, it's not worth complaining that the scheme will only give you 2-3x what you pay in, instead of the 4 that you're used to because that's not going to be changed. Instead, you need to consider whether or not the scheme is worth paying into. I'd look at it and see that for every £1 I pay in, my employer puts in another £1.50 or so and reckon I was still getting a better deal than I'd get anywhere else, hence wouldn't think about transferring or opting out. YMMV

majorwally

atush wrote: »

But you obv don't care about others trying to help you. Maybe you have no compassion like those nurses mentonned inthe BBC this am, leaving old people to starve and dehydrate in their beds?

Oh Dear!
So very sad that someone should pick on some of societys poorest paid yet highest worked.

And no, I'm not a nurse before you gripe anymore about them!

Christ, I would never have believed their was so much jealousy over a very modest pension that I may or may not get.
Look if it means that much to you, I will give it up.
Didn't plan on living much past my retirement date anyway!

xylophone

Do you have a wife and/or dependents? Does your pension include death in service benefits? Would these be lost if you ceased contributions?

keith1950

Christ, I would never have believed their was so much jealousy over a very modest pension that I may or may not get.

There is no jealousy, people have come on here and given you good advice to make sure you get the most from your pension.

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"

Things change...get over it.

If you want a poorer pension go ahead and transfer it into another scheme, no one here really cares what happens to you yet they have wasted their time trying to help.


You really are a 'prize wally' , dunstonh is probably the most knowledgable contributor on here , ignore him at your peril.

With your attitude you deserve a poor retirement.....bring it on !!

Meeper

This thread died out almost a month ago. Why do people persist on bringing back dead threads?

atush

I wonder what Wally decided to do.

Meeper

Begs the question.....Where's Wally?

Sorry!