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Employer stopped final salary scheme can I get contributions refunded?
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They dont stop with the closure of the FS scheme. My employer is currently going thru an exercise of offering all those with deferred rights a buy out. Based on the size of the pension pot they are proposing an Enhanced Transfer Value to the money purchased scheme which replaced the FS scheme. I'm sure that some people will take them up as the increased transfer value looks a large sum. However the number doesnt stack up when you consider all the risks!
As far as I can see you need to be single and in poor health for it to come anywhere near the FS benefits. From the company perspective you can see it will reduce the future liabilities. The scheme is currently in deficit like may others.
http://www.dailymail.co.uk/news/article-2027217/Pensions-Millions-warned-cash-offers-ditch-final-salary-schemes.html - perhaps you should point them in the direction of this article.0
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