ex employer buyback pension

mobiletreats

I worked for ford motor company and have since left. I am 33, i paid into the pension scheme for 2 years so not much in it for for me. is it possible for them to buy me out of the pension scheme?

jem16

mobiletreats wrote: »

is it possible for them to buy me out of the pension scheme?

No it isn't.

What kind of pension is it - final salary or money purchase?

mobiletreats

final salary

jem16

mobiletreats wrote: »

final salary

If under 2 years you could have opted for a refund although you would be pretty daft to have done so.

Over 2 years you become a deferred member and the pension will increase in line with inflation until you collect it at normal retirement age for the scheme.

You will be glad of it then as what you will get back will be far in excess of what you have paid in.

mobiletreats

£120 a month will come in handy in many years time, yes i think i did pay in for just over 2 years, dont wants to move it anywhere as they had a very good scheme, so good it is costing them billions and they have sinced changed it.

jem16

mobiletreats wrote: »

£dont wants to move it anywhere as they had a very good scheme, so good it is costing them billions and they have sinced changed it.

There is always the chance that they might try to entice you into transferring it to another pension scheme but it's probably safe to say it wouldn't normally be in your best interests.

mobiletreats

that is a real possibility from what current employees are saying, think it best just to leave as is. thanks for the advice.