Comet pensions query

smc4761

Just heard today that it is looking likely that Comet will go into administration next week

Now I am totally ignorant regarding pensions and wonder how this may affect me

I worked with Comet in the mid 80's for around 4 years and paid into their pension scheme. I did not transfer the pension to my new employer and there fore believe that this will have been frozen until I reach pension age, in around 15 years

If Comet do go into administartio and perhaps ultimately go into liquidation where does that leave me with regards to pesion contributions I made

Any advice would be appreciated

Valli

who administers the pension scheme?

magpiecottage

The scheme assets are held independently.

If you were in a defined contribution scheme (i.e. you and your employer put money into a pot for your benefit alone - and what you get depends on how big the pot is when you retire) then it should make no difference.

If it was a defined contribution scheme (usually based on your final salary) then all members have the same pot to draw their promised benefits from. If that occurs there is a protection fund, funded by levies on all schemes, to provide some benefits although they may not be all that you had expected.

ermine

smc4761 wrote: »

Now I am totally ignorant regarding pensions and wonder how this may affect me

Time to start educating yourself then.

Start with the pensions tracing service at https://www.gov.uk/find-lost-pension

to locate the administrators. It will hep the pensions admin (whose address the tracing service will help you with) if you can supply your staff/works number.

Your pension is most likely secured separately from the company so the collapse of the firm now should not change your deferred pension materially. But it's always best to get it from the horse's mouth and you should educate yourself about any pension entitlements to help you with the retirement planning that you of course do as a matter of course...?

jem16

magpiecottage wrote: »

If it was a defined contribution scheme (usually based on your final salary)

A typo I assume?

Should say defined benefit for final salary scheme.

Shimrod

You may find this website useful http://www.comet-pensions.co.uk/
Contacts for the administrators on this page if you can't find your answer on the website http://www.comet-pensions.co.uk/contacts/

I would some form of status update on the pensions website over the next week or two. It's entirely possible that the pension fund will go into the PPF. You won't have lost your pension completely but you may find that your benefits are reduced slightly.

Debt_Free_Chick

smc4761 wrote: »

I worked with Comet in the mid 80's for around 4 years and paid into their pension scheme. I did not transfer the pension to my new employer

Are you sure that your pension is in the Comet pension scheme? Did it not remain in the Kingfisher pension scheme?

Shimrod

Debt_Free_Chick wrote: »

Are you sure that your pension is in the Comet pension scheme? Did it not remain in the Kingfisher pension scheme?

Good spot! The website I quoted above is only seems to be for those who were still working for Comet when it demerged from Kingfisher in 2003/4 so is probably not relevant.

beyondthehorizon

The collapse of Comet has no bearing on the Comet pension scheme as the sponsoring employer is Kesa.

When Kesa sold Comet it retained the pension scheme and its liabilities.

All things being equal, pensions entitlements will be paid in full.