Mis selling of pension

hcb42

Don't they have one of the best pension schemes there is...

ViolaLass

Are you sure that the change isn't effective from now on, rather than retrospectively?

jem16

looksliketrouble wrote: »

It started off as one but as far as I'm aware it will be changing to a career average but again no one seems to know

It's 99% certain that it will change to a career average scheme from 2015.

For the majority of people, it will make no difference to the final outcome. Once the full facts are known you can opt out but you would be very foolish to do so.

As to missold, no it's not as you were never sold the pension. You made the decision to join the scheme - who would you blame but yourself?

jem16

looksliketrouble wrote: »

We have just had a pension statement from our providers but it is based on the old system so therefore means nothing

It still means something as accrued benefits are preserved.

looksliketrouble

hcb42 wrote: »

Don't they have one of the best pension schemes there is...

It used to be a very good pension although expensive (about £350 a month)
The new product will be even more expensive and significantly less dividends but the point is I can't make an informed decision because everything is steaming ahead and nobody can give me any answers.
I have not been able to forward plan and been in financial limbo for the past two years.

looksliketrouble

jem16 wrote: »

It's 99% certain that it will change to a career average scheme from 2015.

For the majority of people, it will make no difference to the final outcome. Once the full facts are known you can opt out but you would be very foolish to do so.

As to missold, no it's not as you were never sold the pension. You made the decision to join the scheme - who would you blame but yourself?

Yep that makes total sense thanks

jem16

looksliketrouble wrote: »

It used to be a very good pension although expensive (about £350 a month)

Significantly less than you would need to pay to obtain the same benefits in a personal pension.

The new product will be even more expensive and significantly less dividends but the point is I can't make an informed decision because everything is steaming ahead and nobody can give me any answers.

How will it be significantly less dividends?

looksliketrouble

hcb42 wrote: »

we are all living longer.

Final salary/ave salary pension schemes (old style) - there will simply not be enough money in the pot.

Group personal pension schemes - well it is down to you what you put in, will just dictate what kind of pension pot you will have.

sounds like you have a decent pension scheme from your employer, so if I were you I would be grateful I had that option!

And no it is not a mis sell, definitely not for a company scheme, and not even for a private one.

I realize why there needed to be changes, that's a given, was just wondering if it was mis selling, thanks to other posters I now realize it isn't but thank you for taking the time to reply, it is appreciated

DiggerUK

dunstonh wrote: »

........ You dont by any chance work on the gates at Downing Street do you?

Well PC looksliketrouble, as you are finding out from the usual suspects, good manners is not a speciality of those in the financial services industry. Don't be put off, most people here will help you.

I think at the end of the day your final salary pension scheme will still be the best option for you, even if it is not going to be as good as it was.

As an addendum, most of the usual suspects regard those in the public sector as having unjustifiable pensions anyway.
Think about that the next time you are identifying somebody found dead in a flat, who has not been noticed dead for god knows how long.
..._

looksliketrouble

DiggerUK wrote: »

Well PC looksliketrouble, as you are finding out from the usual suspects, good manners is not a speciality of those in the financial services industry. Don't be put off, most people here will help you.

I think at the end of the day your final salary pension scheme will still be the best option for you, even if it is not going to be as good as it was.

As an addendum, most of the usual suspects regard those in the public sector as having unjustifiable pensions anyway.
Think about that the next time you are identifying somebody found dead in a flat, who has not been noticed dead for god knows how long.
..._[/

Thank you for your reply Diggeruk, I investigate pedophiles and child abuse and have certainly dealt with many a dead body in my career so I'm used to getting abuse!!

I will be sticking with the pension, and thanks for your advice and most of the other posters on here, if you ever need advice on pedophiles let me know