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EU pension law - any knowledge?
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I have a work colleague who’s now in his mid fifties; just over 12 years ago he worked for such a company that went down, he contributed to their final salary pension for many years. The lawyers (12 years on) are still fighting the case for his pension – the latest news is he’ll be lucky to get 10p back for every £1.00 he contributed. Next time I talk to him I’m sure he’ll be happy to learn he’s just a small statistic.
You should also mention the Financial Assistance Scheme which is almost the same as the Pension Protection Fund and covers underfunded pension schemes winding up between 1997 and 2005.
That means he should get about 70% of the value of the pension when it wound-up (FAS gives 90% of headline pension, which is typically about 70% of value once you take into account lost indexation and revaluation).
For him to only get 10p in the £1, the employee contribution rate must have been astronomical...0
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