should I opt out of my final salary pension scheme???

rpc

What was the funding level at the last actuarial review? Is there a trend?

The employer will not be doing this because it is in your interest.

I don't see that there is any answer other than "no" unless you scheme is going to wind up in the very near future (1-2 years).

atush

Michael, stop advertising. This is the second time I have had to report you.

JGJackson

Hi, IMHO and recent experience, I would recommend staying with a DB company pension as opposed to hoping the situation re investments etc is in a good shape when you decide to retire.

I've just gone through a long, drawn out saga that started when I left a major international computer company in 1993 after nearly 15 years with them and earning nearly £30k p.a. As it was a "Voluntary Redundancy" situation with an extended redundancy package, I asked my IFA to help with savings. However, on his recommendation I was persuaded at the same time to move my pension to a Section 32 personal pension. Circa 2000, the company I was then at, started a pension scheme. The advisers organising this started my discussion with "You did what" especially when I told them who the company was. My IFA then showed me why he was right. This was backed up with a similar situation 4 years later. At each annual discussion my IFA managed to persuade me that he was right. It became a bit of a standing joke between us.

Anyway, I was made redundant in 2009 and at 58 realised that getting a "real" job may not happen. I had also re-met an old school friend who happens to be an IFA and he confirmed that I had done the wrong thing. Anyway, he advised going to the Financial Ombudsman so I did and after 3 years, I won a case.

But I have got nothing even though I was mis-sold the pension scheme. This is because the actuarial comparisons had to be made on 2003 figures rather than current (???) and investments weren't doing too badly then apparently. Why the FO didn't realise that as throughout, they were implying I'd lost a massive amount although they wouldn't mention actual figures. Similarly they wouldn't tell me the actual amount offered by the IFA just after the case started - just that an offer had been made. When I discovered what it was in the "Final Decision" document I had to be picked up. But it seems they were thinking ahead to the fact that I had a case... If only they'd told me though.

In 2010, I took my (fixed) annuity which is circa current minimum wage. I haven't come to terms with everything yet blaming my original IFA and now the FO but I'm stuck with it.

So after all that (apologies!), go back to my original comment and stick with the company pension. I'm certainly regretting the move.

brasso

atush wrote: »

Michael, stop advertising. This is the second time I have had to report you.

Who is Michael, and what has he advertised???

atush

It was removed after I (and I guess others ) reported it. He has been on lots of threads lately.

Keeps recommending a cold calling introduction type place ( I am guessing as I would not call such a person and find out) with no other comments.