midlands coop pension

pistelman

hi, today i received a letter stating that i am eligible to have the option of receiving a one off cash sum in exchange for giving up my future pension payments.

this pension is with the coop society.

we received a letter stating if we wanted to take the option of the lump sum to fill out the enclosed form, which includes given bank details and NI number along with date of birth phone numbers and e mail. to BARNETT WADDINGHAM LLP.

DOES THIS SOUND REPRITABLE TO YOU OR SOUND LIKE A SCAM.

thanks for any replies

greenglide

Do you have a pension from them? If so is it not a defined benefit scheme - surely co-operatives gave them?

Do you have contact details from them? The trustee appears to be at:-

Midlands Co-Op Pension Trustee Ltd
Central House
Lichfield
Staffordshire
WS13 6RH
01543 414 140

pistelman

started in the pension scheme in 2001 but left the coop after a couple of months and have not made any contribution since.

i dont understand what you mean by defined benefit scheme.

we have not heard anything from the coop and to be honest had forgotten all about it.

if it is for real we would take the lump sum but are concerned it might be a scam

thanks for replies

jem16

pistelman wrote: »

started in the pension scheme in 2001 but left the coop after a couple of months and have not made any contribution since.

i dont understand what you mean by defined benefit scheme.

A defined benefit scheme, is a scheme where you receive a defined set of benefits based on length of service. It is the proper name for final salary schemes.

we have not heard anything from the coop and to be honest had forgotten all about it.

if it is for real we would take the lump sum but are concerned it might be a scam

thanks for replies

With only being in the scheme for a couple of months it would be normal to be able to receive a refund but only of contributions paid minus tax and NI so very little.

I suggest you phone the number given earlier for the pension scheme and find out more about what you would get and what you would be giving up before making any decisions.

RichandJ

Barnett Waddingham are a reputable third party pension administrator OP. Whether the offer is right for you however would need more detail.

pistelman

hi thanks for replies. we know what we would like to do but we could not find any connection between the co-op and barnett waddingham. was worried it might be a scam to get personal details.

thanks again

xylophone

http://www.barnett-waddingham.co.uk/

It seems a little odd that you can be eligible for any kind of pension if you were only with the company for a couple of months?

http://www.pensionsadvisoryservice.org.uk/life-events/leaving-your-pension-scheme/taking-a-refund

But perhaps the scheme was non-contributory and you automatically qualified immediately you joined the company?

Is there a telephone number so that you can make preliminary enquiries?

pistelman

sorry , to clarify i worked for the co-op for a number of years but only qualified for the pension scheme after gaining promotion (because of a pay rise). A few months (2-3) later our store closed and although i was offered a place at a different store i took redundancy. However my main reason of posting this thread was to clarify that this letter i received was not a scam.

your replies have eased my mind.

big thanks