leaving a company pension

listonosz

I work for royal mail,should I consider moving my pension into a SIPP as our final salary pension looks liklely to close.

CLAPTON

Unlikley to close for existing members and in any event you will probably only get your own contributions out and not your employers.
Keep it..its index linked.

listonosz

Somebody at work with 15 years service has estimated that if our pension changes from a final salary pension to a pension based on career average earnings it will cost him 60000 pounds.

dunstonh

listonosz wrote: »

Somebody at work with 15 years service has estimated that if our pension changes from a final salary pension to a pension based on career average earnings it will cost him 60000 pounds.

he will lose a whole lot more if he transfers it into a SIPP.

MABLE

I understood that the Final Salary is only closed to new members. Also RM are going to enter into a 60 days consultation period from 1st October and you will have an opporunity to speak to the RM pension people during this time.They are holding one to one interviews at the main RM sites. Definately do not do anything until the outcome is known.

Andy_L

listonosz wrote: »

Somebody at work with 15 years service has estimated that if our pension changes from a final salary pension to a pension based on career average earnings it will cost him 60000 pounds.

If it does that change will apply to future service only. It also depends what the accrual rate is

chesky369

Can you move a final salary pension? When our company's final salary scheme closed, it was worth a good deal less than the company had agreed to pay us, so even if it had been possible to move it, it would have been a pretty bad deal. Better to leave it 'frozen' and claim it when you retire, along with any other pension you have in place then.