The promises made in DB schemes can be changed retrospectively ....

msallen

I have no comment to make on this particular case, but do have a sense of of calmness due to the fact that when I joined IBM in 1997, I missed the cutoff to join the DB scheme by 6 days, and so went into the DC scheme. I've long since moved on, but this remains my biggest "old pot" despite not being the company I spent longest working for, so I'm happy with the contributions IBM made to it ;-)

martinsurrey

uk1 wrote: »

Judge Warren rightly decided...

The court of appeal would like to disagree with you, its a matter of record that he has been found wrong to make that judgement.

You seem to be looking at everything from the side of the employees, reading the arguments, from the ee's website, which of course gives the case the impression that its a travesty.

green_man

msallen wrote: »

I have no comment to make on this particular case, but do have a sense of of calmness due to the fact that when I joined IBM in 1997, I missed the cutoff to join the DB scheme by 6 days, and so went into the DC scheme. I've long since moved on, but this remains my biggest "old pot" despite not being the company I spent longest working for, so I'm happy with the contributions IBM made to it ;-)

I also missed this cutoff being in a company taken over by IBM in 1996, it was particularly galling as I subsequently worked on site for IBM at a different companies headquarters whose IT department IBM also took over and whom they allowed access to the DB pension scheme.

However As part of the IBM money Purchase scheme IBM made fair contributions and also ran salary sacrifice schemes meaning I spent almost 20 years putting 30%+ of my salary (including IBM contribution) into my fund. This has given me the flexibility to retire at 50 and I will start drawdown of this pot at 55 (£600K) I may have been better off in the DB scheme but it would not have prompted me to take control of my pension and I would likely still be working.