Help I feel swindled

Dox

sue139uk wrote: »

I cannot name the scheme without the consent of the company (signed agreement), they avoid publicity.

Really? Why do they avoid publicity?

Alibert

The OP says she left her employer when she was made redundant, I guess she signed a settlement agreement that inclided some amount of non disclosure , and therefore feels cautious

Dox

Over 70 posts and getting nowhere fast...one for TPAS before any more time and effort is wasted on this anonymous scheme: https://www.gov.uk/pensions-advisory-service

OP, give them a call. Free and impartial and will help you to understand your position, rather than believing that you've been hard done by.

atush

You will probably have to tell TPAS who your pension is with.

Dox

atush wrote: »

You will probably have to tell TPAS who your pension is with.

There's no 'probably' about it - but nor is there any issue in doing so. Seeking professional guidance (whether paid or pro bono) on a pension issue isn't going to fall foul of any non-disclosure agreement.

sue139uk

Thank you everyone. TPAS advised me to contact the Pension Scheme's trustees. I have finally seen the Pension Scheme Booklet for the first time. It does not mention equalisation [change of NRD (60 to 65)] at all. It does say there are commutation factors being Post A Day, and a cash commutation factor which depends on age, but no actual figures. I have asked for clarification on both points. It is all shrouded in secrecy, never spoken about, and impossible to check calculations without information. I should have been more proactive, but I was unaware of procedures. There is no second chance, looking back I would have taken a reduced pension earlier. All I can do now is try to check the figures are correct, and quantify what the actual reductions were, just for peace of mind.

elsien

sue139uk wrote: »

Thank you everyone. TPAS advised me to contact the Pension Scheme's trustees. I have finally seen the Pension Scheme Booklet for the first time. It does not mention equalisation [change of NRD (60 to 65)] at all. It does say there are commutation factors being Post A Day, and a cash commutation factor which depends on age, but no actual figures. I have asked for clarification on both points. It is all shrouded in secrecy, never spoken about, and impossible to check calculations without information. I should have been more proactive, but I was unaware of procedures. There is no second chance, looking back I would have taken a reduced pension earlier. All I can do now is try to check the figures are correct, and quantify what the actual reductions were, just for peace of mind.

I'm really not sure how you can say that without knowing what the figures are and how much your pension would have been reduced by.

zagubov

This thread raises an important point. Pensions are one of the greatest benefits and financial products we'll ever have the privilege to use, but it's nobody's job to inform us neutrally about what to do about them, and they're often far too complex to make easy decisions about.

In my profession, I've a DB scheme and I checked my pension website and found out I can collect my pension next year. I realised that I could have plodded on to state pension age without getting the money I'm due and if you don't claim it, it's gone! That's the bit nobody tells you. We're all reinventing the wheel and being told we need to look it up ourselves. I understand the internet's not really there to help us, it's basically a marketing and advertising medium which throws us the odd bone to keep us interested, but surely there ought to be an information source that tells us to start a pension, import prior pension within the first year (if that's advantageous), pay extra into it, and find out what you can do with it and what are the penalties/implications of doing so or failing to.

But of course money paid into pensions can't be spent on phones, trainers, cars, and all the other commercial products the interweb wants to sell us, so unless our unions keep chasing us to keep informed, we're stuff.

hyubh

zagubov wrote: »

In my profession, I've a DB scheme and I checked my pension website and found out I can collect my pension next year. I realised that I could have plodded on to state pension age without getting the money I'm due and if you don't claim it, it's gone! That's the bit nobody tells you.

And yet you found out somehow? Scheme booklets, scheme website(s), benefit statements, ringing the administrator up and asking...? That said, this particular scenario will vary between schemes and scheme sections, as actuarial increases for late retirement may apply, or apply from a certain point, etc.

I understand the internet's not really there to help us, it's basically a marketing and advertising medium which throws us the odd bone to keep us interested

Playing the straight man... the internet is an open framework for people to do what they want. Like, say, set up or even participate in a website and set of forums dedicated to consumer finance, including pensions...

but surely there ought to be an information source that tells us to start a pension, import prior pension within the first year (if that's advantageous), pay extra into it, and find out what you can do with it and what are the penalties/implications of doing so or failing to.

There are lots, including government ones. However, sites about modern DC pensions (which is where you are going with that) will have weak relevance to people in good DB schemes like the OP, and it seems yourself.

mollycat

zagubov wrote: »

This thread raises an important point. Pensions are one of the greatest benefits and financial products we'll ever have the privilege to use, but it's nobody's job to inform us neutrally about what to do about them, and they're often far too complex to make easy decisions about.

In my profession, I've a DB scheme and I checked my pension website and found out I can collect my pension next year. I realised that I could have plodded on to state pension age without getting the money I'm due and if you don't claim it, it's gone! That's the bit nobody tells you. We're all reinventing the wheel and being told we need to look it up ourselves. I understand the internet's not really there to help us, it's basically a marketing and advertising medium which throws us the odd bone to keep us interested, but surely there ought to be an information source that tells us to start a pension, import prior pension within the first year (if that's advantageous), pay extra into it, and find out what you can do with it and what are the penalties/implications of doing so or failing to.

But of course money paid into pensions can't be spent on phones, trainers, cars, and all the other commercial products the interweb wants to sell us, so unless our unions keep chasing us to keep informed, we're stuff.

The opposite view might be that people who want to assume responsibility for their financial futures will have all the above considerations on their radar well before one year out; ie it's not a big, bad multi-national conspiracy that you haven't thought about your pension, the answer I think is closer to home.

Did all the DB pension upheaval around 2011-2012 that was never out of the news never prompt you to think, "hey, wonder when it is I can retire".

Given that you seem an educated fella I wonder if you always have known when to apply for you DB pension, but the temptation to make a political point was just too much!

Just my opinion mind, nothing personal

Edit....beaten to it by hyub, well said.