Works Pension

nrsql

From the earlier link
>> Colleagues contribute 5% of their pensionable pay to the Retirement Saver. In return, they accrue a guaranteed 16% of pensionable pay into a pension pot at the end of each year (April !!!8211; March). During the following year, the 16% amount is increased in line with Consumer Prices Index (CPI) - up to 2.5%. At retirement, the colleague will purchase an annuity with their pension pot.

So you contribute 5% of pay, your pension fund gets 16% + CPI per year. At retirement you buy an annuity.
Sounds like a good deal. Also sounds like it could be ring fenced by person but that probably isn't the case. If it is run honestly then that sounds like a good and fairly safe deal.
Transferring out would mean that you would have to grow by CPI each year plus that 11% - which I guess isn't difficult depending on the timescale but would be more volatile.
I would be a bit concerned about the inflation cap of 2.5% - a few years of 10% would soon erode the value.

Zanderman

I'm no expert, but even I'd stay within the Morrisons pension as that gets employer contributions and opting out doesn't.

And, if I wanted to hedge my bets, I'd start a private pension too. As others have said there's no reason not to have both. And there are good reasons to stay with Morrisons scheme - even if it's not as good as it was once.

kidmugsy

nrsql wrote: »

Transferring out would mean that you would have to grow by CPI each year plus that 11% - which I guess isn't difficult ...

You think a sustained 11% p.a. real growth "isn't difficult"? Golly.

Linton

kidmugsy wrote: »

You think a sustained 11% p.a. real growth "isn't difficult"? Golly.

The 11% is of your annual salary, not the total balance of your pension fund.