Interserve Pension

smc4761

I worked with Interserve for about 8 years and have a company pension with them. I am due to receive this in about 7 years. Its a defined contribution pension

I was reading today that there is a good chance that Interserve may go to the wall, shares have dropped significantly over past few months.

Should they go bust how would this affect any pension I am due from them

Thanks

AlanP_2

Pensions are separate from the company, particularly in your case with a DC pot.

It will be invested through somebody into funds that are in your name effectively.

What paperwork / online account do you have that tells you more about what you have and what it is worth?

smc4761

I have an online account with well known company that tells me the amount etc

AnotherJoe

Then it doesn't matter what happens to Interserve unless unwisely you have a lot of their shares in your pension.
And to correct you, because this is important, your pension isn't due "from them" (eg Interserve) it's due from your pension provider.

MEM62

smc4761 wrote: »

I have an online account with well known company that tells me the amount etc

Oh them!...... I use them too :-)

ex-pat_scot

you might want to check with said "well known company" to confirm that Interserve have actually been paying your contributions over in a timely manner and are fully up to date.
You wouldnt want to later find out that Interserve had been stalling the payments to your pension provider and had gone bust.... in the same way that you wouldnt want to find out that they had not paid your salary for a few months and similarly had then gone bust.


In either situation, trying to get what's owed to you, wheter pension or salary, would mean you jockeying alongside a large number of anxious creditors (and you wouldnt be top of the priority list).

AnotherJoe

ex-pat_scot wrote: »

you might want to check with said "well known company" to confirm that Interserve have actually been paying your contributions over in a timely manner and are fully up to date.
You wouldnt want to later find out that Interserve had been stalling the payments to your pension provider and had gone bust.... in the same way that you wouldnt want to find out that they had not paid your salary for a few months and similarly had then gone bust.
In either situation, trying to get what's owed to you, whether pension or salary, would mean you jockeying alongside a large number of anxious creditors (and you wouldnt be top of the priority list).

It would seem that OP left Interserve some years back so id be surprised if they are paying in.

worked with Interserve for about 8 years

Not "have been employed there for 8 years" or "have been working there for 8 years".

Past tense "worked there".



But worth mentioning just in case though I'd have expected them to be worried about salary and redundacy first but you never know I suppose.

Alexland

AnotherJoe wrote: »

It would seem that OP left Interserve some years back so id be surprised if they are paying in.

It does sometimes happen - my employer has been known to offer voluntary redundancy agreements where they would continue contributing into the DC pension each month until age 60. Nice if you can get it.

Alex

xylophone

OP, no contributions are now being made to the pension?

Is it just a DC pension held with eg an insurance company?

You were never a member of the DB scheme?

AnotherJoe

Alexland wrote: »

It does sometimes happen - my employer has been known to offer voluntary redundancy agreements where they would continue contributing into the DC pension each month until age 60. Nice if you can get it.

Alex

Wow. Yeah mine was never that generous LOl.

smc4761

Thanks for all the replies. I left sometime ago and no longer contribute to the pension scheme. What is showing on my pension account is simply the contributions I made and Interserve made when I worked there

It is a DC scheme