Advice on moving DC pensions to DB pension

NedS

michaels said:

Didn't there used to be a thing of civil servants getting an 'honary' proportion for their last 12 months pre-retirement purely to bump up their pension?!

Maybe in the upper echelons, but not down in the trenches where the vast majority work

Albermarle

I guess Sir Humphrey would have got a final year big salary increase.

Malthusian

Albermarle said:

I guess Sir Humphrey would have got a final year big salary increase.

Don't think so - Sir Humphrey was already top of the tree when he retired (Cabinet Secretary) so the only way to increase his salary was via the annual pay review across the whole service.

But he did top up his pension with lucrative non-executive directorships and quangos.

JoeCrystal

Malthusian said:

Don't think so - Sir Humphrey was already top of the tree when he retired (Cabinet Secretary) so the only way to increase his salary was via the annual pay review across the whole service.

But he did top up his pension with lucrative non-executive directorships and quangos.

A chance to be of service to the country of course!  Easily my favourite comedy series ever!

t0rt0ise

If the TfL scheme is wound up and reopened as something different, what happens to those of us in receipt of our pension. Does it then get paid from the new scheme?

hyubh

t0rt0ise said:

If the TfL scheme is wound up and reopened as something different, what happens to those of us in receipt of our pension. Does it then get paid from the new scheme?

Well, that accelerated fast... something like raising the normal pension age for ongoing service wouldn't involve winding the current scheme up. However nor would closing DB accrual completely and opening a replacement DC scheme (which no one in seriously proposing, but still). 'Winding up' a DB scheme is way beyond that.

What typically happens when a private sector DB scheme closes is for the sponsoring employer to outsource the day-to-day administration of it - so in one sense existing pensioners in such a scenario start to 'get paid' from someone else. But only in terms of the admin, it doesn't change what and who is actually funding the pensions, and is ultimately responsible for their payment.