Pension in contract at 60

Ciprico

I work for a UK ltd subsidiary for a foreign company.

Back when I joined there was no pension provision, as confirmed on initial employment contract, though the statuary pension was included more recently.

The employment contract (signed in 1998) also states "company pension age 60", which is coming up fast for me.

I do have a good private pension, bolstered by significant salary sacrifice at my request

At age 60 can the company simply terminate my employment, under their retirement policy, or does the UK 67 retirement age take priotity.

Similarly does it mean they don't need to offer redundancy after age 60, which I am tempted to suggest (would be statuary min.)

Brie

If you are working in the UK then surely UK law must be followed.  Presumably you are paying taxes in the UK?  

And as far as I know there is no statutory retirement age in the UK so as long as you are doing your job you cannot be forced to retire.  There's even a provision with some employers that you can start taking your pension and continue to work - obviously you can't be contributing still to the same pension but alternatives are available.

Have you contact the pension provider or your employer to ensure you have a copy of the scheme rules?

dunstonh

At age 60 can the company simply terminate my employment, under their retirement policy, or does the UK 67 retirement age take priotity.

There is no retirement age in the UK and your cannot be terminated due to your age.   There are a tiny number of cases where an employer can change your role if your age becomes a barrier to your ability.

Similarly does it mean they don't need to offer redundancy after age 60, which I am tempted to suggest (would be statuary min.)

As there is no retirement age in the UK, there is no need to offer you a redundancy package.

Albermarle

The employment contract (signed in 1998) also states "company pension age 60", which is coming up fast for me.

As there was no company pension when you signed this, then this phrase in the contract is pretty meaningless.

or does the UK 67 retirement age take priotity.

As said there is no UK retirement age. Presumably you are referring to the age when you can take your state pension, which is unconnected to whether you are working or not.

There is no retirement age in the UK and your cannot be terminated due to your age.   There are a tiny number of cases where an employer can change your role if your age becomes a barrier to your ability.

I think maybe in reality though in some companies, older workers are eased out/encouraged to retire, through various means.

xylophone

I work for a UK ltd subsidiary for a foreign company.

A foreign company owns the UK limited company which employs you?

Back when I joined there was no pension provision, as confirmed on initial employment contract, though the statuary pension was included more recently.

The employment contract (signed in 1998) also states "company pension age 60", which is coming up fast for me.

You joined the company pre 1998 and under the original contract no pension was offered?

You signed a new contract in 1998 at which time there was a pension scheme and you joined it?

Is this the "statutory scheme" to which you refer?

You are still a member of this scheme?

This scheme has a normal retirement age of 60?

Is it a defined benefit scheme?

Ciprico

I work for a UK ltd subsidiary for a foreign company.

A foreign company owns the UK limited company which employs you?

Yes - apart from the owner I am the only employee of xxxx Ltd, owner is a director

Back when I joined there was no pension provision, as confirmed on initial employment contract, though the statuary pension was included more recently.

I should have written "Company Retirement Age" below

The employment contract (signed in 1998) also states "company pension age 60", which is coming up fast for me.

You joined the company pre 1998 and under the original contract no pension was offered?

Correct...

You signed a new contract in 1998 at which time there was a pension scheme and you joined it?

No, I joined the company then. Back then retirement seemed a long way off, and staying with the company 24 odd years seemed extremely unlikely, so I wasn't concerned about "no pension" - I had my own stake-holder pension, which became a SIPP, and the company now SS's the max allowed into it.

Is this the "statutory scheme" to which you refer?

No, for statutory scheme I mean the UK government imposed pension legislation introduced a few years ago

You are still a member of this scheme?

Yes - but it contains peanuts (minimum the company could get away with)

This scheme has a normal retirement age of 60?

Don't have the details to hand, but it will be a new vanilla scheme, not Nest, but something like it. 

Is it a defined benefit scheme?

NO....

xylophone

You have a SIPP to which the company contributes and you are a member of a workplace pension scheme to which it  is also contributing?

You mention  the reference to "company retirement age" in your contract  but this has no direct  connection with either of your pensions.

Other posters have commented on the "retirement age" aspect.

Albermarle

I think in 1988, companies could still force you to retire, but not anymore. So that clause in your contract would not be valid anymore.

You have a SIPP to which the company contributes and you are a member of a workplace pension scheme to which it  is also contributing?
I think the company is only contributing to this SIPP insofar as they are organising salary sacrifice payments for the OP.
They are only contributing their own money to a workplace/auto enrolment pension at minimum %.