Pension withdrawal

SamanthaBush

With the BoE increasing gilt sales and pension funds again saying they help today, is there any danger to my pension and should I withdraw the funds now that I'm 56.

TadleyBaggie

Who is your pension with?

Albermarle

What type of pension is it? The issues in the news only concern one area.

dunstonh

SamanthaBush said:

With the BoE increasing gilt sales and pension funds again saying they help today, is there any danger to my pension and should I withdraw the funds now that I'm 56.

You need to differentiate by what is meant as pension funds.    The context in the media is defined benefit schemes.   Do you have a defined benefit scheme?  or is it a defined contribution scheme?   
If DB, then it doesn't matter to you as its underlying concerns rather the individual concerns
If DC, then it will depend how you are invested.  i.e. if you are heavy in gilts or light in gilts.  However, there is nothing to even hint that full withdrawal is the solution.

MEM62

SamanthaBush said:

With the BoE increasing gilt sales and pension funds again saying they help today, is there any danger to my pension and should I withdraw the funds now that I'm 56.

And do what with it?  

SamanthaBush

Thanks everyone. I wasca Nuffield Health emoyee, so contributed along with my employer and its held by Aviva. I'm in the oricess of trying to get a response from Aviva as I'm unsure of the details.

SamanthaBush

MEM62 said:

SamanthaBush said:

With the BoE increasing gilt sales and pension funds again saying they help today, is there any danger to my pension and should I withdraw the funds now that I'm 56.

And do what with it?  

No idea yet.

xylophone

Is this your pension scheme? 

If so,  you are not a member of a defined benefit scheme so the Bank's actions do not relate to your pension.

Nuffield Health Retirement Savings Plan

Pension contribution

Details of the pension plan

Nuffield Health automatically enrols all eligible employees (aged over 22, and earning more than £833 per month) into the Nuffield Health Retirement Savings Plan, a personal pension plan which provides a tax efficient way of savings towards retirement. The Plan administrator is Aviva, and admission to the Plan is available to all employees. 

Aviva can be contacted on   e: mymoney.questions@aviva.com or t: 0345 600 6303

What are the pension contribution rates?

Periodically Nuffield Health with review the pension contribution basis and the rates are subject to revision.

The current pension contribution rates are:

Employee Contributions	Employer Contributions
1%	1%
2%	2%
2.5%	2.5%
3%	3%    - 2019 Auto enrolment default
4%	4%
5%   - 2019 Auto enrolment default	5%
6%	6%
…. Upwards to 100%	Maximum of 6%.

 

Where can I find further information?

You can find general information on pensions and saving for later life from https://www.gov.uk/workplace-pensions

If you would like to know more about the Plan please visit the Retirement Savings Section of the employee website http://www.nuffieldhealth.com/mybenefits

 

 

MEM62

SamanthaBush said:

MEM62 said:

SamanthaBush said:

With the BoE increasing gilt sales and pension funds again saying they help today, is there any danger to my pension and should I withdraw the funds now that I'm 56.

And do what with it?  

No idea yet.

That was where I was going with the question.  Unless you have a plan for the money that is going to put you in a better position than you are now, there is no rationale for considering withdrawal.    

SamanthaBush

xylophone said:

Is this your pension scheme? 

If so,  you are not a member of a defined benefit scheme so the Bank's actions do not relate to your pension.

Nuffield Health Retirement Savings Plan

Pension contribution

Details of the pension plan

Nuffield Health automatically enrols all eligible employees (aged over 22, and earning more than £833 per month) into the Nuffield Health Retirement Savings Plan, a personal pension plan which provides a tax efficient way of savings towards retirement. The Plan administrator is Aviva, and admission to the Plan is available to all employees. 

Aviva can be contacted on   e: mymoney.questions@aviva.com or t: 0345 600 6303

What are the pension contribution rates?

Periodically Nuffield Health with review the pension contribution basis and the rates are subject to revision.

The current pension contribution rates are:

Employee Contributions	Employer Contributions
1%	1%
2%	2%
2.5%	2.5%
3%	3%    - 2019 Auto enrolment default
4%	4%
5%   - 2019 Auto enrolment default	5%
6%	6%
…. Upwards to 100%	Maximum of 6%.

 

Where can I find further information?

You can find general information on pensions and saving for 

If you would like to know more about the Plan please visit the Retirement Savings Section of the 

 

 

That's so helpful, thank you so much. That is exactly my pension. As an ex-employee, I was put in touch with Aviva and I'm waiting hear back from them. In the mean time, you've been very helpful, again, thank you.

frenchfrog

Thank you for the contributions above.  I know my BBC pension is a defined benefit scheme, so according to the comments above, I have nothing to worry about, right?  However, I have noticed that the value of the pension per annum used to be over £6k now it is only £4k.  Do you know why that is, please?  Thank you :-)
PS - with the state of the pensions right now, I am thinking of taking a lump sum as I am 58 now