Pension & Debt

missile

Your quote from Pension's Advisory Service is nothing more than a guide. These three elements do not automatically all feature in every pension scheme.

Dithering_Dad wrote: »

Actually, reading the TPAS material, it looks like your widow friend has been treated quite well by the pension scheme..

I find it strange you have come to this conclusion, my MiL got the very minimum she was entitled to under his scheme rules.

I did not intend to highjack wanna-be-mortgage-free's post. I posted to encourage him that maybe he needs to think outside the box. Pensions have very restrictive rules and even when one fully understands the product, it can be difficult to see today how changes in the future may affect the return on investment, my FiL did not.

bigturnip

Retired_I.F.A. wrote: »

The solution is to look to transfer out of such crap schemes the day you leave their employ, or better still dont join and argue to get the employers contributions paid into your own personal pension plan. By law it's a part of your pay.

As far as I am aware it is EU law, but the UK vetoed it and don't look like introducing it any time soon. If they did they would have to ensure all equivalent employees received the same pension rights regardless of service, unlike the current situation where longer serving employees often have far better pension schemes.

Retired_I.F.A.

bigturnip wrote: »

As far as I am aware it is EU law, but the UK vetoed it and don't look like introducing it any time soon. If they did they would have to ensure all equivalent employees received the same pension rights regardless of service, unlike the current situation where longer serving employees often have far better pension schemes.

I Dont think our politicians vetoed it they just basically said "you have equality as no one is forcing you to join" It's now and has been on the back burner for some time. One day hopefully it'll come to the EEC courts again and they migh make a proper equality ruling but by then I expect all final salary schemes will be history.