Help, advice?

DoogleArse wrote: »

I see I'm still causing confusion, the 3-1% was a separate agreement between the company and the Union, the contributions from the company have remained the same, I am still in a DB scheme that ends in December

So basically, to put a break on costs, the company first capped pensionable pay increases for final salary scheme members to 3%, then subsequently to only 1%.

For someone much younger than yourself, this sort of thing actually makes a final salary scheme unattractive compared to a decent DC scheme. Depending on how long ago the capping first happened, it might even make a generous DC scheme (so, not the statutory minimum!) a better option for yourself, or at least not particularly worse, especially if you have a 40 year maximum accrual in the DB scheme.

moving to what looks like a DC system but no doubt with a reduced contribution from the company (currently they put 12%)

12% for a DC scheme is excellent by the way.

we have no detail at all yet as regards how it will look as the consultation period doesn't start until May 3rd

I wouldn't get hung up about losing DB - key thing is for a good DC settlement to be negotiated.