what happens..................

sinbad_3 · 15 June 2007 at 1:29AM

I left my job last year, but left 26 years worth of final salary pension sitting.
That company (Thresher)has now been taken over. How safe is my money? I have heard so many scare stories about schemes folding and losing all the contributions the company have put in etc etc. I have asked for advice from "advisors" but no onw can give me a difinative answer. All I want to know is, is my money safe, or should I consider moving it if the scheme is in danger of folding? I have started a new stakeholder thingy to keep things moving, but don't want to lose all I have built up over 26 yrs.
Any advice appreciated, without predjudice of course.
Contact in confidence, alan@heartsfc.com

dunstonh · 15 June 2007 at 9:11AM

I have heard so many scare stories about schemes folding and losing all the contributions the company have put in etc etc

An extremely tiny minority.

I have asked for advice from "advisors" but no onw can give me a definitive answer.

No one can give you a definitive answer.

All I want to know is, is my money safe,

Depends on what you mean by safe. Is it guaranteed? No. Are you likely to lose your money? No.

EdInvestor · 15 June 2007 at 11:54AM

Try calling these people for some independent advice:

https://www.pensionsadvisoryservice.org.uk

dunstonh · 15 June 2007 at 2:55PM

I didnt think they could give "individual" advice on regulated areas but only non-regulated areas. It was more generic and information supplied basis.

They certainly wont tell you whether or not you should transfer it and if so, who to. You will get the generic response that you have probably already received.

EdInvestor · 15 June 2007 at 5:41PM

TPAS will explain the issues that need to be looked at and how the OP can find out the relevant information and evaluate it.

The main thing to confirm is that the scheme is covered by the Pension Protection Fund and what might happen if it is wound up.The OP could also consider asking for a transfer value which would at least give an idea of how well the scheme is funded.

Nobody can give him any real advice until he obtains more information.

DRS1 · 15 June 2007 at 8:39PM

Your first point of contact should be the trustees - ask them what you ask in your post and see what they say.

There is also something called the Pensions Regulator which sometimes gets involved when companies are taken over. You might ask the trustees whether it did get involved and whether it cleared the takeover. If it did not get involved you might ask them why - it could be because there is more than enough money in the pension scheme to cover all the benefits.

There is more on this on TPR's website eg
http://www.thepensionsregulator.gov.uk/guidance/clearance/index.aspx

But I'd start with the trustees if I were you.

sinbad_3 · 15 June 2007 at 11:20PM

Many Thanks Folks.

what happens..................

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