Pension question

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sunkendrailer

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Post by sunkendrailer » Wed Sep 01, 2010 12:16 pm
Hi all. Still here and all is running smoothly now. Have had a far less stressful summer thanks to Mel and her team.
I have a little question to ask.
My company are discontinuing (closing down) our final salary pension scheme next year (March 31st).
They are replacing it with a different scheme (I think it's called a Stakeholder Pension scheme).
We had a presentation on this and have been told that our contributions to the new scheme will remain unchanged.
As I'm now in an IVA and I was allowed to maintain contributions to my final salary scheme, am I going to be allowed to continue "status quo" with the new scheme once it's up and running?
Now debt free after F&F in July 2012.
 
 

liamjames

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Post by liamjames » Wed Sep 01, 2010 12:34 pm
I can't see why not. Forward the details to your IP for their records, but if your creditors have already accepted your pension scheme and your contributions will remain unchanged then I'm sure it'll be fine. :)
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

kallis3

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Post by kallis3 » Wed Sep 01, 2010 12:38 pm
I think you'll be ok as well.

What will happen to the money paid in to the final salary scheme?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
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animaleyes76

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Post by animaleyes76 » Wed Sep 01, 2010 1:20 pm
Jan

I guess the benefits will be put into a paid up state until retirement unless they are transferred somewhere (which is usually a mistake with a FS scheme because of the guaranteed benefits)
 
 

sunkendrailer

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Post by sunkendrailer » Wed Sep 01, 2010 1:56 pm
kallis3 wrote:

I think you'll be ok as well.

What will happen to the money paid in to the final salary scheme?
I believe that the final pension salary scheme ends there and then, but I can only claim it upon retirement (based on the amount accrued by next March). I must admit I struggle to understand anything to do with pensions, so I just tend to just follow the crowd!
Now debt free after F&F in July 2012.
 
 

kallis3

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Post by kallis3 » Wed Sep 01, 2010 2:45 pm
I take it you will still get a lump sum then? Be a real bummer if you didn't.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

sunkendrailer

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Post by sunkendrailer » Wed Sep 01, 2010 3:04 pm
kallis3 wrote:

I take it you will still get a lump sum then? Be a real bummer if you didn't.
Hope so Jan...although my retirement date is still a good 30 years away!!!
On another topic, it's nice to see my Avatar showing a countdown now. Hope that 57 months pass quickly!
Now debt free after F&F in July 2012.
 
 

Pandy

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Post by Pandy » Wed Sep 01, 2010 5:17 pm
We are the same in my company our final salary scheme ends Dec 31st. Any money accrued is frozen (apart from an up to 5% general yearly increase) until we retire, we have to take a defined contributions one from then on in, although the payments will be the same no-one knows what sort of pension you will be able to buy when you retire, it is quite worrying...
Last edited by Pandy on Wed Sep 01, 2010 5:17 pm, edited 1 time in total.
If life is what you make it, I must have been in a strange mood when I made mine
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