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Deferred final salary pension crisis ?

Having changed jobs a few times I have 3 deferred pensions left in final salary schemes.

I have always been advised to leave them rather than transfer to the current job or to a private scheme, but now I'm not so sure.

With final salary schemes closing and possible rises in the retirement age I'm beginning to think I ought to ask for transfer values and get them into safer / more flexible funds.

Anyone had experience of what happens to deferred pensions if the final salary scheme closes ? ... and should I wait until after A Day to make any decision ?

Thanks, Chris

Reply to
Real Ale
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It shouldn't affect you. When a final salary scheme "closes", it doesn't mean you lose any of the benefits you have already earned, it just means you can't earn any additional benefits in that scheme, and often it doesn't even mean that, but only that new employees are barred from joining the scheme, whilst existing employees who alre already members are "safe".

Reply to
Ronald Raygun

It does if the scheme is closed underfunded. And who can say now what the liabilities will be in 20-30 years time?

The 'leavers' are going to be last on the list for getting their money if at any time in the next 30 years the trustees realise that at that point there isn't a big enough pot.

tim

Reply to
tim (moved to sweden)

Who advised you? A properly considered bit of advice (for which you probably had to pay) from an IFA or some advice over a pint of beer in the pub from a mate? And when did you get this advice? Transfer values have risen a lot recently and what may have been true a couple of years ago may not be so now.

Rob Graham

Reply to
Rob graham

Hasn't the law changed recently to force companies which are still trading and solvent to address any underfunding in their pension scheme, even if closed? Or am I wrong?

Reply to
Andy Pandy

In message , Andy Pandy writes

They have to "recognise" the liability, errr, thats it.

Reply to
john boyle

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