Due to the poor state of our final salary scheme I've decided to take advantage of the new rules this year by taking the pension early and continue working for the company.
The trustees have agreed to this but they are reducing the pension by
5% per year before 65 instead of the 3% quoted in the members rules book.When questioned the trustees confirmed that the rule was changed last April. on recommendation from the actuary ....but employees were not informed !
Is this a general concern for employees where trustees can alter the rules as they wish without consulting or even informing employees ?
.........
My reasoning behind my decision is that the scheme is in a very poor financial state and I am getting out before major problems arise. When a pensioner am I right in assuming that if things do go t*ts up I'll be in a more financially secure position ?, at least I'll have the lump sum in the bag.
thanks , Chris