TIA for any words of wisdon here.
The company I used to work for went belly-up. I was in the final salary pension scheme.
I've asked for a transfer value, and been offered £xK, should have been £yK. Where x/y = ~50%.
Strange when I spoke to them, the guy told me he'd just done another for that company and they were getting ~50%, but because of my age I was probably going to be nearer 65% - but I'm not. Anybody know the calculation ?
Their letter states I may wish to wait for the company to be formally wound up, when it would likely be eligible for the Pension Protection Fund which should give me ~90%.
I'm sceptical of this PPF. I read hardly anybody has been paid out yet. Would I be eligible to take transfer values from the PPF, or a pension at 50 or 55, or must I wait for 65/67 (I'm 50 in March) ?
I'm very tempted to take the money and run, putting it into my private personal pension.
Any thoughts? Thanks.
Ripta