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New Changes - Q&A's

Started by Loki, 10-01-15, 09:31AM

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notsofunny

Quote from: The Mrs on 13-01-15, 11:07PM
This one has me worried, I hope people take advice before doing this too hastily -

'Can I transfer my pension out of the scheme to a different scheme? Yes, in most cases you'll have the option to transfer your pension out of the scheme to a different scheme if you wish to do so, now and in the future.'

I believe Tesco is the last defined benefit scheme in the UK 100 listed companies, if not the last then one of only two or three. The likelihood is that transferring your pension into a different scheme would be a defined contribution scheme, the outcome of which is much riskier.

Very true :thumbup:,
I think Tesco would like more of us to transfer out to another pension, Since they will then no longer be responsible in having to top it up,

Morris999

Including Tesco there are 3 other companies that offer DB pensions to new employees in the 100 listed companies they are Morrison's, Diageo and Johnson Matthey
However with tesco trying to close its, and morrisons just sacking its top boss due to poor Xmas sales and now closing stores too, they will probably follow tesco and close there's too.

The new pension scheme shouldn't increase your payments unless you want too.
However the amount you get when you retire will be a hell of a lot less than the current one.
You will also be starting from scratch again when they open the new one, while that won't be that much of a issue for people in there early-mid 20's those in there 30's/40's are screwed.
Also tesco will not have to pay the billions its short to cover it if they kept it running.

Beanny

Can anyone out there from the newly structured stores tell me what the team managers salary scale is? Will line managers in extras have to take a reduced salary?

adamlad

following on from the previous post. Were pilot store managers offered redundancy and is there a new management contract and if so is is the same , better or worse

Twochops

Panther .....

I think your delusional , asda don't have a £3billion pound black hole in the pension , operate at a lower cost rate and are quicker to change and adapt. ..... Yet they too still crucified the structure , what makes you think a few protests and sick days will make the slightest difference ?
I suggest you search 'our voice ' or ,..... The Grocer under 'asda managers restructure' then drill down to the comments threads left .

This is what you have to look forward to , and tesco is in more s*** and doesn't have £52billion in the bank because banks lend to them , no-one lends to wal-mart !

So rock on , I feel sorry for those who left ASda then have to go through it all again


notsofunny

Quote from: Morris999 on 13-01-15, 11:53PM
Including Tesco there are 3 other companies that offer DB pensions to new employees in the 100 listed companies they are Morrison's, Diageo and Johnson Matthey
However with tesco trying to close its, and morrisons just sacking its top boss due to poor Xmas sales and now closing stores too, they will probably follow tesco and close there's too.

The new pension scheme shouldn't increase your payments unless you want too.
However the amount you get when you retire will be a hell of a lot less than the current one.
You will also be starting from scratch again when they open the new one, while that won't be that much of a issue for people in there early-mid 20's those in there 30's/40's are screwed.
Also tesco will not have to pay the billions its short to cover it if they kept it running.

well morris 30/40.... ;D Think those of us in our 50's are more so :P,

Point I don't agree with is the fact that Tesco will not have to pay the billions its short..........
as I understand it they will still be responsible for any thing short till the  last person in it is paid off,, Only reason they want to stop it is that they don't want any responsibility's over and above what they have to those that are in the pension at the moment, 

Twinkeltoes1

So what happens to the people already recieving Pension, is there any fallout for them, ie like no pension increase

panther

Quote from: Twochops on 14-01-15, 12:13AM
Panther .....

I think your delusional , asda don't have a £3billion pound black hole in the pension , operate at a lower cost rate and are quicker to change and adapt. ..... Yet they too still crucified the structure , what makes you think a few protests and sick days will make the slightest difference ?
I suggest you search 'our voice ' or ,..... The Grocer under 'asda managers restructure' then drill down to the comments threads left .

This is what you have to look forward to , and tesco is in more s*** and doesn't have £52billion in the bank because banks lend to them , no-one lends to wal-mart !

So rock on , I feel sorry for those who left ASda then have to go through it all again

Twochops, you do not know a thing about me, delusional I am not! I don't really care what Asda are up to, I merely mentioned what I had seen. What I DO care about is myself and the rest of my colleagues who are getting s*** on from a great height in more ways than one. Say what you want, but keep your thoughts about me to yourself!

scorpio

Lets face it were being dragged down to the depths of wal-mart who pay pittance wages in america have food bank basket for staff at the exit to there store's.Iv'e watched right wing media in america attacking hard working staff for standing up to the walmart heirs and being torn apart by CNN news commentator how stupid they all are and anyone can fill shelves if you got a problem go find another job Bull**it. BBC breakfast business news this morning tesco and there store closures being backed up by some business blogger no mention of pensions going, pay freezes, store restructures total right wing press talking it down tory led propaganda machine doing its best to hush hush it all up while talking of the Tory's phantom recovery absolute total Boll**ks. Meanwhile were being robbed while sitting at the family table at 67 and someone's taking tens thousands pounds from the family chicken and sneaking off out the front door.Apparently unnoticed to the oblivious union rep who think were still in some form of union partnership wake up people the horse has bolted time to stand up.

Twochops

I wish you all the very best of luck for the next twelve months .

Jet1

I want to know if it is possible to take all your cash out of the pension scheme altogether.......Surely if they are changing the T&Cs then the current contract is null and void! I would reinvest this money in my quest to attain my HGV so i can find alternative employment...

don21

Look Guys,

I do not work for Tesco but my wife does so I have a vested interest. Scorpio (post 133) has it more or less spot on. Dave Lewis has previous form for this he screwed Unilever staff over their pensions as well .They went on strike although little good it did them.

You lot have the most spineless Union out of the lot and unless you all start demanding a strike ballot they will do their usual and as usual that will be nothing.

Interesting this pay freeze because the company is in trouble. How many companies in trouble are on course to make one thousand four hundred million pounds profit this year?

The truth is this guy is a hatchet man in the finest Tory tradition brought in to take away what meagre benefits you already have.

Intersting to read about flexible benefits. Could this mean you can have sick pay or holiday pay but not both. Watch this space.

Thing is though the last lot in charge were not exactly purer than the driven snow were they. Ordering brand new corporate jets while the workers had year after year of little if no pay rise and awarding themselves big fat bonuses while the pension defecit got bigger.

We have yet to see if their actions over falsifying the accounts will lead to any jail time for anyone but dont hold your breath. Lets not forget how non of the bankers went to jail after bringing the country to its knees and causing the longest recession in history.

Wake up people. You are screwed unless you start banging on at your union rep about a strike ballot. Imagine Tesco having to close stores because of strikes. Maybe the Tory press would sit up and take notice then.

How many of you are on Tax credits because you cannot get a living wage or enough hours work a week. Reading about more flexible working needed means that guy wants you all on zero hour contracts.

Its nothing more than a disgrace.

red devil

Quote from: Jet1 on 14-01-15, 06:59PM
I want to know if it is possible to take all your cash out of the pension scheme altogether.......Surely if they are changing the T&Cs then the current contract is null and void! I would reinvest this money in my quest to attain my HGV so i can find alternative employment...

You can cash out your pension if you've been contributing to it for 2 years or under according to the email I got asking the same question, after that period of time you cant

Morris999

Tesco store staff are never going to strike in large enough numbers to make a difference, even if the union allowed a strike vote!

How many of the colleagues in your store would be able to lose a day's pay or more?
Not enough to make a difference!
And even if there was a strike tesco would be the ones gaining as all those that did strike there pay would be turned into Tesco profits!

Usdaw didn't do a thing last year when Asda and morrisons all went through there management restructure etc
So don't expect them to this time!
By all means utilise them while it's going on, and then ditch them once it's over!
If everyone affected by this cancelled there Union subs then and only then might Usdaw take notice!

Loki

How can Usdaw get involved in what goes on at Asda?

Asda doesn't recognise Usdaw.
When all else fails, madness is the emergency exit.

seenitall

#140
Quote from: Morris999 on 13-01-15, 11:53PM
Including Tesco there are 3 other companies that offer DB pensions to new employees in the 100 listed companies they are Morrison's, Diageo and Johnson Matthey

And one big unlisted company:  John Lewis Partnership--Final Salary DB scheme. But apparently the John Lewis scheme has been restructured a couple of times in the last 10 years and is about to be restructured again to stop the costs eating the company;  a hard decision for the employee owners to make.

Quote
Q. How will my life cover be affected by the proposals? (new question added 13 January 2015)

Tesco can choose to set up a defined contribution scheme which includes life cover. Lots of DC schemes do include life cover at 2x to 4x salary level since the cost of the life cover for a large group of people is pretty marginal in terms of the running cost (the cost of personal term life cover is the cost of the salespeople to sell it).  So I would guess that Tesco probably would include this (it's probably the one negotiation that USDAW could successfully influence).


Twochops

Quote from: Loki on 14-01-15, 11:25PM
How can Usdaw get involved in what goes on at Asda?

Asda doesn't recognise Usdaw.

.....and guess what , in about three months time when you lot wake up and smell the coffee ...... Neither will you .
You are all sleep walking towards the iceberg and think you'll be the one that will be ok .

tumshie

Not thinking that at all - have you got any ideas on how to avoid the iceberg?


kaled78

obviously they feel it's time to get rid of the deadwood and plan to fail a lot of exsisting managers when they re-aply for the new roles

Loki

Quote from: Twochops on 15-01-15, 09:13PM
Quote from: Loki on 14-01-15, 11:25PM
How can Usdaw get involved in what goes on at Asda?

Asda doesn't recognise Usdaw.

.....and guess what , in about three months time when you lot wake up and smell the coffee ...... Neither will you .
You are all sleep walking towards the iceberg and think you'll be the one that will be ok .

If you had the capability of reading through many of the threads on this site, then you would realise that many of us have thought the exact opposite of what you have stated.
When all else fails, madness is the emergency exit.

darklighter

Quote from: Loki on 14-01-15, 11:25PM
How can Usdaw get involved in what goes on at Asda?

Asda doesn't recognise Usdaw.
Tesco doesn't recognise usdaw either!
 

Loki

When all else fails, madness is the emergency exit.

darklighter

Change is coming and there is nothing that can be done about it because those in charge think this is the way forward to get the company back on it's feet and appease shareholders. 
How an employees life is altered detrimentally or not through these changes will never be a concern of this company and as long as those shareholders are kept happy then all is well in Tesco land. 
As for the unions, Thatcher removed their testicles years ago as proved by ineos at Grangemouth with their very real promise to shut the refinery if they didn't get their way.
 

Shafted

Message to Drastic Dave we are your customer
Where leaving your shops to, shove your 10% it's cheaper at Asda

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