Pension Changes

[Twinkeltoes1]

No pension increase for us pensioners this year...

[fruitdogs]

I received my statement for the closure of the defined benefit scheme today. One of the options is to transfer it to the  new scheme. Do any of our financially savvy colleagues on here, have a view as to the  benefit, or otherwise of this please.

[Morris999]

Logged into the new pension website, and it seem Tesco is up to its old tricks again!
Not only hasn't the one off payment been put in yet, but neither has last Friday's contributions!
It seems they are holding onto our pension contributions for awhile before transferring them!

[blutopia]

I received my statement for the closure of the defined benefit scheme today. One of the options is to transfer it to the  new scheme. Do any of our financially savvy colleagues on here, have a view as to the  benefit, or otherwise of this please.

You pays your money and takes your choice!  You will be gambling the certainty of a predictable income at retirement for the uncertainty of how well L&G invest your money. Much depends on your attitude to risk and how close you are to retirement.  The Transfer Pack might contain advice, so no harm in requesting it.

[redders]

Fruitdog leave it where it is you will lose money transferring it and L&G would love to get there hands on it, if you are 55 now I say take it now.part of the deal with the union on the new pension is anyone taking the old one in the next 3 years will get the full benefits as they would on retirement at full pension age.

[londoner83]

I'd leave it where it is too much if a risk putting your savings into L&G.....If Tesco ever failed as UK'S largest private employer you would hope government would step in and do something about our pensions. Sadly if a financial institution went under I doubt the government would be as willing to help.

[were doomed]

Just a observation it says on my pension closing statement that if I die before pension age it will pay a cash lump sum of 5 years pension is this in addition to the 5 years salary?

[Duracell]

The closed scheme pays 5 times your pension figure.
The new scheme pays 5 times your salary ( which is why USDAW recommend being in the new scheme as appossed to not.

Your dependants get more from both schemes paying on death in service compared to just the old scheme.

[were doomed]

Forgive me if I appear thick but as I understand it on joining the new scheme it's just 5 times my salary ?

[universal witness]

I am peeved............
Over 55 and Tescon said I could not transfer my old pension into the New savings scheme  (anybody else had this  slap in the face) because of my age regardless of what........

I watch the new saving scheme for my age microscopically.............the denial of transfer in the last 10 days alone has cost me £5,000 scaling up the performance...........gutted

[Mozzer]

I didnt think anyone could anyway,the old pensions just makes whatever percentage per year if im corect.

[fruitdogs]

Does anyone know in simple terms, how removal from the SMART pension affects us. I received a letter this week saying I don't earn enough. How sad considering I'm full time.

[Rad]

I am peeved............
Over 55 and Tescon said I could not transfer my old pension into the New savings scheme  (anybody else had this  slap in the face) because of my age regardless of what........

I watch the new saving scheme for my age microscopically.............the denial of transfer in the last 10 days alone has cost me £5,000 scaling up the performance...........gutted

Everyone who moved to the new pension scheme has lost thousands compared to what was projected under the old scheme.  And are worse off every month until they are 67.   Everyone. 

[antico]

fruitdogs: you are not being taken out of the pension, rather the way your contributions are paid is being changed. SMART or salary sacrifice as it is also known meant that both you and Tesco paid slightly less National Insurance. This will no longer apply to future pension contributions. Hopefully that puts your mind at rest .

[fruitdogs]

Thanks antico. I realised I wasn't taken out of the pension, but wondered how it affected me. Adversely probably as always.

[Mozzer]

Rad-every body will lose thousands because the old pensions were frozenand the new investment we are investing is is NOT a pension its just a savings scheme,simple.

[AlexM]

And because the old pension was "contracted out" of higher NI payments (to save tesco money) many people will not get the full state pension when they retire. Might be something worth checking on the Government Gateway if you have less than 15 years left to retirement.

[Hammer10]

I checked mine I get the full amount on 14 years to go.

[troll-hunter]

Is there a yet another change to the pension in the offing, hearing rumours about something on our t*and a publication of some sort?

[Neil23]

Hi, I'm not sure if I'm permitted to create a new thread or not so maybe I could ask for help here;

I recently left Tesco due to the restructure. I could've stayed but opted for Aldi. Anyway I, stupidly, ignored the pension/Savings plan. Originally I started my payments yo the original pension plan but continued to pay when it changed to the new plan. In total I was paying for less than two years. Am I entitled to claim back this money? I've recently been told it is possible. Cheers.

[terra]

With the new scheme if you are over 55 you can take your money out...with the old one If I remember right you will get a refund less the tax relief at some point in the future

[Neil23]

So does this mean that I'm entitled to contact Tesco and get back my money that I paid in?

[redders]

The old pension is frozen if I were you take it know, part of the deal of bringing in the new one is if anyone was too take it in the next 3 years would get full benefits as if retiring at full state pension age. The new one if you have been paying in less then two years you should get all your contributions back, usually this happened when you gave notice of leaving the company. But so much has changed with the rules on pensions I could be wrong, ring them ask the question good luck.

[redders]

Troll hunter, just been given a new contract to sign and the section on the pension has changed, it now says that your contributions to the scheme will be a salary sacrifice arrangement this means a formal change to my salary, if I choose to opt out or Tesco think it's not suitable for me then contributions will be deducted each month and paid directly into the pension scheme on my behalf. What does this mean anyone.

[happydays04]

bit confused if anyone can help, my spouse died, he was on the old tesco pension scheme that I know nothing about, he worked there for about 9 years.  I have 3 children, I have been contacted by them as knew nothing about any pension scheme although he had to stop work there due to ill health. I have sent the documentation they require, can anyone tell me if would there be any pay out and what with this?? thanks