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Author Topic: Company Pension  (Read 41984 times)

bakerbob

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Re: Company Pension
« Reply #25 on: 04-10-10, 04:09PM »
I am about to fill in the pension scheme application form. There are two boxes, I have to tick one of them. One says "I want to sacrifice my pay to be in the scheme", the other "I want to pay normal contributions". What is the difference?

The Mrs

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Re: Company Pension
« Reply #26 on: 04-10-10, 10:37PM »
There is quite a good explanation of Salary Sacrifice, the advantages and disadvantages here :-

http://www.pensionsadvisoryservice.org.uk/personal--stakeholder-pensions/group-stakeholder-pension-schemes/salary-sacrifice

sammy

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Re: Company Pension
« Reply #27 on: 25-10-12, 12:26AM »
can you still op out of the pension? i know every been auto op'ed in but are you still able to op out like you was before?

mopat

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Re: Company Pension
« Reply #28 on: 25-10-12, 03:49AM »
sammy,,,

yes you can,, This was done by the goverment,,, to make sure  or try to get everyone to save in a pension,
Just , Think it over first,, You put money into it,, tesco does, and you also get tax rebate as well,,, its the best way to save,,,Another thing is that when your turn comes to retire the state might just not be paying any pension,,, as it is you will have to wait till your 65 to get state pension, so dont rush and opt out,

happyreturns

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Re: Company Pension
« Reply #29 on: 25-10-12, 08:36AM »
Sammy listen to the good advice from mopat, you may be young and think that retirement is a long way off so you have lots of time, you may not be in a good position financially,but pensions are very very important To ensure you and yours are not going to be in difficulty in you retirement years. Company pensions are in the main the best way to save for your Pension, so please have a long think before you opt out.

Voice of reason

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Re: Company Pension
« Reply #30 on: 04-12-12, 10:38PM »
Ditto. Done a lot of research- most sensible thing you can do is join the pension.

thedoctor

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Re: Company Pension
« Reply #31 on: 07-12-12, 09:12PM »
Hi I left tesco n 2010, I can't find any of my account information of it. I'm looking to transfer it to my current pension. Has anyone got a number I can contact them on please.
Thank you

picktocube

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Re: Company Pension
« Reply #32 on: 08-12-12, 11:24AM »
Pensions helpline number is 08450701113. I was under the impression,that you could not transfer your Tesco pension into another fund,it was just frozen and payable on retirement. However ,this may not be the case. I hope this is the correct number,it was in March 2012.

Judge Jeffries

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Re: Company Pension
« Reply #33 on: 08-12-12, 03:47PM »
If you have changed employment and have a frozen pension then most people have the right to transfer to another scheme.
The Pensions Advisory Service has a leaflet called 'Transferring your pension to another scheme'.
This would be a good starting point.

thedoctor

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Re: Company Pension
« Reply #34 on: 08-12-12, 05:09PM »
Thank you for that will have a look at my options.

the-vortex

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Re: Company Pension
« Reply #35 on: 15-12-12, 07:58AM »
You also have a right at retirement to amalgamate all accumulated pension funds into one fund to optimise income in retirement (fewer/lower charges, better rates for smokers etc)
Loyalty is a one-way street!

chris9997

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Re: Company Pension
« Reply #36 on: 23-04-13, 02:11PM »
hi does anyone know where i can download a blank expression of wish form, i could ask in store but not hopeful of getting one. any help would be great .


stockrotateman

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Re: Company Pension
« Reply #38 on: 18-10-14, 09:48PM »
Hi, can anyone help me with some advice. Have decided to take my pension now I won't be at Tosca when I reach the national retirement age also want too drop a day currently full timer 5 day week know sundays. can I pick the day to lose or do I have to comply with the business, want too drop Saturdays. thanks.   

the-vortex

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Re: Company Pension
« Reply #39 on: 19-10-14, 04:55PM »
Pretty sure it will be down to 'needs of the business'.

2014 Colleague Handbook

Quote
Colleagues with at least ten years’ service and aged 55 or more will be eligible for the scheme.  You may reduce your working week by one fifth with no reduction in pay for the six months’ leading up to your retirement from the business.
You need to give your Personnel Manager at least 6 months’ notice of your intention to retire in order to receive this benefit.
Loyalty is a one-way street!

stockrotateman

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Re: Company Pension
« Reply #40 on: 20-10-14, 05:23PM »
So true.

OpShunned

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Re: Company Pension
« Reply #41 on: 20-11-14, 01:30PM »
The pension fund is now as im sure you are aware undergoing its three yearly review. I wonder how it is faring in this economic climate?


Well Apparently, and as of OCT this year,

On an accounting basis, the Group's net pension deficit after tax increased from £2.6bn
, as at22 February 2014,to £3.4bn. This movement is  to a significant reduction of  40 basis points in real corporate bond yields, due to high demand and limited supply in the bond market.

http://www.tescoplc.com/files/pdf/results/2014/interim/interim_2014-15_results_statement.pdf

This is very worrying considering the pension pot is estimated to be worth 11 billion. A 3.4 billion hole is more than just sizeable, particularly with the contraction of our market share both home and abroad. I believe this topic deserves its own thread and that questions need to be asked on many levels. So as to how 'it's faring in the economic climate? '. Not very well I would suggest  :(

How concerned are you?

scummer101

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Re: Company Pension
« Reply #42 on: 28-11-14, 01:26PM »
I got my benefits report this morning and my pension has been severely reduced over the last two years.
Here are my previous reports for what my pension could be worth;
2009 £13,325
2010 £13,647
2011 £14,712
2012 £19,084
2013 £13,697
2014 £12,009
I'm interested who else has been hit this hard recently.

troll-hunter

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Re: Company Pension
« Reply #43 on: 28-11-14, 05:12PM »
Scummer, too detailed a post

OpShunned

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Re: Company Pension
« Reply #44 on: 28-12-14, 01:04PM »
Tesco faces new blow with £3bn hole in pensions.  http://www.thesundaytimes.co.uk/sto/business/Retail_and_leisure/article1500530.ece

Quote
Supermarket giant could be forced to pay an extra £300m a year to make up shortfall in retirement fund
Tesco's pension scheme has 350,000 members, of whom more than 200,000 are current employees (Getty)
EMBATTLED retail giant Tesco faces the threat of a new blow to its finances next year when it is likely to be forced to plug a multibillion-pound hole in its pension scheme.

The company will have to put as much as £300m of extra cash into the fund every year, analysis suggests, further denting its efforts to restore profitability.

The value of Tesco’s pension fund and its projected liabilities are currently being assessed, and the result is due by next June at the latest. But the company’s last annual report suggested that it had a deficit of almost £3.2bn: its assets were valued at £8.1bn, and liabilities were put at £11.3bn.
Trustees of the scheme — which has 350,000 members, of whom more than 200,000 are current employees — will have to negotiate with the company on plans for plugging the funding gap. The period for the extra payments is likely to be 10 to 15 years.

Pensions consultant John Ralfe said: “Tesco is likely to have to increase its pension contributions by £200m to £300m a year to deal with the deficit — just as it is facing huge pressures on its short-term operating profits and as the long-term viability of its underlying business model is being questioned.”
Tesco is one of the few large companies that allow new recruits to join a “defined benefit” pension scheme with payouts linked to salary. Most big companies now offer new employees only “defined contribution” pension schemes where the size of the retirement benefit is not guaranteed.

Two years ago, the company changed the terms of its pension scheme, calculating payouts based on retirement at age 67 instead of 65 and changing the measure of inflation in calculating benefits.
However, Tesco is now likely to come under pressure from shareholders to close its final-salary pension scheme to new recruits.

“There doesn’t seem to be evidence that having the scheme makes it any easier for Tesco to recruit people, so it seems hard to justify keeping it, given the other pressing priorities,” said retail analyst Clive Black of Shore Capital.
Tesco insisted yesterday that when calculating the deficit, the trustees will not use the figure from the annual report.
Tesco’s new boss Dave Lewis is grappling with an accounting scandal and a slide in sales. The pension time bomb will limit his scope for price cuts and investment to make Tesco more competitive.

Over the past year, Tesco’s share price has fallen from 330p to 186p, one of the biggest drops in the FTSE 100.
The last full assessment of the pension fund’s finances was completed in 2011. That showed a deficit of £934m. Tesco made an extra payment of £180m in 2013 to help fill the gap — but set aside only £3m last year. These payments were on top of its routine contributions.

The scheme’s assets include property that is used by the group. On top of that, the pension fund has a claim over £416m of Tesco property: it is “held as security in favour of the scheme”, according to the annual report.
Tesco said its pension scheme “has a diversified portfolio. It does not invest directly in Tesco shares.”
The Tesco property assets “represent less than 2% of the scheme’s assets”. The pension scheme covers employees in Britain, Ireland, Thailand and South Korea. Most of the pension fund’s £8.1bn of assets are invested in shares. More than £1bn is in hedge funds and what the company calls “alternative assets”.

Loki

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Re: Company Pension
« Reply #45 on: 28-12-14, 05:45PM »
Nothing is safe.
Life is a monstrous demented gag. Madness is the emergency exit.
I will not reply to unsolicited PM's.

OpShunned

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Re: Company Pension
« Reply #46 on: 28-12-14, 06:13PM »
Nothing is safe.


Nope, and the Pension fund is floundering. Why has is trebled in three years? Why, despite a pledge to add 150 million per year since 2011 have they decided to set aside just 3 million last year? Consequently, they now have to add 300 million per year for the next 15 years with no assurances that they have the wherewithal to commit commit such an amount. The report doesn't tell you that the pension trustees have invested heavily in large stores that now look like white elephants. The day to day running of the pension scheme was recently brought in house but do you trust them to run it transparently given the company's revelations?

gomezz

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Re: Company Pension
« Reply #47 on: 28-12-14, 06:46PM »
The Pension Fund had been investing in the company?  That is what led Maxwell to taking a long run off a short deck.
"The progress of the kart is more important than its direction"

OpShunned

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Re: Company Pension
« Reply #48 on: 28-12-14, 07:19PM »
How much has the company wasted when trying to breathe life into the large stores by adding coffee chains, Gyms, hairdressers and gawd knows what (the latest smoke and mirror illusion being that of Sports Dire erection and its share option rubbish). Desperate measures made by vagabonds in a bid to sweep the shite under the carpet.

mexicopete

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Re: Company Pension
« Reply #49 on: 28-12-14, 07:59PM »
Amazing that this has happened after they changed the normal retirement date to 67 attained. I would not trust them to run a raffle, I believe this another Tesco story that aint going to end well. :( :(
The worlds me lobster