Pension Changes

[oliver]

Where is everybody ? Does this mesn your all happy with the outcome of your new pension, its still a disgrace when higher up the scale and members if the board get the collosle amounts in their pensions.one of our managers said there is nothing to kerp him here now, just what tesco want i told him , cheaper managers will slot in his place .

[troll-hunter]

I doubt anyone anyone who physically works for their living is happy but ....... did anyone really expect them to stop the closure because of a consultation?

The one thing I would question was if they made a physical loss in the later part of 2014, I thought it was a paper loss i.e. a reduction in the "on paper" value of assets, am I mistaken.

[oliver]

No they knew all along what they were doing the vodio on our tesco is patronising and of course staged managed,

[gomezz]

My current thoughts, given my own circumstances, is to opt out of the new pension completely (is that an option) and make the money work better for me elsewhere.

[oliver]

One of my colleges said he would have to put 29% of his wage in to cover the short fall of course no way can he make that up,they have certainly left us high and dry.gomezz i stand corrected but dont we have to be in a pension by law now, they certainly have got us in a corner,or get out altogether.

[oliver]

Sorry about the spelling just getting used to new  phone.

[picktocube]

To get all your facts you also need to know how much your pension that is being frozen will also pay.

In regards to your question ,oliver,no,you don't have to be in a pension by law.But it is law that all employers have to offer a pension scheme to their employees.

[oliver]

Picktocube- thanks for that info,

[craftyarchie]

As Loki said, "Hello USDAW, your members need you!"

[mexicopete]

Lewis's pay deal at Tesco sees him earn a package worth up to £8.1million a year, comprising £1.25million in annual salary, plus a potential £3.13million bonus, possible £3.4million in long-term incentive shares and £313,000 in pension payments.

Read more: http://www.thisismoney.co.uk/money/news/article-3091174/Tesco-paid-new-boss-Dave-Lewis-4-1million-six-months.html#ixzz3jkRPsCLg
Follow us: @MailOnline on Twitter | DailyMail on Facebook

Remind me what percentage wage rise we got last year? just above the F' all we are getting this year and now add to this the closing of D.B. pension scheme, then take a look at what the pretentious Pr*ck above is taking out of the business for just over a years work, He's like a vampire sucking the lifeblood out of Tesco and I am only one of many who do not believe he is the Wonderboy he is being painted to be.

[craftyarchie]

No Pete you're not alone.

[Mickymouse1962]

I will be withdrawing my pension and putting it will standard life put an old one with them it's made  a lot of money £22,000 became £25,000 in 2 years

[AlexM]

Quick question from my son. He has no children but has made his expression of wish out to benefit our grandchildren (his nieces).  As he's in the pension, if he were to die, would his 5x salary be paid out to his neices or would Tesco not pay out as he has no dependants - no wife or kids? He thinks there'll be a loophole in there somewhere so Tesco wouldn't have to pay out.

[burns2015]

Hi Alex No its paid out to whoever is named on EOW.

[AlexM]

Thank you. He's deciding whether he's better off staying in the company pension or looking at alternatives.

[burns2015]

Well if it helps I was looking around and to be honest Tesco one is still looking the better option than going private.

[Mickymouse1962]

I have 20 years worth of pension and am getting it out before there is nothing left and am opting out of new pension it's not worth being in it for me will be better in my pocket.

Wonder what  would happen to the company if everybody  took out there pension.

[lordadmiral]

Hmmm i must add few things to Tesco Pension. Its one of the worst schemes i seen on British market. It is offering quite small interest (35% last 5 years) and since last year scheme is loosing. The 15 yr interest look nice but its still fraction  compared to others.
It would be better for those who can to resign from Tesco Pension and look somewhere else.

[best]

 Hi if your guy,s Before you go it alone with your pension, if you put in, Stresco put in, plus the Gov put into your pension pot.   
On your own its just you putting in..... Just saying

[mexicopete]

@best this is very true, but unfortunately the new scheme benefits are complete guff when compared against the current defined benefit scheme. 

[lordadmiral]

Hi if your guy,s Before you go it alone with your pension, if you put in, Stresco put in, plus the Gov put into your pension pot.   
On your own its just you putting in..... Just saying

Yes that's right it sound good if company and government add little more to contributions people are making but it might not be enough if scheme is loosing the money.
I canceled my Tesco pension long long time ago and i do not regret that as my current Pension Scheme with live cover gained twice more than Tesco Scheme gained in the same time (15 yrs).

[silver surfer]

I will be withdrawing my pension and putting it will standard life put an old one with them it's made  a lot of money £22,000 became £25,000 in 2 years

You have it wrong. You just can't withdraw your pension in the DB scheme and invest elsewhere.

[silver surfer]

I have 20 years worth of pension and am getting it out before there is nothing left and am opting out of new pension it's not worth being in it for me will be better in my pocket.

Wonder what  would happen to the company if everybody  took out there pension.

As I have said elsewhere, it is a fallacy that you can take your 20 years worth of pension out of the DB scheme. If you are under 55 your only option is to transfer it to another scheme. If you have been in the pension for 20 years you will probably be in the final salary scheme and there is no way in hell the transfer value will be worth anywhere near value of your FS pension. If you are over 55 you could start taking your pension and have up to a max of 25% as a lump sum. Please take financial advice before quitting the pension. There are a lot of scammers out there trying to get their hands on the pensions of the ill informed of which you appear to be one. Sorry no offence but your advice is dangerous.

[notsofunny]

Seems all in all lots of complaints about Tes..c stopping the pension and how we are getting riped off,,,
Then lots of complaints to say how bad the pension is

Some talk about taking the money out and so on,

Before anyone runs around and does any thing silly,, Please get some advice,, and from that I mean paid advice,
Last thing you want to do is make a mistake on moving it , only to find that the cost far outstrips the savings,,

Me i am keeping it as it is let the dust settle then see about what i want to do,,
Another thing was there not something about a top up on the pension some time next year?

[silver surfer]

For those of you who are like me in their 60's and plan to stay in work for a bit here is a tip. Join the new pension scheme and if you can afford to put 7.5% into the new pension scheme rather than the next save as you earn share scheme which should be announced before too long. Why? To make a good profit you have to be in the scheme for a number of years and at the end the share price has to be higher than the offer price and there is certainly no guarantee of that. If share price remains the same or drops you will not lose the money you paid in but it will be little more than a poor savings scheme. However if you pay an extra percentage into the new pension Tesco will match your contributions up to 7.5%. If you put 7.5% of your salary in so do Tesco. So instead of paying in £100 in to a share scheme  by putting it in pension you will get £200 back. I am 65 next year and plan to work health permitting another 3 years. So I will be paying £3,600 but my pension pot at the end of three years will be £7,200 + the one weeks pay bonus they are putting in to start the new pension pot. That is guaranteed. Even though it will be taxable when I cash it in it really is a no brainer. Sure a shares could soar but for employees my age you cant get a better savings scheme. I have heard a lot of colleagues in my age group say its not worth joining the pension - I hope you can see that it is. If you can spare the money its the next best thing to printing money.