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Pension Changes

Started by burns2015, 20-04-15, 08:22AM

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Siwel123

Just want to aplogise and say the figure i qouted is for when you started the pension, which sounds a lot better.

I definitely think putting in 7.5% would be the wiset choice, simply because if tesco is going to double it for free.

sunshineman

the new pension can we not just get our money back. my wife took a payout from the first pension, but the second pension is a waste of time. we read about it and she and don't quote me on this as these are not the exact figures but she will get £1,000 when she retires in three years time and then a year she will receive about £30 a month. can we not just take all the money out of the pot and either put it in the bank or invest it. she now is on 20 hours a week due to cut backs. we worked it out and for her to get what she has paid in, she would have to live until she was 102. her old pension because she took out 7,000 she only get £90 a month from that

lucgeo

I have recently received a letter to state that the pension is moving...and do I want the total in cash?...bearing in mind I took my entire old frozen pension out early 2018, and made redundant may 2019...I have approx 1 grand in the new pension pot even though I was doing the max 7.5 contribution on a 22.5 contract since 2015. I've asked for the whole sum in cash, but hoping it hasn't now considerably dropped due to latest pandemic and trading market  ???
Live for today. Learn from yesterday.

NightAndDay

#278
About  payslips, under SMART pension contributions, I was looking at my old payslips,  I chose to contribute 5% under the understanding that Tesco matches the contributuon, doing the calculation of 5% of my total base pay, sunday premium and holiday pay, the SMART pay element credited 5% exactly, why is Tescos contribution not itemised on the payslip, in my current job they're a lot more transparant about how they process pension payments.

Welshie

@lucego , my husband took his whole pension pot from an old pension (not tesco) , it was done very speedily as hes classed as terminally ill , in 10 days it lost £5000 , so you'll be lucky to get anything.

lucgeo

That's a real low blow for your hubby, you've got enough on your plate without losing that much... :-X

With regard mine, as they sent the letter offering the option during the outbreak, I will suggest they should have frozen the letters, rather than lose me money...something everyone should consider!
Live for today. Learn from yesterday.

NightAndDay

Does anyone know where or how you can get a log of all pension deposits made by you and Tescos matching contributions?

NightAndDay

On the plus side to the recent hammering to pension growth fund values, while the price per unit is lower than it was, our pension contributions should buy more units due to the lower value, this should equate to greater returns when the stock market inevitably bounces back.

Thevamps

#283
After almost 29 years working for Tesco's I got a letter from legal and general today saying my pension is worth £5768 I know it changed a few years ago so  does anyone know where all my other contributions have gone, because that's disgusting if that's my pension that I'm allowed to live on !

Pathfinder

Legal and general is tesco savings plan , you will have a frozen pension also which you can access via my pension tesco ...choosing the closed pension.

Nomad

https://www.pionline.com/pension-funds/tesco-plans-one-time-payment-plug-uk-pension-deficit

QuoteTesco PLC, Cheshunt, England, recorded a 10% increase in its group pension deficit to £3.1 billion ($3.8 billion) but plans to eliminate most of the shortfall with a one-time contribution.
Nomad ( Forum Admin )
It's better to be up in arms than down on your knees.

Redshoes

Ring the pension line. Not sure how well manned this during the crisis however.

sunshineman

I am really confused with the pension. During my 15 years at Tesco i have had three companies dealing with our pension. I have one year before i can offically retire and currently receive £90 a month from my Legal and General pension after taking a lump sum of £7000 seven years ago. The new pension which is worthless, says that i will receive a lump sum of around £3000 in one year and around £900 a year.

I am trying to work out if the first pension I had with Tesco, if that amount got transfered over to Legal and General. Also, with the new pension we have, instead of me getting just £900 a year, can I not just get it as a lump sum. With what I have paid into the third pension, I will be 100 years old before i get back what i have paid in.

Why are the pensions so bad for Tesco. My brother in law works for the NHS as a porter. He joined the pension last year and he retires in four years and when he leaves he gets a lump sum of £15,000.

Also, does anyone know how to track a pension. I am trying to find out if my pension from Woolworths is still active that i had more than 30 years ago.

barafear

I don't know too much specifically about the Tesco pension scheme - other than the fact it is indeed a "poor" pension. You cannot really compare it to the NHS Pension scheme - as NHS pensions are well know to be one of the main perks of working for the NHS.

Ok.....in terms of your third pension with Tesco - how long have you been in it? I can't remember when it started - is it about four years?
How much did you pay in?
And how much does it "state" it's worth now ? i.e. what is the value of your pot?

The £900/year pension, I assume, is the option to use the pot to buy an annuity (a yearly pension).

In terms of taking it all as a lump sum, you might/should be able to do that, but you may have to pay tax on 75% of it.

That's not 75% tax - but whatever your tax rate is on 75% of the sum.

https://www.gov.uk/tax-on-pension/tax-free#:~:text=If%20you%20have%20%C2%A330%2C000,25%25%20is%20tax%2Dfree.


I think there is a pension tracing scheme - have a Google!!


grim up north

Quote from: sunshineman on 28-09-20, 04:37PM


Why are the pensions so bad for Tesco. My brother in law works for the NHS as a porter. He joined the pension last year and he retires in four years and when he leaves he gets a lump sum of £15,000.

I dont think the T* one is particularly bad, but the NHS one particularly good

notsofunny

£15K after 5 years sounds great , but ?  just seems a large amount ,and that as a lump sum which sounds even more hard to understand , Porters get about £16 k a year and if he is going to get £15 k lump sum which if i am correct would be 50% of his pension which in turn would mean that the NHS is paying out 2 years wages for every 5 years work seems a great rate of return ,,,

NightAndDay

Tesco used to have a good pension scheme, now it's very much a standard run of the mill scheme, there are worse, but it's nothing special.

arlo

#292
Did anyone ever do anything with their closed pension scheme, like move the lump sum into the new pension scheme or even move it else where ?

helpme

While we're on the subject of pensions does anyone know the details of the plan preceding the current one that closed around nine or ten years ago?
I left this 💩show of a company a year or so ago and took the current pension with me to my new employer (Sainsburys😁) but the old one is still retained by Tesco and I want it so I have no ties at all with this company anymore.

HollyMason

Can someone clarify something for me but i was told by a colleague that if you get sacked from Tesco you lose all the contributions that Tesco has paid in to your pension, you will only be entitled to what you paid in.

lucgeo

Quote from: helpme on 19-04-23, 11:31PMWhile we're on the subject of pensions does anyone know the details of the plan preceding the current one that closed around nine or ten years ago?
I left this 💩show of a company a year or so ago and took the current pension with me to my new employer (Sainsburys😁) but the old one is still retained by Tesco and I want it so I have no ties at all with this company anymore.

I took my old pension out whilst I was still working for Tesco, I contacted them on Tesco pension email address...they wanted my employee details i.e. employee number...store number...NI number etc...be warned though only the first 25% is tax free and you'll get taxed on the remaining amount as part of your predictive earnings for the rest of the year , so you'd be better taking it at the end of the financial year.

Did you get the pension pot annual review, the details of contact should be in there also.
Live for today. Learn from yesterday.

FarmerFred

Quote from: HollyMason on 01-05-23, 11:57PMCan someone clarify something for me but i was told by a colleague that if you get sacked from Tesco you lose all the contributions that Tesco has paid in to your pension, you will only be entitled to what you paid in.
An employer's contributions can't be below the legal minimums regardless of reasons for termination of employment. It's also worth noting that Tesco have appointed Legal and General to manage the scheme - as a third party, Tesco do not have access to the funds held on your behalf.

doneone

I retired from Tesco and my state pension was not what i expected, when i enquired with the gov state pension i was informed because i was in the Tesco pension i had been contracted out, so did not have enough stamp for a full pension, so if told about this when joining the pension it could have been sorted.

BritishRacingGreen

#298
But do you not receive part of the pension you are getting now as graduated pension? I contracted out many many years ago and part of my state pension shows as graduated. I'm not losing out - it's a decision I took at the time with the company I worked for then.

terra

I thought you could make up missing National insurance payments, if you look at money saving expert, Martin Lewis flagged this up?

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