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Author Topic: Pension Changes  (Read 100965 times)

troll-hunter

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Re: Pension Changes
« Reply #50 on: 23-04-15, 09:27AM »
Seeitall ahhhhh, my mistake, I was misinterpreting what you meant by "relevant tax relief" as I have not seen that phrase used in connection with ISA's.


Loki

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Re: Pension Changes
« Reply #51 on: 23-04-15, 10:17AM »
Where has this information come from?

Don't shoot the messenger. Tesco's own Q&A's.

gytha_ogg

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Re: Pension Changes
« Reply #52 on: 23-04-15, 10:30AM »
re pike stupidboy!'s  comment "do you think the majority of the workforce understand enough to question and give feedback on a pension system ? Enough to make a difference I think not !"

I for one do not and I would be VERY grateful if someone who understands pensions would or could take the time to write an article explaining them

Alas that would take a whole book, not just a few words here on VLH. 

Best place to start is the free government Money Advice Service (website & phone line), who can explain the jargon at least.  I expect that the Consumer's Association ("Which") also publish some guides, check your local library to see if they have anything or look at the Which website.



Maybe it would help if someone with an understanding of the changes could highlight the downsides of them, so that people would have something to question or complain about?

Duracell

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Re: Pension Changes
« Reply #53 on: 23-04-15, 10:41AM »
Where has this information come from?

Don't shoot the messenger. Tesco's own Q&A's.

I'm not shooting anyone, i'm worried about someone shooting me  :D
My Opinion is exactly that, Mine.  Based on my view of what I know , see and what I would do.
"Being a rep doesn't make a person right anymore than not being a rep makes a person wrong " 

Duracell.

Nomad

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It's better to be up in arms than down on your knees.

Duracell

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Re: Pension Changes
« Reply #55 on: 23-04-15, 11:09AM »


Will I receive life cover in the proposed defined contribution scheme?

Yes. If you die while you’re still employed by Tesco and paying into the new scheme, your dependants will receive a lump sum payment, plus a refund of everything that you’ve saved - including Tesco’s contributions.

In addition, if you’ve paid into the current scheme, your family will receive the death benefits from the defined benefit scheme too.

If the current scheme closes, will I still get life cover from the defined benefit scheme if I die before I start receiving my pension from it?

Yes.  If you have been a member of the current pension scheme and die after the proposed closure of the scheme and before you receive any pension from it, your family will get:

*A lump sum equal to five times the pension you’ve built up (including any increases between the proposed scheme closure and your date of death)

*A pension for your spouse or civil partner, worth 60% of the pension you’ve built up (including any increases between the proposed scheme closure and your date of death).

*A pension for your children, equal to 25% of the pension you’ve built up (including any increases between the proposed scheme closure and your date of death).for one child, or 40% to be split between your children if you have more than one child.  The pension is payable until age 16 or age 23 if the recipient is in education or Trustee-approved training.

This is in addition to any life cover that you’d get from the proposed defined contribution scheme.


Where has this information come from?
As the the scheme rules quite clearly state that the "Death in Service life cover" is on condition that you are contributing to the scheme at the time of death, with the start of the DC scheme you will not be paying in to the DB schemes so I can't see this as being correct unless they are changing the scheme rules for the transition.

So this info is saying that if you die in service then, you will recieve

9 x's your Salary 5x's old scheme + 4x's new scheme

+ Contributions paid into New Scheme

+ A pension for your spouse or civil partner, worth 60% of the pension you’ve built up (including any increases between the proposed scheme closure and your date of death).

+ A pension for your children, equal to 25% of the pension you’ve built up (including any increases between the proposed scheme closure and your date of death).for one child, or 40% to be split between your children if you have more than one child.  The pension is payable until age 16 or age 23 if the recipient is in education or Trustee-approved training.

Really ????? WOW

Lump sums possibly being as much in some cases as = £0.25m for death in service

Not sure how much I trust the wife now.

REALLY ??

I stand corrected by myself, its not 9x's salary, its 5x's pension amount from old scheme and 4x's salary from new scheme.

I still have my doubts.
My Opinion is exactly that, Mine.  Based on my view of what I know , see and what I would do.
"Being a rep doesn't make a person right anymore than not being a rep makes a person wrong " 

Duracell.

burns2015

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Re: Pension Changes
« Reply #56 on: 23-04-15, 11:29AM »
Duracell  still don't let the missus know though  I think she would still be tempted to lace your dinner with arsenic. :D

Duracell

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Re: Pension Changes
« Reply #57 on: 23-04-15, 11:45AM »
 :-X

Its seems thus far that although the death benefit in the proposed old scheme is reduced form 3 times your salary to 5 times your pension amount, as a result of them both paying out upon death before retirement as implied thus far,  total lump sums upon death from the two pots would be greater than if you were to remain in one.

If anyone is looking for a plus side to all this.
Still have my doubts though as www.pensionwebsite.co.uk clearly states "whilst a paying member".
« Last Edit: 23-04-15, 11:47AM by Duracell »
My Opinion is exactly that, Mine.  Based on my view of what I know , see and what I would do.
"Being a rep doesn't make a person right anymore than not being a rep makes a person wrong " 

Duracell.

fargone

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Re: Pension Changes
« Reply #58 on: 24-04-15, 06:02PM »
Done and Dusted Deal.
 

Ethelredtheunready

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Re: Pension Changes
« Reply #59 on: 28-04-15, 07:29AM »
I have started to read that "Which" article and it seems good. There are however many linked to pages and that has brought something to mind.
I remember once or twice, years ago, being able to download the web-page I was reading and all the "linked to" web-pages. I don't remember the browser but it was most likely either IE, Netscape or Firefox. I haven't seen Netscape in years, only occasionally use IE and now primarily use Firefox but I haven't noticed the facility to download the web-page I am reading AND all the "linked to" web-pages.
Question..... has that facility been discarded? If not does anyone know how to trigger it in Firefox?
« Last Edit: 28-04-15, 07:30AM by Ethelredtheunready »

Loki

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Re: Pension Changes
« Reply #60 on: 28-04-15, 07:39AM »
Done and Dusted Deal.

Realistic and straight to the point as usual fargone.


waldothebeagle

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Re: Pension Changes
« Reply #61 on: 28-04-15, 08:33AM »
@Ethelredtheunready,  there is  a firefox extention that will do that for you.  It is called 'scrapbook'.


troll-hunter

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Re: Pension Changes
« Reply #62 on: 28-04-15, 12:53PM »
Thanks Waldo.

I too have been wishing for something like that for a while.

Interstellar

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Re: Pension Changes
« Reply #63 on: 30-04-15, 04:52PM »
I am 18 months from being 65 years of age. I fully understand if I take my pension now it will be at a reduced sum, but I have also been told today that if I carry on working for Tesco it is reduced further. My pension built up so far is £2500 per year. At 65 £2700. Any one can come up with some figures. It is taking so long to get a reply from Tesco Pensions.

Ethelredtheunready

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Re: Pension Changes
« Reply #64 on: 01-05-15, 09:08AM »
Waldo, many thanks!

valleyboy

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Re: Pension Changes
« Reply #65 on: 05-05-15, 07:59PM »
Astonishing not one branch meeting!!!!!!


Noyouwont

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Re: Pension Changes
« Reply #66 on: 06-05-15, 02:40PM »
Hello,
I am a little confused, so forgive me if this is a silly question.

The old pension is better then the new one, so can we make voluntary over payments into the old pension, to get the most out of the old pension while we still can.

So, is that a good idea??
How much can we over pay??
How long till the pension changes to the new scheme??
With no power comes no responsibility.

troll-hunter

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Re: Pension Changes
« Reply #67 on: 07-05-15, 11:44AM »
I don't think you can make over payments into the old scheme, I don't think you ever could. I think any over payments (AVC's?) went/go into an additional scheme, not the Tesco one. I would gladly be corrected in this as I would love to be wrong and thus given the opportunity to up my contirbutions but........

valleyboy

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Re: Pension Changes
« Reply #68 on: 07-05-15, 07:43PM »
Question.... why are people not saying no to the proposed changes and just accepting the change and inferior scheme?

How about you all give me ££££ and I'll  promise to pay you ££££ then I change my mind and give you less!!!!! What would you do?

Loki

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Re: Pension Changes
« Reply #69 on: 07-05-15, 08:17PM »
As far as I'm aware, the majority on here do not agree with the changes, so what "people" are you referring to?

valleyboy

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Re: Pension Changes
« Reply #70 on: 07-05-15, 08:53PM »
Loki have you called or pushed for your branch chairman to hold a branch meeting?

Our company in consultation have asked for the paying members views, to date it's minimal!!!. If 50% don't complain either to our company or the union then guess what!!

I used the word people should have rephrased and said paying members

Loki

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Re: Pension Changes
« Reply #71 on: 07-05-15, 09:13PM »
And where, pray tell, have you obtained the exact figure of participation?

Once the consultation has ended, then there is a provision within legislation for members to be balloted.

optout

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Re: Pension Changes
« Reply #72 on: 07-05-15, 09:17PM »
Valleyboy

i agree totally,

i have lobbied my union reps, voiced my disdain on the recent tesco what matters c**p and given my name so they can get back to me if they wish, have had the issue raised on my behalf (with my name attached to it) in store forums, and encouraged others in the store to do the same, emailed usdaw numerous times (no reply, not surprised), cannot talk to my AO (not worth a carrot, long story but voices where raised), am arranging another one as we speak, will be writing to Hannet, and Lewis shortly, have spoken to a national forum member.

did much of the same (except the Lewis/hannet bit, unless you count wrting a personal note to Lewis on my signed what matters toilet paper) about team leader/manager situation (although not one myself).

I must say that much of the ammunition i have used in my arguments has come from ideas and questions raised on this site. and you would think that a site such as this would be the ideal vehicle from which to launch a counter attack, unfortunately there is a lot of talk (in my view) and little else to back it up especially on the big issues.

typing a quick email and sending it to tesco takes the same time as it took you to reply to this post (but did you do it)??
and if you didn't do it, what do you think other peoples response is going to be when asked to do it.

if every member on this forum was coordinated to type and send an email to tesco or usdaw (or both) at a set specified time, now that might send a little message might it not.

unfortunately the main culprit (that i see on this site and on the shop floor) is Apathy.

we are constantly being divided and comprehensively conquered. (just my view).

I AM NOT A REP, BUT......

valleyboy

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Re: Pension Changes
« Reply #73 on: 13-05-15, 09:28PM »
Nicely put optout you appear to be doing the job of a national officer.

@ loki to save me reading can you cite where in the current legislation members can vote if through consultation less than 50% have complained about any changes

valleyboy

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Re: Pension Changes
« Reply #74 on: 13-05-15, 09:39PM »
Apologies loki I didn't answer your question. If you ask Joanne or Pauline they would be able to give you, that's if they want a precise figure on complaints received