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Author Topic: Company Pension  (Read 49971 times)

Shafted

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Re: Company Pension
« Reply #50 on: 28-12-14, 08:22PM »
What have the so called "trustees" been doing while this goes on?

OpShunned

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Re: Company Pension
« Reply #51 on: 28-12-14, 08:44PM »
What have the so called "trustees" been doing while this goes on?

Well, they are there to ensure that the scheme is run in a healthy and transparent manner. They exercise the right to ask any difficult questions to ensure that the integrity of the pension scheme is maintained in the interest of its contributors (us). The operational part of the term 'trustee' is probably 'trust'. Therefore, we may trust those in charge of the fund to be of the utmost personal integrity possible. If they observe shortcomings, or hear of any perceived mishandling they are obliged to address it immediately. I think we are at the stage where serious questions need to be asked as to why the hole has been allowed to grow at the same time as profits were allegedly overinflated? We need assurances that the hole will be plugged in the next 10/15 years even if it is at the expense of gross profits. Who are the the boardroom intent on saving? Is it us the pensioners of the future or the shareholders?

OpShunned

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Re: Company Pension
« Reply #52 on: 28-12-14, 09:12PM »
What have the so called "trustees" been doing while this goes on?

Oh and did I mention once again that the company merely set aside 3/4 million last year as a hole filler, instead of the 150 million that they had pledged to implement? So yeah, you're right. what are the trustees doing while this is allowed to happen? Shall we start naming the trustees on this site?

The Mrs

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Re: Company Pension
« Reply #53 on: 31-12-14, 02:24AM »

Bella

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Re: Company Pension
« Reply #54 on: 31-12-14, 01:24PM »

xtrouble

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the-vortex

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Re: Company Pension
« Reply #56 on: 07-01-15, 10:46PM »
Loyalty is a one-way street!

wheelspin

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Re: Company Pension
« Reply #57 on: 07-01-15, 11:28PM »
I cant get it till the end summer as I am not in 3 years yet.   I was counting on it to be honest.   

 I hope Dave sets a late date for its closure .   


It looks like I may be ok though.   The Final Salary Pension Scheme is for pre 2007 staff only.   Maybe he will leave the other care pension scheme alone as its not as big a payer as the other. 

Sky News link  http://news.sky.com/story/1403958/city-awaits-tesco-chiefs-turnaround-plan

Sources confirmed that Mr Lewis will also announce plans to save hundreds of millions of pounds annually by cutting head office costs, which will trigger significant job cuts, as well as closing its final salary pension scheme.
« Last Edit: 07-01-15, 11:46PM by wheelspin »

troll-hunter

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Re: Company Pension
« Reply #58 on: 08-01-15, 08:20AM »
Can anyone explain the effects of closing the defined benefits pension please?
Main guess ...... we lose out but how badly?
If not a stupid question ....will contributions to date still be paid as a defined benefit pension or will everything be moved to whatever is to follow it?

OpShunned

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Re: Company Pension
« Reply #59 on: 08-01-15, 08:24AM »
Administrator Comment We ask that people don't bother quoting the post immediately above their own, thankyou,and you beat me to posting the same link by seconds :)
This may help a little
http://www.thisismoney.co.uk/money/news/article-1535150/Final-salary-pensions-The-facts.html

troll-hunter

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Re: Company Pension
« Reply #60 on: 08-01-15, 09:23AM »
interesting articles thank you

spirit

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Re: Company Pension
« Reply #61 on: 08-01-15, 01:23PM »
 >:D
I wonder what the effect of closing the Pension scheme will have to our pensioners?

Bug

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Re: Company Pension
« Reply #62 on: 08-01-15, 01:45PM »
None, only future pension offer is affected.

spirit

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Re: Company Pension
« Reply #63 on: 09-01-15, 03:00PM »
None, only future pension offer is affected.

Thank you. This was my interpretation, but nice, very nice to have it confirmed.

Twinkeltoes1

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Re: Company Pension
« Reply #64 on: 09-01-15, 08:06PM »
But will it be frozen this yearie no pension increase

Wallace

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Re: Company Pension
« Reply #65 on: 11-01-15, 10:24AM »
is their a two tier retirement age at Tesco
for example
60 for senior team, store managers, and above
67 for customer assistants and team leaders

notsofunny

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Re: Company Pension
« Reply #66 on: 12-01-15, 05:58AM »

No

notsofunny

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Re: Company Pension
« Reply #67 on: 12-01-15, 06:09AM »

Was thinking ???

As a Benefit In the company Pension, We get a death in service award, ok my wife will get it,

But if they close the Pension will that also mean that this will be another benefit we will lose :question:

Could be another hit we will be taking on to of all the others :(

They have not said any thing about it,

Iceman

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Re: Company Pension
« Reply #68 on: 12-01-15, 07:33AM »
Can anyone explain the effects of closing the defined benefits pension please?
Main guess ...... we lose out but how badly?
If not a stupid question ....will contributions to date still be paid as a defined benefit pension or will everything be moved to whatever is to follow it?

Everything earned so far will be paid as defined benefit. Everything earned afterwards will be defined contribution, which transfers the risk factor of investment returns from the company to us the employee. And in a stagflationy inviroment such as nowadays, with negative real terms interest rates compaired to inflation, means it doesn't bode well for us.

I can only speculate that they will keep the life insurance part of the pension, but who really knows until they announce it, one way or the other.

AlexM

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Re: Company Pension
« Reply #69 on: 12-01-15, 07:56AM »
Is pension builder (smart pb) defined benefit or defined contribution.
On many occasion i have heard long standing employees saying that the only reason they are still with the company are the benefits - namely the pension & share incentives. Neither are worrh staying for now?

Bug

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Re: Company Pension
« Reply #70 on: 12-01-15, 07:58AM »
Pension Builder is defined benefit.

troll-hunter

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Re: Company Pension
« Reply #71 on: 12-01-15, 08:06AM »
Next question.
Once and after their ummmm, what was the word?  oh yes, consultation, with USDAW and they close the defined benefits scheme (DB) will the portion of our pension that comes from the 'now' closed DB be fixed or will it vary?

the-vortex

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Re: Company Pension
« Reply #72 on: 15-01-15, 10:30AM »
It will not reduce and will increase at the rate already in place.  The only change is that you will not be able to accrue any more benefits.  If you have 15 years contributions then your benefit will be fixed at that level and any subsequent contributions will be into the new Defined Contribution scheme and any subsequent benefits will come from that fund.
Loyalty is a one-way street!

oliver

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Re: Company Pension
« Reply #73 on: 15-01-15, 12:26PM »
The-vortex, not to confuse people but the pension changed in 2012 also if we went along with the new one which i am not ,wouldn't there be three different tiers in our pension.

the-vortex

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Re: Company Pension
« Reply #74 on: 15-01-15, 02:28PM »
Yes.  Or rather, two versions of the DB/FS scheme and the new DC scheme.

by the way you say "... if we went along with the new one which I am not...", don't decline something that you know nothing about.  If, having checked the new scheme out, you then decide to opt out then OK but don't make a decision yet.  Remember that T*sco are obliged to make contributions to a workplace pension and in the case of this new scheme the fund being credited will be your own specific fund not a group fund, which means you will be able to see what they are putting in for you.
Loyalty is a one-way street!

 

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