Body & Soul0 min ago
company pension
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my employers(a plc company) are selling off numerous branches one of which is mine.
I am part of a final salary pension scheme and planned to retire at 55 and get a part time job. what if my new employers do not operate a final salary pension scheme or come to that any scheme at all?
I am part of a final salary pension scheme and planned to retire at 55 and get a part time job. what if my new employers do not operate a final salary pension scheme or come to that any scheme at all?
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The pension scheme will run separately from the plc by the trustees. The benefits you have accrued at the point you leave will be locked in place, defined by the final salary scheme rules, based at your final salary at the date of transfer.
You would have to ask your existing employer, and indeed the proposed new one, what arrangements they propose to make for pensions - it is possible that the new owner will continue with the same scheme in which case your benefits would continue to accrue in the new company. If there is no scheme at all, you revert to the Government (the Second State pension) scheme and contribute to that - or take out your own Personal Pension. When you decide to retire, the elements from various contributions plans (including the Basic State pension payable from age 65) add together to provide yout total pension income.
You would have to ask your existing employer, and indeed the proposed new one, what arrangements they propose to make for pensions - it is possible that the new owner will continue with the same scheme in which case your benefits would continue to accrue in the new company. If there is no scheme at all, you revert to the Government (the Second State pension) scheme and contribute to that - or take out your own Personal Pension. When you decide to retire, the elements from various contributions plans (including the Basic State pension payable from age 65) add together to provide yout total pension income.
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