Hope Nobody's got a Bentley on Order

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spook
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Post by spook »

They have a Pension deficit of £500M !!!!!

http://www.stokesentinel.co.uk/news/loc ... st-1146553
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happy days
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Post by happy days »

I watched the programme on TV last week on the Bentayga - TBH I thought it looked a LOT like a Carbodies FX4 Taxi! Especially around the front grille.
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Hawkeye
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Post by Hawkeye »

I have my DB pension in there!! [emoji15] as a deferred member though. As the article says, most staff have been in the DC scheme for a long time and firms simply can’t afford these overly generous final salary schemes anymore. Must be alarming though if you’ve been contributing for many years and close to retirement. I presume the outcome may just be closing the DB scheme to new accruals from existing members.


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Wing Commander
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Post by Wing Commander »

Hawkeye wrote: Thu Feb 01, 2018 9:32 am I have my DB pension in there!! [emoji15] as a deferred member though. As the article says, most staff have been in the DC scheme for a long time and firms simply can’t afford these overly generous final salary schemes anymore. Must be alarming though if you’ve been contributing for many years and close to retirement. I presume the outcome may just be closing the DB scheme to new accruals from existing members.

Many employers have closed defined benefit (final salary) schemes to new employees. Some have 'frozen' DB schemes for existing employees, moving them to new defined contribution/money purchase schemes for the latter years of their service.

Hopefully Bentley will sell lots of cars, making lots of profit to reduce the current pension shortfall.

To be fair though, most large schemes have a shortfall at present.
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Col Lamb
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Post by Col Lamb »

The whole Pension provision sucks.

Be thankfull you folks on Company Pensions, irrespective of what you get or will get.

Being self employed for many years there is no such luxury as a final salary scheme or any employers contribution, its all down to hard graft.
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happy days
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Post by happy days »

I'm on a government scheme which changed about a year ago. The old DB system was frozen and a new one introduced. The old one paid out 1/80th of average salary (or something like that...) for each year of employment up to a max of 40/80ths; plus there was a whopping lump sum payment too. The new system pays a pension of 2.3% of actual earnings each year, but AFAIK there's not big lump sum payment any more.

Still a bloody good pension, if you ask me, which is why I'm staying put!
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Paul
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Post by Paul »

I closed my old company's final salary scheme to new employees when the company contribution went above 20% (!)...... and that was back in the late ‘90s early ‘00s 😱
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spook
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Post by spook »

happy days wrote: Thu Feb 01, 2018 1:00 pm I'm on a government scheme which changed about a year ago. The old DB system was frozen and a new one introduced. The old one paid out 1/80th of average salary (or something like that...) for each year of employment up to a max of 40/80ths; plus there was a whopping lump sum payment too.

Still a bloody good pension, if you ask me, which is why I'm staying put!
Happy Days I was on the same as you Gov scheme and 1/80th it was low pay, great terms and conditions and pension. Started work as an apprentice on my 16th Birthday !!!

I knew that they were going to increase the age you could draw your DB pension from 50 to 55. So in March 08 at 52 I managed to wangle Voluntary Early Retirement (VER) with 37 years service and for taking VER they gave me an extra 7 years, so I got 44 and 6 months pay !!!.
Lump Sum was Tax Free (TF) and I could also reduce my DB and have a larger TF lump sum, It was £12 for every £1 taken off my DB pension up to a Max of something like £3K so you could have and extra £36K TF lump sum.

Not worked since :D :D :D :D
Last edited by spook on Fri Feb 02, 2018 6:37 am, edited 1 time in total.
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Ian.g
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Post by Ian.g »

happy days wrote: Thu Feb 01, 2018 1:00 pm I'm on a government scheme which changed about a year ago. The old DB system was frozen and a new one introduced. The old one paid out 1/80th of average salary (or something like that...) for each year of employment up to a max of 40/80ths; plus there was a whopping lump sum payment too. The new system pays a pension of 2.3% of actual earnings each year, but AFAIK there's not big lump sum payment any more.

Still a bloody good pension, if you ask me, which is why I'm staying put!
Sounds a bit like my scheme. What work do you do?
MikeM
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Post by MikeM »

Unless there are any imposed scheme specific rulings tax free lump some payment can be up to a maximum of 25% of total pot but not exceeding £375k which suggests a pot of £1.5 million, not many at that level nowadays but if you were within that era enjoy 😊
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