In message , Fergus O'Rourke
wrote
I am not authorised to give investment advice :-)

But I am inclined to agree with yours, with the rider that the OP keep a
very keen eye on the behaviour of the trustees. He may think it's more
expedient to get a private pension instead, or even forego the tax relief
and invest directly.


If an employer has a final salary scheme and also puts money into the
pot then it is unlikely the employer will contribute anything to a
private pension.



--
Alan
news2009 {at} admac {dot} myzen {dot} co {dot} uk

Surely the 2008 act did not force employers to do this; it merely
enabled them to do it. Or did I misunderstand it?


No; yes[1]. There's long been a statutory cap on most such schemes and
it's been cut to 2.5%. From the Explanatory Note to the 2008 Act:

"241. The overall effect of the amendments is to provide that accrued
benefit attributable to pensionable service on or after the commencement
day is to be revalued by the rate of inflation over the relevant
revaluation period, capped at 2.5% per annum. Accrued benefit
attributable to service before the commencement day is to be unaffected
by the amendments and a cap of 5% per annum is to continue to be applied
to accrued benefits for service between 1985 and the commencement day."

[1] sorry, what I really meant to say, in line with the statutory
requirement to foster a no-blame culture in which everyone's
contribution is not merely recognised and rewarded but selected for
affirmative grovelling by any white male over 50, was that your
understanding was both perfectly valid and an insightful comment on the
inadequacy of my (no doubt culturally and sexually biased) previous
attempt to communicate
--
R

DB. wrote:
"BigGirlsBlouse" wrote in message
...
"rick stevens" wrote in message
...
Hi

Not sure if this is the right newsgroup to ask this, but here goes.

As part of a TUPE process, I have been given a one off chance to join
my new employers final salary pension scheme.

The information I have says your pension is based on your pensionable
service, and final pensionable pay in last 12 months.

The formula to calculate the pension is 1/60 x fpp x ps.

What exactly is pensionable service? Is it the number of years I
have been in the scheme?

Also, I am now 45, and have no other pension provision, is this worth
doing?

thanks for any advice

Rick

IMHO you grab it quick before the employer takes it away.

remainder snipped


You clearly know much about these matters, Rick.
I've been retired many years and was on a final-salary scheme when I
was working.
My pension is index-linked. I've not noticed any mention of
index-linking when these matters are discussed here. Is I/L implicit in
a F/S scheme, or am I just fortunate?
Sadly, my wife dumped me some years ago but my scheme would have
given my widow a 'half-pension' for her remaining years. Is that common
with these schemes?

Index linking depends on the scheme specifics - as does 'death in
service' payments and widows pensions etc.

For example, I have just been advised that my RPI-linked pension will
not be -1.2% this year but 0%. And that the offset 1.2% will not be
clawed back next year.

Read the conditions very carefully. Then, if you want further advice,
post them all here.

But it does look as though this is a gift horse. But even they can be
terminal.

Flop