Pensions

[Shropshire Seagull]

Firstly, Final Salary (aka defined contribution) pension schemes are the best - you final salery is calculated based on number of years worked and final salary = no doubts.

The alternative is the money purchase - works a bit like a savings scheme and the results are very closely linked to investment success. [investment can go up and well as down] - these are now even less well performing since Mr Gordon stealth-tax bastard Brown taxes the profit the investment makes before it gets added to your fund - c**t

Something I haven't seen metioned in other replies is cost of fund admin. With company schemes the cost of running the scheme is met by the company so you save these costs. With a private pension YOU pay the running costs (not cheap) so you have less to show for the investment success.

 

[Boroseagull]

I believe Civil Servants are NOT alllowed to take adavantage of "A day" which allows people over the age of 50 to draw cash against their accrued pension whilst they are still working.

Going back to the original question. You'd be mad to give up your final Salary Pension. It's worth a bundle compared to contributory pensions dependant on the Stock Market!

Especially as it was the first thing Gordon Brown taxed & f**ked up for all those not in National/Local Government schemes. His taxing to the tune of £5bn per year on dividends income to private pensions, caused the anguish many of us now suffer. But he & his fellow crony's are all right, they voted themselves increases. A case of "I'm alright jack"

 

[Blackadder]

Good calls Shropshire and Boro.

I don't think many people appreciated what the £5bn tax would mean to them!

 

[sullyshuffle]

stick by the final salary scheme. I am involved in final salary wind ups and you will find that protection is far better these days than it ever was, although doesn't mean you will get what is promised.
Keep in contact with the scheme trustees to find out what is going on, and any whiff of a problem contact the Pensions Regulator.