Can someone explain it?
Could it be a way of reducing or illiminating the state pension scheme?
oOO out of my depth already Barbara.
But my guess is ( I've seen the ads ) that is due to new legislation ( probably contrived to rekindle faith in Company Pensions, therefore easing the Government's purse strings, in that well sorted retirees are less likely to claim benefits )
I doubt weather State Pensions will ever be phased out.. as apart from the spectre of global meltdown, new monies are coming into the system all the time )
It must be contributory Company Schemes that they are referring to, and would gather that there are tax breaks afoot to encourage the employer to contribute handsomely. These have always been voluntary..the State Pension, I believe, is funded from National Insurance ( deducted at source ). That you can't wriggle out of.
Don't take my word for it, I'm not an adviser. You could call the Newcastle Pensions helpline, they would clarify, I've always found them most helpful.
Ron
I can see that it is not always clear as to what I am talking about Ron.
But, on this occassion I was talking about a new pension scheme being set up in
uk for employers and employees both contributing.
Do not think it is voluntary....but not sure.
Could this have been introduced to phase out a state paid pension???????????????????????????????
I have removed a comment in this thread as it may be deemed to contravene SFN T&Cs
Ron Birks
absolutely, didn't know where to go if we need a loan to tide us over, As it happens my fund pot and drawdown revenue have depleted by about 60% any how, but I guess we are not the only folk in that position., I can't complain about that... but service!
I see how it could happen with expansion though. I had a sizeable Company the UK with many staff..maintaining an ethos of quality, attention to detail, and unwavering customer care was crucial.
I don't know if that ethos still exists, we were reliant on our folk working through the night at the customers behest, never a complaint never a request for OT payments, we did it 'cos we were suppliers to high profile Blue Chips... and in 25 years I would still say proudly we never missed a deadline, and never let a client down.
Well...YES of course you would freak we need money just to breath.
It was a shock!
it's also ironic because the freebie work I have been doing for Vita has lead me to become pretty aware of FSA regs etc.
P*sses me off when they write a grovelling letter or a mail and at the bottom there's a link to the 'we've just won an award for best..."
It makes me very angry...they wouldn't like me when I'm angry
I can't believe that in these sizeable firms with all the wizzes and bangs, and automation, that no one takes a look at their collateral from the recipients' perspective.
Barbara, let me tell you I freaked!
Michelle
Not Rogues, just sloppy.They have openly admitted they were in error Barbara. I have ( in fairness to them, and with their assistance ) commenced the complaints procedure.
Technically we are not out of pocket, as we have been paid the monies, and if the rules were applied correctly WE would have to pay the £4K back, and the 'personal fund' would attract a fine. It is a classic case of a personable Actuarial firm that has grown over the years. I appointed them ( as per compliance regulations ) in 1984 and they were most helpful and very much on the ball.
Over 30 years and after many mergers and take overs they are now part of a massive group, and at that not even Actuaries anymore, and clearly my once 'sought after' account is simply a revenue stream.
What really gets my goat is that I pay an annual admin fee of £980 plus VAT for 'services rendered for the period'... this they take from my fund automatically. I have suggested they 'waive' this years fee as that would be derisory. I am also claiming compensation for the grief this has caused and consequential losses. They will settle it's such bad PR... and I do know my PR!
Best keep this info under wraps lest it goes to full litigation.
Ron
What was their explanation?
Rogues!!
yup, they stopped paying me without notice! I was livid.
Ron..."ceasing forthwith"???
Life is certainly about the survival of the fittest.
I'd like to see how this develops Barbara, as I heard from my personal pension provider today that payments are ceasing forthwith due to 'overpayments' they have made for the last 9 months. Needless to say I am pursuing a claim.