Nissan pension scheme

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Roger said:
I have a lot of sympathy for those who this hits and understand their anger, but like you I am actually very surprised that they are so generous now and amazed that people are still on a defined benefit scheme.

Looking at the thread people are (rightly) upset that their pensions are likely to be cut to amounts I wish the projections for mine would get somewhere near, and to hear people even considering retiring in their 50s surprised me too.

I guess the Unions have done a good job to date, but ultimately the trustees of any scheme have an obligation to see that they can meet their forward payments - and that either means more contributions from the workers, more from the company or a reduction in benefits. Something will have to give somewhere.
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I don’t think anyone is undear any illusion the scheme was tremendous by any definition, tbf we’ve taken hits on it twice already having it changed where we’ve also paid more in and actually get less out with changes in accrual rates then two years ago a change to career average rather than final salary.
Fletch said:
That’s not final salary pensions mate .
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Thought government had made changes so anyone can take 25 percent of their pot tax free now wether final salary or defined contribution.
 
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ir35 said:
I don’t think anyone is undear any illusion the scheme was tremendous by any definition, tbf we’ve taken hits on it twice already having it changed where we’ve also paid more in and actually get less out with changes in accrual rates then two years ago a change to career average rather than final salary.

Thought government had made changes so anyone can take 25 percent of their pot tax free now wether final salary or defined contribution.
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Loads of schemes are now career average

I maybe wrong but I think the 25% tax free lump sum option is just with defined contribution pensions
 
Whitburnmakem said:
i understand mate but like i said im at an age now where what am i supposed to do to try build it back up! if i new this was gonna be a false promise i would of planned to try make sure i was ok other ways but i never needed to do that previously!
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might be worth asking them for a cash equivalent transfer value?
 
Mackem00 said:
It is a big drop mate. No doubt. It's still better than anything else available mind. You not leaving them your house like?

I mean this would be quite literally life changing. You've got me all excited now ffs. :lol:
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yes I thought too good to be true...it would certainly mean my plans regarding retirement change.
While I won’t believe anything till in writing, everything I’ve read suggests that changes will apply to all public sector pensions.
Just like the civil service pension re evaluation ( civil servants paying 2% more than agreed for pensions) which the a Government were told to change, they are disgracefully dragging their feet two years on.
Liz Truss was told they couldn’t appeal...but Gov have dragged it out for one reason or another.

Might be a wait but here’s hoping
 
I think there's a lot of anger in the plant, not only because of the financial impact, which is significant, but also the approach taken, the way it was delivered and communicated, the timing when a significant number of staff are still furloughed, the timing in terms of burying bad news when they actually admitted in the presentation this wasn't due to Covid crisis and they'd been planning it for a long time.
There was no sympathy or compassion in the video. No compensation offered as a lot of other companies have when changing their pension schemes.
Badly judged IMHO
 
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Kennington Kid said:
Not so, the reduction in Lifetime Allowance (LTA) has pretty much scuppered pension saving for the very highest paid and that is one of the reasons that pension provision is declining for everyone else.
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Annual Allowance is a big issue as well - especially if you are tappered
 
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Fletch said:
Thought public sector were 2/3 of final salary ? Best you can get (alongside police ?)
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Ours is that, I did temporarily lose the best bit when they fucked me over just as I was about to go on the last 10 years double accrual but amazingly our union won it back on age discrimination. I’ve got less than 5 to do so hopefully will scrape over the line with what I was promised before they fuck with it again.
 
Cee Jay said:
seems an incredible amount :eek:
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I could certainly see a senior supervisor getting that. One of the problems up until 2 years ago was the company took no action with certain levels of employees taking the piss when in the final year before retirement. I know of senior supervisors who were virtually always on 2 shift premium but got himself on three shift the last year which artificially raised his pension.
 
Stevie Freestein II said:
He may have had a reduced pension but traded it off against a big lumper?
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Of course that's possible but still got to be a hell of a pension to be able to convert and end up with a lump that size. In our scheme you can convert with a ration of 12:1
Even playing with large figures it is a staggeringly good pension to be able to produce a quarter of a million lumper :eek:
 
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