Nissan pension scheme

[Matt Hopkins]

what is it you do there out of interest ?

Complain about being hard done to by the sounds of it

 

[Clean Bristow]

You must be on decent whack to have been looking at 24k a year for pension and still taking the max lump sum like mate. Fair play.

The Money momster straight in

 

[Mackem00]

The Money momster straight in

What's a Money momster mate?

 

[Clean Bristow]

What's a Money momster mate?

The Mother of the money monster. In American English obviously.

 

[Pilot Light]

what is it you do there out of interest ?

He grafts.
Just like everyone else in the plant.
That's what helped make NMUK one of the most efficient plants in Europe.
That's what makes NMUK different from other places to work.
It's not prefect but there's a strong work-ethic and can-do attitude embedded in the culture.
Not just Production but QA, Engineering, Design-team, office staff, management. Productivity is high across the board. People there get things done.
The rewards are good, but in return he's expected to give his pound of flesh.
That's why when he signed up for '£X' 20 odd years ago, it's a bit galling to be told 20-25% of that is now being taken away.

 

[Clean Bristow]

He grafts.
Just like everyone else in the plant.
That's what helped make NMUK one of the most efficient plants in Europe.
That's what makes NMUK different from other places to work.
It's not prefect but there's a strong work-ethic and can-do attitude embedded in the culture.
Not just Production but QA, Engineering, Design-team, office staff, management. Productivity is high across the board. People there get things done.
The rewards are good, but in return he's expected to give his pound of flesh.
That's why when he signed up for '£X' 20 odd years ago, it's a bit galling to be told 20-25% of that is now being taken away.

All thick apparently though. Voted for the oven at xmas apparently.

 

[10 Gary Rowells]

I’m surprised I’m even going to still get anything at the rate the pot was being emptied. When you have people leaving as soon as they could taking a 10% hit you know it was a good thing.

I’m still waiting for my letter.

I've just had a letter which clearly states that any changes will not affect my benefits as I left years ago. It is only a discussion on current employees benefits in the future. They will have x years DB pension and then have to move to a DC pension for the remainder of their employee. There will be no DB pensions in the future as companies, understandably don't want the future burden. Its a shame but inevitable - Final Salary Pensions are a thing of the past.

 

[I'm Spartacus]

so is yours 2/3 and a lumpa ? some pension that mind, although paid less than police and youse do pay a high % into the pensions

Aye, We pay around 14% I think

 

[Cee Jay]

He grafts.
Just like everyone else in the plant.
That's what helped make NMUK one of the most efficient plants in Europe.
That's what makes NMUK different from other places to work.
It's not prefect but there's a strong work-ethic and can-do attitude embedded in the culture.
Not just Production but QA, Engineering, Design-team, office staff, management. Productivity is high across the board. People there get things done.
The rewards are good, but in return he's expected to give his pound of flesh.
That's why when he signed up for '£X' 20 odd years ago, it's a bit galling to be told 20-25% of that is now being taken away.

I'm not suggesting he or anyone else doesn't...im merely wondering what sort of role produces initially a pension of £24k but more impressively a lump of £111k

Some going

 

[Ciro_DiMarzio]

Aye, We pay around 14% I think

So when the fire fighters won the age discrimination dispute your pensions reverted back to what they were before. Is that right?

 

[I'm Spartacus]

So when the fire fighters won the age discrimination dispute your pensions reverted back to what they were before. Is that right?

Aye that appears to be the case, the thing is we already changed our pensions for new starters back in 2006, there wasn’t many of us who were on the old pension that got shafted in the grand scheme of things. I was on the recruits course with a lad who was 5 years older than me which meant he was fully protected while I was forced on the new one just shy of earning the double accrual. It was f***ing soul destroying and left me proper bitter and twisted for years until we won our case, to be honest I can’t believe we beat the fuckers, probably because us and the judges took them on at the same time.

 

[Ciro_DiMarzio]

Aye that appears to be the case, the thing is we already changed our pensions for new starters back in 2006, there wasn’t many of us who were on the old pension that got shafted in the grand scheme of things. I was on the recruits course with a lad who was 5 years older than me which meant he was fully protected while I was forced on the new one just shy of earning the double accrual. It was f***ing soul destroying and left me proper bitter and twisted for years until we won our case, to be honest I can’t believe we beat the fuckers, probably because us and the judges took them on at the same time.

Our lass is a copper and joined in 2003 (I think). They have won their case as well but don't know what is happening about it yet.

 

[I'm Spartacus]

Our lass is a copper and joined in 2003 (I think). They have won their case as well but don't know what is happening about it yet.

I’m currently still paying into the new scheme as they’re sorting out the people retiring imminently first, I have no idea when I’ll be officially back on the old one or moved to something equivalent, I think it’s sometime towards the end of this year. Oh We’re also are getting compo as what they did was completely f***ing illegal so hopefully she’ll be seeing some of that as well

 

[Matt Hopkins]

Guessing at the ops situation a bit and doing fag packet maths due to not having all the facts and doing a bit approximating. He's about 40 been there half his life so worked 20 yrs there. Let's say his pension is 60ths in the past the most you'd get was 2/3 so 40/60ths so £24k is 40/60ths. However DB is stopped so he has accrued 20/60ths ish which is the £14k so op has 20 yrs to make up the shortfall
How much are Nissan going to contribute to your DC plan?
Maybe wrong but op might not have picked this up correctly, or I haven't

 

[Ciro_DiMarzio]

I’m currently still paying into the new scheme as they’re sorting out the people retiring imminently first, I have no idea when I’ll be officially back on the old one or moved to something equivalent, I think it’s sometime towards the end of this year. Oh We’re also are getting compo as what they did was completely f***ing illegal so hopefully she’ll be seeing some of that as well

Hopefully marra. I know everybodies getting shafted with pensions but the new scheme is pathetic compared to the old one. Pay more in, get less out and work an extra decade for it. Crackers.

 

[joemcdokes]

I've just had a letter which clearly states that any changes will not affect my benefits as I left years ago. It is only a discussion on current employees benefits in the future. They will have x years DB pension and then have to move to a DC pension for the remainder of their employee. There will be no DB pensions in the future as companies, understandably don't want the future burden. Its a shame but inevitable - Final Salary Pensions are a thing of the past.

I get that, I did compare it to leaving the company, not sure if I mentioned it on here or with someone from work.
As I said I've still not got anything and I was never in the opinion that there wouldn't have been something like this happen before I could retire anyway.

Let those who know what they are doing see if there's anything they can do, that's what the get paid for.

 

[Pilot Light]

I'm not suggesting he or anyone else doesn't...im merely wondering what sort of role produces initially a pension of £24k but more impressively a lump of £111k

Some going

It's quite complicated to work out.
I know I had to sit down with someone else before I understood my numbers.
More probable its 24k/yr or 111k and a smaller draw down, not both. But then I don't know him, his role or his numbers.
What's key is that everyone I've spoken to has lost between 20% and 25% of what they were expecting to get with no compensation, no empathy in the delivery, no apology.

 

[joemcdokes]

It's quite complicated to work out.
I know I had to sit down with someone else before I understood my numbers.
More probable its 24k/yr or 111k and a smaller draw down, not both. But then I don't know him, his role or his numbers.
What's key is that everyone I've spoken to has lost between 20% and 25% of what they were expecting to get with no compensation, no empathy in the delivery, no apology.

This is far deeper than the pension fund.

 

[ouro]

It's quite complicated to work out.
I know I had to sit down with someone else before I understood my numbers.
More probable its 24k/yr or 111k and a smaller draw down, not both. But then I don't know him, his role or his numbers.
What's key is that everyone I've spoken to has lost between 20% and 25% of what they were expecting to get with no compensation, no empathy in the delivery, no apology.

I was a militant bastard when I worked there, and I recall the very first time they tried to fuck with the pensions to 'fill a shortfall'. I was raging as they had conducted un unscheduled valuation of the pension fund during record stock market lows, and an at the time of the proposed changes the markets had bounced back so far that the shortfall was effectively already gone. I toured the plant trying to point this out ahead of the upcoming vote, but all I got was 'I'm not bothered man' and 'I will be deed before pension age man'. Unsurprisingly, my days were numbered at that point. I can't recall a date but I think Gordon Brown was chancellor. Before the 2008 crash though, that was when I jumped ship.

 

[joemcdokes]

I was a militant bastard when I worked there, and I recall the very first time they tried to fuck with the pensions to 'fill a shortfall'. I was raging as they had conducted un unscheduled valuation of the pension fund during record stock market lows, and an at the time of the proposed changes the markets had bounced back so far that the shortfall was effectively already gone. I toured the plant trying to point this out ahead of the upcoming vote, but all I got was 'I'm not bothered man' and 'I will be deed before pension age man'. Unsurprisingly, my days were numbered at that point. I can't recall a date but I think Gordon Brown was chancellor. Before the 2008 crash though, that was when I jumped ship.

I just had a look at my 2018 statement, I couldn't find the 2019 one, there was a spreadsheet a number of years ago to put different scenarios in with different lump sums.
There is nothing on the statement I've just looked that mentions what I could take in a lump sum.

Also the pensionable salary is around £10K less than my actual salary.

Until I get this one I've got nothing to compare it to other than what people are saying on here and others I'm in contact with at work.
If they went to 55th's or 50th's or whatever I've no idea but I kept mine at 63rd's.

I did say at the time they can play golf, I'll stick to tiddlywinks, maybes even the tiddlywinks is out now.