Nissan pension scheme

googleboogle said:
you are not the only one in this boat. But most companies are doing it now and hammering the decent pension plans.

for 23 years they did not mislead you. It’s still going to be in place. Just frozen. You have 20 plus years to build up other options.

Jobs are not for life these days. And things change.

happened to me and many others. I wasn’t happy so left in the end as it was one of the few things keeping me in that role.

other open they could do is put your roles up for redundancy and the new roles they offer you have worse t&c. Yea they done that to me as well. Union could not do anything as they had offered me a role and in effect if I turned it down I was quitting.
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Legally they can’t do this. Well not for a period of time which I’m sure is a year.
 


Goat Eyes said:
Legally they can’t do this. Well not for a period of time which I’m sure is a year.
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they made my old role redundant. And offered a new one. Which was basically the same but a different job title and a change in holidays and a few other things.

If I turned it down, according to the union it was classed as me resigning as I didn’t take the job they offered.
 
googleboogle said:
they made my old role redundant. And offered a new one. Which was basically the same but a different job title and a change in holidays and a few other things.

If I turned it down, according to the union it was classed as me resigning as I didn’t take the job they offered.
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Not saying it doesn’t happen but that’s shite and you could probably have taken it to tribunal.
 
googleboogle said:
they made my old role redundant. And offered a new one. Which was basically the same but a different job title and a change in holidays and a few other things.

If I turned it down, according to the union it was classed as me resigning as I didn’t take the job they offered.
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It would be seen as a resignation, but the union should have offered to back you for constructive unfair dismissal.
 
Whitburnmakem said:
Yes mate but still it’s a bummer was looking forward to retirement now I’m stressed about it think it’s worse as a lot of lads have just recently seen long term workmates retire with brilliant massive pensions
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Going by your numbers, I think you massively over estimated how much you'd get by ignoring/not understanding actuarial reductions on early retirement
 
Early retirement on a frozen final salary pension would at 60 was 6% for 4 years and 9% for the final year at 65 was to much to lose for me. That was before Covid-19 and the annuity compared to final salary was chalk and cheese then.
 
When people say it is frozen , does it mean completely frozen ie no growth and cannot contribute into it OR does it mean it can still go up each year with inflation . Some companies have done that which isn’t too bad .
i.e if your final sal pension was £20k and becomes frozen and you still have 10 years left to work , that £20k will still rise each year with inflation , so in 10 years maybe £25k say . And over those 10 years you pay into a different pension also
 
Fletch said:
When people say it is frozen , does it mean completely frozen ie no growth and cannot contribute into it OR does it mean it can still go up each year with inflation . Some companies have done that which isn’t too bad .
i.e if your final sal pension was £20k and becomes frozen and you still have 10 years left to work , that £20k will still rise each year with inflation , so in 10 years maybe £25k say . And over those 10 years you pay into a different pension also
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Not an expert but AFAIK you can't contribute but it still rises with inflation. On mine ,not Nissan, it rises at 5% or inflation whichever is the lower. Yes you pay into another pension
42 said:
Going by your numbers, I think you massively over estimated how much you'd get by ignoring/not understanding actuarial reductions on early retirement
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This, don't really want to upset anyone at Nissan but they've got a good frozen pension and will no doubt have a decent DC pension going forward. There's a lot of people worse off than them, wasn't it Heppies workers who lost nearly all their pension?
 
Matt Hopkins said:
Not an expert but AFAIK you can't contribute but it still rises with inflation. On mine ,not Nissan, it rises at 5% or inflation whichever is the lower. Yes you pay into another pension

This, don't really want to upset anyone at Nissan but they've got a good frozen pension and will no doubt have a decent DC pension going forward.
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That’s not as bad a scenario
 
Fletch said:
When people say it is frozen , does it mean completely frozen ie no growth and cannot contribute into it OR does it mean it can still go up each year with inflation . Some companies have done that which isn’t too bad .
i.e if your final sal pension was £20k and becomes frozen and you still have 10 years left to work , that £20k will still rise each year with kinflation , so in 10 years maybe £25k say . And over those 10 years you pay into a different pension also
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It did rise slower than forecast but it still rose after being frozen. What can happen in certain final salary schemes is PIE option (Pension Increase Exchange) is offered to members. For example 20k plus inflation increases is sacrificed for 25k and no further increase. You don't have to switch but another choice
 
rubberface said:
Lad at Nissan has tested positive for Coronavirus.
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14 lads sent home from line 2 trim to self isolate on the back of this. Lad who tested positive on the weekend told his gp he's been in contact roughly with 300 people at work over the last 14 days (time it takes from contracting to showing symptoms), the damage is done already I'm guessing and more will have symptoms and positive tests in a weeks time
 
Stew91 said:
14 lads sent home from line 2 trim to self isolate on the back of this. Lad who tested positive on the weekend told his gp he's been in contact roughly with 300 people at work over the last 14 days (time it takes from contracting to showing symptoms), the damage is done already I'm guessing and more will have symptoms and positive tests in a weeks time
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Can see it shutting back down soon.
 
Stew91 said:
14 lads sent home from line 2 trim to self isolate on the back of this. Lad who tested positive on the weekend told his gp he's been in contact roughly with 300 people at work over the last 14 days (time it takes from contracting to showing symptoms), the damage is done already I'm guessing and more will have symptoms and positive tests in a weeks time
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Chassis 6 I heard.
Bound to happen, track and trace in place for this exact issue.
Looks like the trim will get fitted but not the chassis parts for 14 days.
 

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