Nissan pension scheme

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
i will of been paying in nearly 40 yrs mate I’ve already been there 22
 


i will of been paying in nearly 40 yrs mate I’ve already been there 22

So is your current pension not now frozen which means you will get £14k a year at retirement. Then in the next 20yrs in the new scheme you could rack up £10k per year in that, therefore combined total of £24k?

Or is the current scheme not being frozen and instead transferred to a DC
 
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
I got 25% tax free lump sums with final salary pensions. Also took 25% tax free lump sum with a fixed term annuity which finishes after 20 years so if I live beyond 93 I will lose. They closed the final salary scheme 4 years before I retired, hence the annuity which is far inferior. The only thing was I retired before Covid-19 so the annuity fund didn't drop like it would have now. I didn't claim any pensions until I was 65 as the penalties were steep, such as 9% if you took it at 64 and 6% a year before that. Being made redundant 2 months before my 65th birthday was useful mind.
 
So is your current pension not now frozen which means you will get £14k a year at retirement. Then in the next 20yrs in the new scheme you could rack up £10k per year in that, therefore combined total of £24k?

Or is the current scheme not being frozen and instead transferred to a DC
Yes transferred
 
I’d be pretty pissed off if my pension changed from the numbers quoted to the numbers quoted.

Hopefully you can accrue enough in the next 20 years to offset the damage.
 
I’d be pretty pissed off if my pension changed from the numbers quoted to the numbers quoted.

Hopefully you can accrue enough in the next 20 years to offset the damage.
You know what it is mate if it was an amount I could get by on I’d be happy my son will be 18-19 when I retire would of been nice to help him out with education new car house etc which I def could of before now I doubt it
 
You know what it is mate if it was an amount I could get by on I’d be happy my son will be 18-19 when I retire would of been nice to help him out with education new car house etc which I def could of before now I doubt it
If you’ve got 20 years to hoy into a pension pot though, with employer contributions you can make some of that up?

The lumper is the big kick I guess.

Bearing in mind (in theory) you’ll also get a state pension. You’ll still not do too badly.
 
If you’ve got 20 years to hoy into a pension pot though, with employer contributions you can make some of that up?

The lumper is the big kick I guess.

Bearing in mind (in theory) you’ll also get a state pension. You’ll still not do too badly.
I know mate but had plans in place it’s disappointing
 
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:D

I also suspect that actuarial reductions haven't been taken into account for going at 57
 
The layout of the forms canny baffling like o hope I have read the fucker wrong

If you hoy up your salary, accrual rate & normal retirement age of pension of old scheme, then terms of new scheme (both employee & employers cont) there'll be loads on here who will crunch the numbers

Also wouldn't bank on retiring at 57. Earliest will prob be 58 as gov looking at fixing retirements to SPA - 10 unless living on personal investments
 
Will retiring at 57 not mean you'll also suffer quite heavy percentage cuts to your pension? The earliest I can claim my old final salary pension without penalties is 60.
 
Not great timing for Nissan workers after the FCA decided to ban contingent charging on DB transfers today. It will prevent many of them from getting access to advice for so many reasons.
 
If you hoy up your salary, accrual rate & normal retirement age of pension of old scheme, then terms of new scheme (both employee & employers cont) there'll be loads on here who will crunch the numbers

Also wouldn't bank on retiring at 57. Earliest will prob be 58 as gov looking at fixing retirements to SPA - 10 unless living on personal investments
Have they announced when that will happen?
 
Have they announced when that will happen?

Looks like going upto 57 in 8 years time, them 58 when SPA goes to 68

Can't remember when that is, but OP is same age as me & I know my SPA is 68.
And by the time I get there it could even have gone up to 70

It also says that currently it's just government policy & not been legislated yet. So a change in government means it might not happen.

Either way, if you're younger than late 40's I wouldnt be planning on retiring before 60 unless you've got loads stashed away & can afford to live on savings for a few years.
 
Not great timing for Nissan workers after the FCA decided to ban contingent charging on DB transfers today. It will prevent many of them from getting access to advice for so many reasons.

I’ve just had a look at an article about that although I don’t fully understand it, it’s a positive not a negative but it doesn’t start till after this proposed change will start.
 
Looks like going upto 57 in 8 years time, them 58 when SPA goes to 68

Can't remember when that is, but OP is same age as me & I know my SPA is 68.
And by the time I get there it could even have gone up to 70

It also says that currently it's just government policy & not been legislated yet. So a change in government means it might not happen.

Either way, if you're younger than late 40's I wouldnt be planning on retiring before 60 unless you've got loads stashed away & can afford to live on savings for a few years.
My aim of bailing out at 57 or 58 is still on but hanging by a thread :D
 

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