In final salary pension scheme that have paid into since 18, so just over 30 years (full pension is 40 years service). Only small company with 10 staff and only 4 of us are in the scheme (original starters) as it was closed off to new staff about 20 year back.
Scheme works on 80ths for each year, so if retired at 60 or whatever would get 40/80 as your pension. We are protected persons under the scheme.
Company is winding up as at end March and we are all being transferred to a new company (same industry) which may take off or may well go tits up within a year, its touch and go on that.
We have been told over the past year that we have to give up our final salary pensions due to the large scheme deficit, or else this new company is a non starter for everybody. Coming out of it will trigger our pensions but we wont get full pensions just the years paid in i.e 30/80ths (i have to wait a year til i can get mine as too young).
Were being called into a meeting on tuesday to discuss this and pretty sure we will be expected to sign away our rights the following week or sooner.
its always been assumed by the managers that we will do this , question is am I missing a trick and should we be asking for something in return for doing this as in ideal world i'd want to stay in the scheme and build up my years to get the 40/80ths ? no other staff are impacted and having to change anything.
Any advice appreciated as I know will be put under pressure to sign , possibly even there and then.
