Shipbuilding Industries Pension Scheme - can you help?

[Jimmer13]

I've been approached by a family friend about his pension. He worked at British Shipbuilders until the late 1980s. On leaving, he was advised to transfer his British Shipbuilders pension to what is known as a 'Section 32' pension with Norwich Union (now Aviva).

He's told me who advised him to do this, but I'm not going to say who this was for now. It's far too early to say if anything was wrong with what happened. Pensions isn't my area, but I've seen enough and read enough to think this is worth investigating on the basis he may have been given poor advice. I'm not saying it's going to get anywhere, far too early to say.

However, I'd be very interested to hear from anyone who went through similar and likewise transferred their pension, or who was advised to do so but didn't (we've been told that some lads didn't transfer it, so it doesn't seem to have been a mandatory transfer out). I'd also like to hear from anyone who kept their British Shipbuilders pension (whether or not they got advice to move it). And I'd like to hear from anyone who has since taken any steps in terms of taking further any question of the advice to transfer the pension out.

We currently have two lines of enquiry:

a) Whether the advice to transfer was wrong; and
b) Whether Norwich Union, and/or Aviva, have managed the pension appropriately since.

It's question a) which is my current focus in terms of this thread. I've already seen that there's plenty of information out there about Section 32 pensions, and we'll look at this.

Thanks in advance. If we decide to pursue it, I'll let you know.

Some transferred to get an annuity! Left mine with Sunderland Shipbuilders and it was indexed linked. Transfer to an annuity meant that I would lose on it, due to management fees charges etc and also not being index linked! Not worth a lot, to be honest, but would still have lost out if changed it on going into Armed Forces. Hope this helps!

I started my apprenticeship in 1980 and was down the yards till they closed in 1989..i've been told that lads with my service didn't have a pension when the yards closed..I've also been told that we received a payment when the yards closed to reimburse what we'd put in??

You only did not get a pension for the period of your apprenticeship, if you left at the time you became a journeyman, seemingly they paid you out all contributions made as an apprentice, on leaving. Capita manage the Scheme for yards on the Wear, certainly Sunderland Shipbuilder or J L Thompson and Sons. You can check any entitlement by contacting them!

 

[Cheesy Feet]

Some transferred to get an annuity! Left mine with Sunderland Shipbuilders and it was indexed linked. Transfer to an annuity meant that I would lose on it, due to management fees charges etc and also not being index linked! Not worth a lot, to be honest, but would still have lost out if changed it on going into Armed Forces. Hope this helps!




You only did not get a pension for the period of your apprenticeship, if you left at the time you became a journeyman, seemingly they paid you out all contributions made as an apprentice, on leaving. Capita manage the Scheme for yards on the Wear, certainly Sunderland Shipbuilder or J L Thompson and Sons. You can check any entitlement by contacting them!

Thanks for that..I've contacted Legal and General because that's who my Dads is with and he was down the yards..they've no record of me but i'll give Capita a go..cheers.

 

[Town End Farmer Giles]

Home | Shipbuilding Industries Pension Scheme

Try this lot for any queries

 

[The Butcher]

.. I meant for your dad , I’m
Sure mine got shafted with bad advice about his shipyard pension when they shut down

Cheers mate, will let him know but I think he left early 80s and doubt he had pension but will check.

 

[dalsafc]

would never sell a final salary scheme if you're still in it , even more so if you can get 40/60ths thats a crackin scheme

Depends on circumstances - if i was single and no family would sell my final salary and take the whole lot in one go and then spend the lot in a blaze of glory.

 

[Pop]

would never sell a final salary scheme if you're still in it , even more so if you can get 40/60ths thats a crackin scheme

I would and loads have. You don’t need large monthly pension payments when you’re pushing 80.

Transfer it out and spend the cash while you can. As others have said, if you die a week after retirement the whole fund transfers to your wife/partner. Die a week after retiring with a monthly pension and you will lose a big chunk of it.

 

[Fletch]

I would and loads have. You don’t need large monthly pension payments when you’re pushing 80.

Transfer it out and spend the cash while you can. As others have said, if you die a week after retirement the whole fund transfers to your wife/partner. Die a week after retiring with a monthly pension and you will lose a big chunk of it.

so why do these companies want to buy you out ?

 

[Pop]

so why do these companies want to buy you out ?

Not all do, sone offer enhanced transfer values to get you off and the scheme and ultimate the company’s bottom line but most company schemes offer the flexibility now.

The days of buying annuity’s are long gone, pensions freedoms allows you to spend as much or as little of your pot as you need.

You get the added bonus that you still get investment growth in retirement as well. Father in law transferred out nearly two years ago and his fund is higher than when he retired.

 

[taipeisafc]

so why do these companies want to buy you out ?

Certainty, they can put a value on the books and plan on that basis. Otherwise they may be paying for 30 or 40 years and with index linked pensions it could get expensive particularly in a closed scheme.

 

[riffraff]

so why do these companies want to buy you out ?

Becos people are living longer. Even in the NE.

 

[Deleted member 5265]

Shameless bump in case there’s anyone who can help who might not have seen the thread.

 

[dalsafc]

so why do these companies want to buy you out ?

So they can cap the liabilities of the pension scheme.

 

[JGM]

I know a few lads who have contacted citizens advice regarding the pension, who took the advice of union representative and transferred the pot which has proved costly as most are now closing on retirement and compared to the lads who left it with the shipbuilding scheme are having a lot better returns, I was also ex shipbuilder who was made redundant in Jan 88 and transferred to a private scheme but will also have to look into the advice we were given at the time.

 

[Deleted member 5265]

I know a few lads who have contacted citizens advice regarding the pension, who took the advice of union representative and transferred the pot which has proved costly as most are now closing on retirement and compared to the lads who left it with the shipbuilding scheme are having a lot better returns, I was also ex shipbuilder who was made redundant in Jan 88 and transferred to a private scheme but will also have to look into the advice we were given at the time.

Thank you, any more info you can give?