230K
MB Enthusiast
- Joined
- Jun 1, 2003
- Messages
- 2,190
- Location
- Belfast
- Car
- 09 E320 cdi Sport Estate, 98 E300TD Estate, 99 SL 500
Hi
As the title any pension experts on here that could give me a heads up on my current situation.
Basically I joined our company final salary non-contributory pension scheme in 1995, everything was fine until 2003 when I was asked to contribute 6% to retire at 60, if i didn't my normal retirement age would increase to 65. I paid the 6% until 2009 when we were asked to contribute a further 6% to retire at 60 as before.
I agreed to pay the extra 6% meaning I now pay a total of 12%, remember this was a non contributory scheme.
Then the sting came, our 2010, 2011 & 2012 pay rises were non pensionable and the word is that future rises may continue as non pensionable. Meaning that when I retire in 2030 that my final salary could be my 2009 salary.
Years ago when i started working I wanted to start a private scheme of my own but was told I couldn't because I was in a company scheme so by being in this scheme i was denied the chance of having my own private scheme.
If my pensionable salary doesn't increase from 2009-2030 then in my opinion my pension has been halved.
I am sure what our company is doing will be legal but would welcome others thoughts by PM or whatever.
Thanks,
230K
As the title any pension experts on here that could give me a heads up on my current situation.
Basically I joined our company final salary non-contributory pension scheme in 1995, everything was fine until 2003 when I was asked to contribute 6% to retire at 60, if i didn't my normal retirement age would increase to 65. I paid the 6% until 2009 when we were asked to contribute a further 6% to retire at 60 as before.
I agreed to pay the extra 6% meaning I now pay a total of 12%, remember this was a non contributory scheme.
Then the sting came, our 2010, 2011 & 2012 pay rises were non pensionable and the word is that future rises may continue as non pensionable. Meaning that when I retire in 2030 that my final salary could be my 2009 salary.
Years ago when i started working I wanted to start a private scheme of my own but was told I couldn't because I was in a company scheme so by being in this scheme i was denied the chance of having my own private scheme.
If my pensionable salary doesn't increase from 2009-2030 then in my opinion my pension has been halved.
I am sure what our company is doing will be legal but would welcome others thoughts by PM or whatever.
Thanks,
230K