E
Eldritch
Guest
Hi all,
I've recently moved from my old employer to a new business venture, after 14 years in the old place.
I'm entitled to a pension or a transfer value from the old Defined Benefits pension scheme, and I also have some money accumulated from making AVCs in the same scheme.
A few questions: -
(1) I don't want to touch the Defined Benefit scheme money, because it's giving me a guarantee of pension, but I wouldn't mind moving my AVCs into my new (Defined Contribution) scheme of my current employment. Can I separate them, given that the AVCs and the Defined Benefits were from the same employment?
(2) It will be around 30 years until I reach retirement age. Is there any risk that the benefits promised to me under the Defined Benefits scheme might not get paid? What if my old employer goes bust? gets taken over? tries to wiggle out of it?
(3) If the Defined Benefits Scheme starts losing money (and I think many of them have of recent years?) can they dip into my AVC fund (a Managed Fund) to bail it out?
I've tried to get this information out of the scheme consultants, but I'd have better chance of getting blood from a turnip.
Thanks in advance,
E
I've recently moved from my old employer to a new business venture, after 14 years in the old place.
I'm entitled to a pension or a transfer value from the old Defined Benefits pension scheme, and I also have some money accumulated from making AVCs in the same scheme.
A few questions: -
(1) I don't want to touch the Defined Benefit scheme money, because it's giving me a guarantee of pension, but I wouldn't mind moving my AVCs into my new (Defined Contribution) scheme of my current employment. Can I separate them, given that the AVCs and the Defined Benefits were from the same employment?
(2) It will be around 30 years until I reach retirement age. Is there any risk that the benefits promised to me under the Defined Benefits scheme might not get paid? What if my old employer goes bust? gets taken over? tries to wiggle out of it?
(3) If the Defined Benefits Scheme starts losing money (and I think many of them have of recent years?) can they dip into my AVC fund (a Managed Fund) to bail it out?
I've tried to get this information out of the scheme consultants, but I'd have better chance of getting blood from a turnip.
Thanks in advance,
E