Re: Employer wants to close our DB Scheme
You need to establish how the fund is going to be would up.
How much will each employee get? AFAIA, this should be close to your transfer value that you get with your annual pension statement.
Can you leave the value in the pension fund and collect your pension at normal retirement age.
If not, will the transfer value be transfered into a DC scheme?
What will the charges of the insurance company be on transfering the money into a DC scheme. Could be 2 to 3 %
What are the annual charges / Monthly contributions
Is there a bid /offer spread
How much will the employer contribute to the new DC pension.
Will you be expected to contribute.