I'm a DB Pension holder, currently on a deferred pension having left my empoyer on a VR scheme.
I'm now resident abroad.
Reading the many threads here about DB schemes being wound up, I'm concerned for the future of my own scheme, especially since there are 4 years to go until I qualify.
I have already started the ball rolling by asking some questions from a local pension advisor here about transferring the money out, although he is more au fait with UK rules (QROPS).
He has informed me of two interesting points:
1. In the UK, you can easily transfer to a Private Scheme, and the amount you are due is easily calculated based on years of service/benefit due - and the fund is legally required to transfer this amount in its entirity.
2. You can ask your Trustees anytime for this figure.
In my own case, I've previously asked the Trustees for a transfer value and been rebuffed. They told me they won't supply that figure until I've retired and ask to transfer. I guess I have retired now! So are they bound to give me the figure??
I suspect they'll try to 'actuarilly' reduce my transfer lump sum, because the fund is in trouble. So the UK rule requiring them to transfer the full amount probably doesn't apply here.
Anyone got the facts?
I'm now resident abroad.
Reading the many threads here about DB schemes being wound up, I'm concerned for the future of my own scheme, especially since there are 4 years to go until I qualify.
I have already started the ball rolling by asking some questions from a local pension advisor here about transferring the money out, although he is more au fait with UK rules (QROPS).
He has informed me of two interesting points:
1. In the UK, you can easily transfer to a Private Scheme, and the amount you are due is easily calculated based on years of service/benefit due - and the fund is legally required to transfer this amount in its entirity.
2. You can ask your Trustees anytime for this figure.
In my own case, I've previously asked the Trustees for a transfer value and been rebuffed. They told me they won't supply that figure until I've retired and ask to transfer. I guess I have retired now! So are they bound to give me the figure??
I suspect they'll try to 'actuarilly' reduce my transfer lump sum, because the fund is in trouble. So the UK rule requiring them to transfer the full amount probably doesn't apply here.
Anyone got the facts?