Withdrawal of Pension From Current Scheme

I'm currently paying into two pension schemes in the company that I've been working with for the last 16 years. Unfortunately I've no faith in the current situation that it finds itself in. It was a semi state and is tied up with other semi state/former semi state companies and all three companies are in the one scheme. There is an enormous deficit there, I'm only in my late 30's and I fear that the pension that I'm paying into will not be there by the time I retire. What I want to know is can I pull my two pensions and what I've accumulated and put it into new one not associated with the company I work for while I continue to work there?

Sounds like your in the Airlingus/DAA/SR Tech scheme!? The SR Tech scheme was unwound a couple of years ago and a large part of assets were distributed back to the members while the remainder still to be distributed as the remaining assets are tied up for a while yet...dont know the exact reason why, perhaps it property or bonds that have a maturity date etc.

I think that you are stuck where you are as your contract dictates that you must be part of the pension scheme. Some of the recent developments as reported in the media should bring about some degree of security for the scheme though.

The only way you would be able to liberate your pension from the scheme is if you were to leave your employment and I guess you do not want to do that in the current climate!

Yes it's the Airline and Airport Employees Superannuation Scheme. Thing is I think they're going to change it from a defined benefit to a defined contribution also. That also has me bothered. They've said that's the way they'd prefer it. Would I not be allowed to move my pension if they change the benefits?

Also on a similar thread. I don't have any children or a wife/partner. I don't see myself getting married at this stage either. What happens to my pension if I was to die before my retirement? It says 'dependents' but if I don't have any 'dependents' what happens to it? Would my parents or siblings get it?

Hi Flyingirish.
Two points.
1. Even if you could transfer out while still employed at EI, the Trustees will slap you with a ginormous penalty which will make it highly unnattractive.
2. You can inform the Trustees who you wish your benefit to pass to - best to put it in your Will too. Contact the Trustees for clarification.

Thanks for that Starbuck. I'm gonna get on to the Trustees and ask about passing on benefit etc. Didn't realise that a pension scheme that anyone pays into and want to move requires 'penalties' to do so. Still I guess I'll just ask the Trustees. Which is probably what I should do in the first place but I wanted to be anonymous about it. Thanks again.