Pensions

[jackstee]

Sorry to be a bit thick, but, can anyone explain this to me.


I have been told I am due a "defered" pension and a couple of grand a year pension.

What does "Defered mean"

I am 60 , by the way.

Regards

[heather07]

Is it something to do with waiting until you are 65 before you get pension??
Your HR department should be able to advise.

[Ovacikpeedoff]

As I understand it a deferred pension refers to an occupational pension scheme that you once belonged to. The typical example is when you are younger and paying into a scheme you may leave the company.These contributions were not just written off they were frozen and qualify you for a pension when you reach retirement age under the pension scheme.To qualify you must have been working for the company for more than 2 years.

Frozen is not really the right term as the contributions made still continued to accrue benefits.

[stoop]

The above explanation is spot on. It will probably be a scheme from previous employment. Years ago you would have lost it all but things changed in the 80's .

[kenkay]

I changed companies in 1980 and due to a few factors my pension fund was not transferable so I was to have deferred pension. However it was not inflation proofed and would have worked out very poorly so i did a "section 32 buyout" and reinvested with Guardian Royal. This now pays a nice contribution  
p.s. Just thought that I was then only 36. At 60 there may be nowt to gain.

[Karennina]

I have a pension for a company I worked for for 18 years,would this be classed as a defered pension? I left the company in the late nineties, how would I know whether it was inflation proofed (sorry not heard of this before!)and can you choose to cash it in before 60.Not really given it much thought before

[screamlead]

As with all these types of pensions its down to you to keep in contact with the companies otherwise they wont pay out, so contect them or keep in touch with at least a current UK address if possible. I know for a fact that any military defered pension will not be paid out unless the recipient contacts them first.

[Ovacikpeedoff]

My advice on any pension issues is to get in touch with your former employer who should then put you in touch with the trustees of the pension fund. They will be able to advise you of what you are entitled to or not.It is too complicated a subject for anyone to give advice without having full details.

As Stoop wrote earlier the legislation really changed in 1986 that guaranteed accrued benefits and inflation proofing.Because of deficits in pension funds the law has been modified a number of times since.

You can get in touch with the trustees or employ and get advice from an independent financial advisor.

[blueclad]

A very good web site to find old accounts / pensions is  called.

=  mylostaccount.org.uk          , its run by bankers / pension companys ect , i used this and found i had an old index linked pension [ the old 6 pence in the pound one stopped years ago ] i had a lump sum and get an extra £27  per week ontop of my weekly  gov pension .
Ron

[jackstee]

Screamlead

It is a military one.

A mate said I should check up. What bites my bum is that they didn't start it till I was halfway through , and my boys time dosn't count.