Pension advice required

Thinking of taking voluntary redundancy from workplace but require some pension advice before making a decision can anybody recommend a independent financial advisor Cheers

 

Who do you work for?

 

TATA steel at Stocksbridge pal.

 

Where abouts at Stocksbridge do you work

 

Int Mill.

 

I was in the finishing dept, 2 bay line, finished just over nine years ago, best thing I ever did, did 35 years split between East Bank and Billet finishing. Will I know you? Sorry, can't help you with your original question but I can say to be wary of financial advisors, the one at my former bank managed to loose me £10k in four years, that's why it's my former bank. I don't know if you are aware but Big Lil used to be payroll manager at Stocksbridge, I don't know if he could help point you in the right direction to get advice but it might be worth asking him.

 

Don't know if your aware but things have changed a bit at Stocksbridge and its all downhill mate just feel like a need to get out , been offered a decent redundancy package after 38 years service .

 

Aye I still see a couple of lads that are still there and they keep telling me how bad it is. I was lucky, we could take full pension at 55 back then, I think thats changed now hasn't it? I was like you, got more and more fed up by the day, offered a decent package and took it, never regretted it. Good luck in what you decide to do.

 

Am even more gutted looks like am going to be about 7 months short for me full pension have had enough .Cheers

 

Ask them to pay.your.redundancy in your final wage

Then any of the redundancy over 30k use to buy avcs you need to liase with both payroll and the.pension dept to make.sure this all hangs together right. It will save you a boat load of tax and if I assume you from the years service you have you are over 55 you can get it straight back out tax free in your pension lump sum. Brought will save a loads of tax

 

It all depends on u r works people.
Not sure they will let u purchase avc s when leaving.
If they do ....not all avc schemes allow u to take the lump sum tax free either.
Pm me mate

 

I left in 2009, but if you send me a PM, I'll help in any way I can.

 

Sorry I have not got back to you earlier been on mornings finished at 1 Iam just in the process of contacting HR at Rotherham to try and get some queries cleared up i.e can I get my deferred pension even though iam only 54 etc .Cheers

 

No too late to purchase AVC,s had a word with somebody this morning missed the boat on that one iam afraid.

 

Is your deferred pension through the works scheme?
If it is, it will be for the company to decide when you can take it. Have a word with Hr or directly with the trustees of the sheme, they may want to help out.
If the deferred pension is not part of your scheme now there WILL be other options.
Sorry cant be more helpful without seeing your stuff but that's generally correct.

 

You do have other options around the avc scheme too, I didn't think they would have someone join in the last month though.
Pm If you need more info

 

Oh nearly forgot, if you are taking voluntary redundancy and not thinking of taking up employment straight away, phone the revenue and tell them as if they see an increase from your wages (above the£30,000 Etc) they will think you are earning this all the time and slap you for more tax and change your code accordingly.

 

Yes it,s from the works scheme 26 years with the Corus scheme then a 9 & 3 with the current British steel pension scheme it,s all a bit mind boggling to tell you the honest truth.They want bodies out of the door it seems so it may be possible that I could get some part of my pension if they let me have it.Thanks anyway.

 

Cheers that's something I wouldn't have thought about ( me heads spinning a bit faster now lol )

 

I left in 2009 at 50 on a reduced final salary pension. The pension rules were due to be changed a few months later. It meant this facility was to be removed at fifty, with the age limit being increased to fifty five. The knock on effect was to move the pension facilities five years onwards. For example, someone leaving on a full pension at 55 in 2009 would then have to wait until they were 60 before they could receive exactly the same facility under the new arrangements. The pro rata reduction previously available for a reduced pension between 50 and 54 was to be altered to between 55 & 59. An employee leaving before their pensionable age would automatically have their company pension frozen until they reached state age retirement. I appreciate the pension rules and regulations for current employees may have altered since I left.
Please ensure you do indeed have a chat with HR and see if a pension quote could be made available for when you reach 55.