PENSION ADVICE

[llm24]

Hoping someone can offer some Pension Advice

Basically my husbands work are winding up there final salary pension scheme , he will still be paying the same contributions moving forward to the new pension scheme

Basically is there anything we should be doing or will this one be frozen and paid out at retirement age. He is 25 years away from retiring

Many Thanks

His employer/pension scheme administrators should be providing him with a full pack of information to explain all this so that he fully understands what's happening. You need to read it carefully. Has he not received anything? Some employers will offer scheme members the opportunity to receive free pension advice - he should ask about this to see if anything is available.

His employer/pension scheme administrators should be providing him with a full pack of information to explain all this so that he fully understands what's happening. You need to read it carefully. Has he not received anything? Some employers will offer scheme members the opportunity to receive free pension advice - he should ask about this to see if anything is available.

@Sunseed they have had online teams calls about it but tended to be more info for people nearing retirement age and the implications for them
Just thought on here someone may have some basic pointers but might just be better to go to a financial advisor x

Ok, short answer is that yes it will be frozen and he will be a deferred member of the scheme, the same as if he'd left the company. Depending on the precise details of the scheme, his benefits as at the date of 'leaving' will continue to increase over time, usually by a measure linked to inflation. He can't access benefits until he is much closer to retirement age so should basically just leave it alone until then. Again, the scheme details are important to know what his options are at retirement, what the minimum age is to access benefits and how they might be reduced for accessing before the scheme's normal retirement age.