Anyone know anything about pensions? Mumsnet name change too.

[MilkyWay]

I've changed my name and am in the process of getting all old posts deleted as dss has told his pregnant mother my old name and may be going to tribunal at work so needed to have a clean start.

Anyway, new name is a reflection of the old.....

Pension questoin is this. Currently in a company pension scheme and have the option to change into the new scheme which is a money purchase scheme. Anyone have any views on these types of pension schemes?

What is your current pension scheme? Final salary? I'm no pensions expert AT ALL but if it is a final salary scheme you'd normally be advised to stay in that.

What kind of company pension scheme is it? Is it final salary? If it is then DON'T CHANGE even if you have to start contributing

Is the current scheme closing down?

What money purchase scheme is on offer .. how much is company putting into it

The existing one isn't final salary and nor is the new one...is that better? The existing scheme requires contributions - the new one doesn't but the standard company contributions are lower.

If the company contributions are lower that means that a) you'll have to make up the shortfall or b) the pot to invest will be smaller. I think, no expert. Most companies chnage schemes to save themselves money, not out of the goodness of their hearts. How big is the company? Have you not had advice about the options and what they could mean long term?

Hi milkyway (whoever you are
I'm not a pensions expert either I'm afraid, but would suggest you have a look at the government pensions website www.pensionguide.gov.uk or contact OPAS, the pensions advisory service who operate as an independent non-profit organisation www.opas.org.uk
HTH lmb

Milkybar, not supposed to give advice so don't quote me but if it was me and you're in a final salary scheme and have the option to stay put, then I would. I would choose a final salary over a money purchase.

sorry, didn't read the whole thread

Oops - just taken the time to read the offer in full. It seems I can opt into the new scheme but can elect to receive my old level of company contributions and continue to pay my own in too. They are both money purchase schemes but we are being moved into the Group pension scheme (it's a bank) from our previous scheme which was in place before we were taken over.

Looks like it's ok then and I wont be any worse off.

Seems funny having this mumsnet name. I keep typing in the old one.

Oops - just taken the time to read the offer in full. It seems I can opt into the new scheme but can elect to receive my old level of company contributions and continue to pay my own in too. They are both money purchase schemes but we are being moved into the Group pension scheme (it's a bank) from our previous scheme which was in place before we were taken over.

Looks like it's ok then and I wont be any worse off.

Seems funny haing this mumsnet name. I keep typing in the old one.

Then I would move because it gives you flexibility to invest more if you want to. Just checkwhat your and your companies contributions are actually going into. You want to make sure the underlying fund manager for the new one is not crapper than the old one.

Thanks Prufrock. I have until the end of next week to decide (if I am still with the company after meeting with my senior manager tomorrow).