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Hi
Any Pensions experts on here?
I have worked for a local authority since 1993 and have paid into the final salary pension scheme since then.
Recently I had cause to call for my pension figures - contemplating an early retirement due to ill health (caused by my job btw).
When I received the figures I noticed that my pension had been split in 2. The first 50% being my original final salary scheme pension and the 2nd 50% being put into the recently introduced less favourable pension scheme.
6 years ago I accepted an elevation to a half time team deputy working half time as a deputy and half time as a plain team member. I gave up the deputy role 2 years ago. The split has been maintained in my pension.
The dates of the split relate to that elevation to deputy.
On calling for my pension figures it seems that the split (which I knew nothing about at the time that I accepted deputy role and certainly would not have accepted had I known it would impact on my pension) it appears that both my lump sum and yearly pension have been disadvantaged by this split.
I now only have 50% of earnings/final salary in the older more favourable pension scheme rather than my whole earnings - which I thought was the case. I received some paperwork and of course cannot make head nor tail of it but it looks on paper that I am losing substantial benefit due to the split.
Where do I stand on this ? I honestly would not have accepted the deputy role had I known that my pension would be devalued as a result. My pension as it was , is most important at age 56.
I am still a plain team member but my pension remains split 50/50
anyone have any advice or ideas?
Molly
Any Pensions experts on here?
I have worked for a local authority since 1993 and have paid into the final salary pension scheme since then.
Recently I had cause to call for my pension figures - contemplating an early retirement due to ill health (caused by my job btw).
When I received the figures I noticed that my pension had been split in 2. The first 50% being my original final salary scheme pension and the 2nd 50% being put into the recently introduced less favourable pension scheme.
6 years ago I accepted an elevation to a half time team deputy working half time as a deputy and half time as a plain team member. I gave up the deputy role 2 years ago. The split has been maintained in my pension.
The dates of the split relate to that elevation to deputy.
On calling for my pension figures it seems that the split (which I knew nothing about at the time that I accepted deputy role and certainly would not have accepted had I known it would impact on my pension) it appears that both my lump sum and yearly pension have been disadvantaged by this split.
I now only have 50% of earnings/final salary in the older more favourable pension scheme rather than my whole earnings - which I thought was the case. I received some paperwork and of course cannot make head nor tail of it but it looks on paper that I am losing substantial benefit due to the split.
Where do I stand on this ? I honestly would not have accepted the deputy role had I known that my pension would be devalued as a result. My pension as it was , is most important at age 56.
I am still a plain team member but my pension remains split 50/50
anyone have any advice or ideas?
Molly
