27th May 2012, 16:35
Retired many years ago at 38/16 to work for airlines various
There seems to be a pension crisis developing in one of my ex employers
Anyone know a sure method of discovering if that employer paid their dues to the Pension Protection Fund
The Fund themselves are making an assessment which can take up to 2 years and I would like to resolve some of the issues a bit quicker
28th May 2012, 13:16
Don't know of anything myself, but there are some pensions experts on the Money Saving Expert forum - Money Saving Expert: Credit Cards, Shopping, Bank Charges, Cheap Flights and more (http://www.moneysavingexpert.com) - if Al R doesn't turn up here with advice!
Firstly,to confirm.. its a defined benefit (ie; final salary scheme)?
Even though it might take 2 years to start paying out, the decision about whether or not scheme is eligable for protwction usually comes a lot, lot quicker - normally within a month or two of the service receiving Notice of intended application for assistance, from the Administrators.
Are you at or above normal retirement age? If so, you should get 100%; if not, protection is capped at 90%. Schemes currently transferred into PPF and those denied are in the link below although sometimes, a scheme denied transfer 'in' may be denied for reasons that allow benefits to be paid normally anyway.
Action points! You need to ask the Trustees if a Section 120 notice has been served on PPF by the scheme Adminstrators and whether or not the Pension Protection Levy had been paid.
Transferred Schemes (http://www.pensionprotectionfund.org.uk/TransferredSchemes/pages/Transferred-Schemes.aspx)