Originally Posted by
4everAD
I'm in a similar position to BV, I was happy with 75 pension then due to my circumstances (25 year point when switching to 15) I was even happier as the 15 scheme really increased my pension at age 68 (£5,000 pa extra) and I'd only get slightly less per year up till then compared to 75. I'm holding out hoping that I will be given the choice to stay on 15, i don't want to go back to 75 or anything new that they come up with which will be less no doubt.
How can you plan for the future with absolutely no idea what you'll get? Might be worth going now on a pension I know and I'm happy with?
From what I understand, and the fact that NO DECISION HAS YET BEEN MADE, the most likely plan will be a retrospective “Offer to Transfer” just like we had in 2005. So there will be a bespoke letter to each person caught up in this with the options and then an ability to choose to go back to/stay on 75 or 05 with another option to transfer to 15. That is what is likely to take the time as those offers will need to be worked out to make sure you are not miss-sold a pension (Ombudsman territory!). Also, as 75 and 05 are closed to new entries then either Legislation will need to pass the Commons, Lords and Royal Assent to make changes or open up “mirror” 75 and 05 schemes for individuals to join. It is a total cluster legacy of the Coalition Government and will take a lot of effort to unf^ck!