Originally Posted by
finningleyprince
I will be glad to leave. It's all stacking up against 'average Joe' that doesn't want * rank fame, just a decent pension to retire on, and the sooner the better before waiting for it gets me killed.#
I am guessing that the year you get the letter, which will start to eat up previous years allowances, you have 3 years before that cloud really is over you. It makes my option point a no-brainer. It will be time for the Reserves or a total break!
I, along with a couple of friends, have all just received those letters and been faced with 5-figure bills for no reason other than going to work and being reasonably competent over the years.
If that wasn’t bad enough, the advice received was that if we elected to use Scheme Pays, it would be treated like a loan and our pensions would be reduced in perpetuity. Now forgive me if I’m wrong, but that sounds little more than theft. If I take a loan out with my bank, I pay the amount back plus interest and we go out separate ways once the business is concluded. How the Government can legally take money off you for a debt repaid in full years earlier is frankly staggering. So be aware - unless you really do have no choice, look hard at all the options before electing for the legalised theft route.