Bristow Pension Scheme

[Kalif]

I've recently tried to get a transfer valuation of my beneifits within the Bristow Staff Pension Scheme only to be told that the Trustees have suspended the issue of statements of entitlement for the time being. The suspension may stay in place until the financial position of the scheme can be determined via a formal valuation.

Can anyone shed any light on this? I'm not the most up to date driver when it comes to things financial, but is it correct that they can refuse to issue a transfer valuation?

Maybe some of you BHL drivers can comment on what is going on with the pension scheme...

[roundwego]

The pension regulations in the UK require transfer values to be based on the last formal valuation of the pension fund. This is usually only done every three years. If the Bristow fund was valued close to three years ago the chances are it was at least 100% funded. The problems with the stock market over the last couple of years has caused most pension funds to become significantly underfunded. This would mean that if someone was to transfer out of a scheme which was only 70% funded at todays values, then that individual would be getting 30% more than their fair share of the "pot".

The pensions regulators have permitted funds to suspend issuing transfer values to stop a huge run on transfers out and therefore making the situation worse for those who stay in a fund. Once the next full valuation is done, transfer values may then be issued based on the revised valuation.

We are hoping that the the next couple of years will see a recovery in the stock market and pension funds will get back to more stable conditions. In the meantime, we hope that the sponsering employers will continue to maintain final salary pension funds throught these bad times.

Hope that expaination is clear.

[SASless]

Why should we hope the employers will do the right thing by the employees? Back during the "good" years....the employers took advantage of the fund valuations to avoid making that years contribution thus when the "bad" years arrived they then started screaming they could not afford to "make up" the shortfall. The concept of saving for a rainy day never occurred to them....they took their bonuses out of the "profit" and stiffed the people that made the money for them.

The employees on the other hand....thanked the Almighty and saved more when possible and cut back on expenses during bad times. Shame the greedy rascals getting the bonuses cannot do the same as those they "manage".

I cannot just wait to see how my "Expatriate Pension Scheme" from Bristow pays off in a few years time. Once in the scheme...you cannot withdraw before retirement age...thus they get the use of your money all these years and you have to "trust" them to do the right thing. Why is it....I have a niggling worry that it might be an empty promise?

One man's opinion!

[roundwego]

SASless, who are the trustees of your "Expatriate Pension Scheme"? Is the fund held under UK trust law?

[SASless]

Uh Oh! Now you have opened up a bag of fishbait!

Whilst wearing the Bristow Uniform...in Bristow Helicopters...flying for Bristow Helicopters (Nigeria) in Nigeria....Letter of Appointment signed in the Bristow Admin Office at Redhill, Surrey, UK., in the presence of the Bristow Helicopters Admin Officer....

From my files:

The Bristow Expatriate Pension Scheme Certificate of Membership states the following:

Membership Details
Employing Company: British Island Airways (Guernsey) LTD on BIA Letter head showing a Guernesy address

A second Certificate of Membership shows Bricom Group and a National Insurance Number

My correspondence with Bristow at Redhill was answered by the Bristow Pensions Officer on Bristow Letterhead showing a Redhill address.

At one time the pension scheme listed the Trustee as being EURACS International Pension Trustees Limited.

It would seem the UK law applies to the Pension Scheme.

The handbook says the Trustee selects investment specialists to handle transactions for the scheme....with the Company's approval. The Trustee is supposed to act for the good of the scheme members. Raids on pension funds in this country are not an unusual tactic by managements intent upon stripping assets off of companies they buy out.