The Bounty Bar Kid Posted October 30, 2014 Share Posted October 30, 2014 Hi All, Just looking for some advice for someone I know. I said I'd try to help them out as I think what they believe is wrong. They have been in the same job for the last 20 years. It was originally for the council, but a couple of years ago, it got taken over by a Charity under TUPE. Anyways, her job is working in a rehab for people with mental issues. The problem is is that the stress of it all is finally getting to her. She sees people trying to commit suicide (hanging themselves, slitting their wrists etc), people dying, people throwing their lives away on drugs etc on a regular basis. This has finally got to her and with 5 years to go to retirement, she's worried that she'll lose her pension. She just cares too much about the people and where she used to be able to distance herself from it all years ago, she keeps losing people that she looks after regulary and she can't take it anymore. Anybody got any idea on if this could be true? She told me that it's a superannuation council pension. Cheers for any help/advice that anybody could provide. Dips. Quote Link to comment Share on other sites More sharing options...
Grundy Posted October 30, 2014 Share Posted October 30, 2014 I don't know much on different types of pensions - But I know that she isn't going to lose ALL of her money if not any. I've been paying for 3 years and opted out recently - I can't get any of it back untill I retire. So it's basically sat there until I'm about 90 odd before I can spend it. Quote Link to comment Share on other sites More sharing options...
The Bounty Bar Kid Posted October 30, 2014 Author Share Posted October 30, 2014 She's under the belief that she'll lose the contributions from her employer and that she'll only have the contributions that she's put in. So she'll be losing a hell of a lot of money if she leaves. Quote Link to comment Share on other sites More sharing options...
Ekona Posted October 30, 2014 Share Posted October 30, 2014 What does it say in the contract? That's the only thing that matters. Quote Link to comment Share on other sites More sharing options...
Grundy Posted October 30, 2014 Share Posted October 30, 2014 What does it say in the contract? That's the only thing that matters. Guess it's down to this ^^ My understanding was, if you opted out and tried to take your money out early, then you lose the contribution from the company? Quote Link to comment Share on other sites More sharing options...
AliveBoy Posted October 30, 2014 Share Posted October 30, 2014 The company can't withdraw their contributions I don't think. Otherwise she could never move job in her life and that would stop a LOT of people from working for them at all. No-one signs up to a job for life, people change, circumstances change, everything changes. I'm not a pensions expert, but I see them a fair bit at work and normally it's only if you leave say within 24 months they'll withdraw them if you have a really cushy deal they made purely to bring you in. One loop hole would be to take early retirement, then get another job after the pension payments have started. As Ekona says, the contract will say it all. I highly doubt it though. Quote Link to comment Share on other sites More sharing options...
Mudman Posted October 30, 2014 Share Posted October 30, 2014 The pension is likely to become a preserved pension ie contributions are stopped but the pension cannot be drawn until retirement date or if agreed due to ill health -All should be in the terms of employment but it sounds as though this is in the public sector so Government drivinn /Civil service - which will mean she should not lose any contributions My ex had a few job over the years spending 4-5 years then moving on and had same amount of pensions so consolidated them all into one. Taking early retirement may not release the pension as only certain occupations are permitted early release such as Ballet Dancers, professional sportsmen and members of the HM Forces. Quote Link to comment Share on other sites More sharing options...
WINKJ Posted October 30, 2014 Share Posted October 30, 2014 i very much doubt her employer will continue to contribute (match) her contributions into her pension. HOWEVER, all schemes are different and is on a scheme by scheme basis, is there not anyone in HR she can speak with condifentially to clarify? Quote Link to comment Share on other sites More sharing options...
Ekona Posted October 30, 2014 Share Posted October 30, 2014 HR? Confidential?? :lol: It'll be round the office in a flash that she wants to leave. Quote Link to comment Share on other sites More sharing options...
WINKJ Posted October 30, 2014 Share Posted October 30, 2014 HR? Confidential?? :lol: It'll be round the office in a flash that she wants to leave. we have a phoneline we can call in cofident and don't need to reveal our name! .. its a company pension policy so all schemes are the same which makes it easier. worth a punt! Quote Link to comment Share on other sites More sharing options...
Flex Posted October 30, 2014 Share Posted October 30, 2014 She should call ACAS to discuss, extremely unlikely and almost certainly illegal for company to withdraw their payments already made. Quote Link to comment Share on other sites More sharing options...
The Bounty Bar Kid Posted October 30, 2014 Author Share Posted October 30, 2014 extremely unlikely and almost certainly illegal for company to withdraw their payments already made. Thought that too. 1 Quote Link to comment Share on other sites More sharing options...
Will370z Posted October 30, 2014 Share Posted October 30, 2014 Agree with Ekona - the contract will define exactly what happens. I know mine does Quote Link to comment Share on other sites More sharing options...
The Bounty Bar Kid Posted October 30, 2014 Author Share Posted October 30, 2014 Cheers for the advice guys n gals. Much appreciated. This forum is ace as always. Quote Link to comment Share on other sites More sharing options...
martinmac Posted October 30, 2014 Share Posted October 30, 2014 As I undertand it a pension can be unlocked if you are over 55. 1 Quote Link to comment Share on other sites More sharing options...
mbs Posted October 31, 2014 Share Posted October 31, 2014 As a retired accountant I would suggest you don't take advice from un-qualified friends, they may give advice with the best possible intentions but I would recommend your friend seeks professional advice, may cost a few bob but worth it in the end 1 Quote Link to comment Share on other sites More sharing options...
rtbiscuit Posted October 31, 2014 Share Posted October 31, 2014 There are companies out their that offer free advice, I'm guessing she's part of a union, from memory most unions have people who are able to advise over pension issues. Or can put you in contact with someone Quote Link to comment Share on other sites More sharing options...
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