Hi all,
I'm in a company pension in which I contribute 4% and the company 7%. I then contribute another 11% in avc's.
now Post merger, All the original trustees having left the company, and we now have 3 new trustees(on another note: I don't know how they were selected). This is not the new pension fund that the merged company is using, but it is continuing to operate ie not being "wound-up".
I'm guessing that 2 of the 3 are not actually actively contributing to the fund, as they have come from the other company involved in the merger and therefor I'm assuming are in a different pension scheme. The third who'm is the employee representative is very nice, but I would not think to be financially minded or in-the-know with investment and market trends.
We always (with NewIreland) had the option of placing our funds in about 20 different funds of our choice. Now the trustees have stated that we have to invest in a list of 6 funds.
All monies invested up to this point can stay invested in the existing funds, but any new investments from may 1 on have to be invested in 1 or more of the 6.
I did ask the trustees why all of a sudden our choices were being limited, and the response I got was that they had a responsibility to get the best for each member. That 80% of the people didn't know much about pensions and this is therefor a risk. They with advice from NewIrland picked 6 good performing funds. I genuinely believe that they are sincere.
But I do feel agreeved that I had the flexibily of investing my pension into whatever fund I choose(around 20) knowing that I'm responsible for my choice, but am now being limited (to 6).
General opinions sought.
I feel that they should have opted for a waver where they advise to invest in the 6 but if I signed waiver could invest into other 14 if I chose.
Am I overreacting ?
Does it really matter ? ;in that I should be greatful that I'm getting a contribution from the company?
Can the trustees at any point in time reduce the already existing open choices of funds available for me to invest in?
Thanks,
Wolverine
I'm in a company pension in which I contribute 4% and the company 7%. I then contribute another 11% in avc's.
now Post merger, All the original trustees having left the company, and we now have 3 new trustees(on another note: I don't know how they were selected). This is not the new pension fund that the merged company is using, but it is continuing to operate ie not being "wound-up".
I'm guessing that 2 of the 3 are not actually actively contributing to the fund, as they have come from the other company involved in the merger and therefor I'm assuming are in a different pension scheme. The third who'm is the employee representative is very nice, but I would not think to be financially minded or in-the-know with investment and market trends.
We always (with NewIreland) had the option of placing our funds in about 20 different funds of our choice. Now the trustees have stated that we have to invest in a list of 6 funds.
All monies invested up to this point can stay invested in the existing funds, but any new investments from may 1 on have to be invested in 1 or more of the 6.
I did ask the trustees why all of a sudden our choices were being limited, and the response I got was that they had a responsibility to get the best for each member. That 80% of the people didn't know much about pensions and this is therefor a risk. They with advice from NewIrland picked 6 good performing funds. I genuinely believe that they are sincere.
But I do feel agreeved that I had the flexibily of investing my pension into whatever fund I choose(around 20) knowing that I'm responsible for my choice, but am now being limited (to 6).
General opinions sought.
I feel that they should have opted for a waver where they advise to invest in the 6 but if I signed waiver could invest into other 14 if I chose.
Am I overreacting ?
Does it really matter ? ;in that I should be greatful that I'm getting a contribution from the company?
Can the trustees at any point in time reduce the already existing open choices of funds available for me to invest in?
Thanks,
Wolverine
Last edited: