Options when DB scheme is wound up

R

rheinie

Registered User
Messages
166
Am a member of a company DB scheme.The company is now in recevership and we have been told that our DB is to be wound up.I have 40/60ths benefit in scheme,new owners or investors are not taking on Pension liability as it has a large deficit.I also pay AVCS into same Pension Provider.What i need to know is what are the options open to me now .Am still 5 years short or NRA.Thanks for any guidance or advice on this situation as it is a totally new situation for me .
 
We won't be able to tell you here I'm afraid. Depends on how much assets are in the scheme and how it will divided up. You will get correspondence from your pension administrators detailing your options - no doubt there is lots of work going on behind the scene on this.
 
Sure can understand that ,was just wondering what was the general format for this type of situation.
 
Wind up can vary according to scheme rules Rheinie. Your first point of call should be to check your scheme rule book, if you cant find it, the Trustees of the scheme will be able to furnish you with one.

The fact you have 40/60ths already worked up should place you on higher priority than newer members but its worth getting the scheme rules and also contacting the pension scheme provider and asking them for a current transfer value. This will give you a base mark to work off when final settlement is done.

As Don said, the scheme actuaries are most probably looking at asset distribution at the moment.
 
You must log in or register to reply here.
Back
Top