| British Steel new pension scheme 18:59 - Oct 31 with 5049 views | CountyJim |
What everyone's feelings I took my pension early reading the literature I have been sent I think the new scheme seems the best option |  | | |  |
| British Steel new pension scheme on 19:02 - Oct 31 with 5041 views | Jackfath |
I’m unsure of the details of it. |  |
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| British Steel new pension scheme on 19:03 - Oct 31 with 5033 views | Darran |
Nearly everyone is voting for BSP2. |  |
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| British Steel new pension scheme on 19:43 - Oct 31 with 4972 views | Dyfnant |
What age were you taking the pension Jim |  |
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| British Steel new pension scheme on 19:50 - Oct 31 with 4960 views | whoflungdung |
SCOW was my first job
A had relatives working there .Job for life .
These are the jobs we ve lost and not replaced .
I hope the pension is liveable |  |
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| British Steel new pension scheme on 20:20 - Oct 31 with 4914 views | dickythorpe |
It's your money Jim enjoy spending every penny. No one has a crystal ball, there's no pockets in shrouds. |  | | |
| British Steel new pension scheme on 23:40 - Oct 31 with 4781 views | Dracan66 |
I decided to get the CETV and transfer out. Although BSP2 is the better option to take if remaining, BSP2 runs the risk of ending up in the PPF and I didn't want to incur a further 10 % reduction in my pension pot. I believe you have until the 11th December to confirm your choice of pension vehicles and obviously those already drawing the pension have only the BSP2 or PPF options available to them.
As always DYOR and seek advice from a professional IFA. |  | | |
| British Steel new pension scheme on 01:29 - Nov 1 with 4743 views | Dyfnant |
| British Steel new pension scheme on 23:40 - Oct 31 by Dracan66 |
I decided to get the CETV and transfer out. Although BSP2 is the better option to take if remaining, BSP2 runs the risk of ending up in the PPF and I didn't want to incur a further 10 % reduction in my pension pot. I believe you have until the 11th December to confirm your choice of pension vehicles and obviously those already drawing the pension have only the BSP2 or PPF options available to them.
As always DYOR and seek advice from a professional IFA. |
Do you have to be 55 or over to transfer out? | |
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| British Steel new pension scheme on 07:51 - Nov 1 with 4672 views | Dracan66 |
You can transfer out at any age providing that you are not already drawing your British Steel pension but to do so you must request in writing a Cetv from BS Pensions. Transferring out of the scheme to a SIPP allows you to access your pot from the age of 55 onwards if you wish (25% Tax free). Remember that if your thinking of transferring out it will take a while to get your figures as the pensions office is extremely busy due to the high Cetv demand. Cetv's are exceptionally high at the moment due to low gilt and interest rates but that will change if the BOE raises the base rate as has been mentioned in the media.
Transferring out has to fit your own personal circumstances as your open to market forces and investments can you up as well as down. Two of my main reasons for transferring out was 1. I didn't want to eventually end up in the Ppf losing 10% of my pot and 2. As I'm not married, if something were to happen to me then my kids would get all the money rather than it going back to the state. | | | |
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| British Steel new pension scheme on 07:56 - Nov 1 with 4662 views | Dracan66 |
One other thing, if your pot is over £30K then you have to seek advice from an IFA as it's the law (charges can vary dramatically, so shop around). | | | |
| British Steel new pension scheme on 21:45 - Nov 1 with 4496 views | A_Fans_Dad |
Where is the money coming from to keep the BSP2 viable?
Does anyone know?
Is it not just a single pot of Money with no further inputs as the new Aviva one is the only one to be supported in the future? | | | |
| British Steel new pension scheme on 22:00 - Nov 1 with 4468 views | Darran |
| British Steel new pension scheme on 07:56 - Nov 1 by Dracan66 |
One other thing, if your pot is over £30K then you have to seek advice from an IFA as it's the law (charges can vary dramatically, so shop around). |
There’s a fella up in Baglan that’s pulling his pot and he reckons he’s getting £440k.
Is that the kind of sums available? | |
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| British Steel new pension scheme on 22:16 - Nov 1 with 4459 views | Dyfnant |
| British Steel new pension scheme on 22:00 - Nov 1 by Darran |
There’s a fella up in Baglan that’s pulling his pot and he reckons he’s getting £440k.
Is that the kind of sums available? |
Unbelievably seems the norm for around 30 years service with BS pensions. I’ve heard someone quoted over 700k | |
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| British Steel new pension scheme on 22:30 - Nov 1 with 4445 views | Darran |
| British Steel new pension scheme on 22:16 - Nov 1 by Dyfnant |
Unbelievably seems the norm for around 30 years service with BS pensions. I’ve heard someone quoted over 700k |
Big sums my friend. | |
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| British Steel new pension scheme on 07:38 - Nov 2 with 4383 views | raynor94 |
| British Steel new pension scheme on 22:00 - Nov 1 by Darran |
There’s a fella up in Baglan that’s pulling his pot and he reckons he’s getting £440k.
Is that the kind of sums available? |
Yep, know a few getting in excess of £600k, but for the retired folk like me, it's obviously move to the new pension and hope upon hope it's a success. Otherwise end up in the ppf, and lose 10% of my monthly pension |  |
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| British Steel new pension scheme on 07:58 - Nov 2 with 4378 views | Dr_Winston |
| British Steel new pension scheme on 22:00 - Nov 1 by Darran |
There’s a fella up in Baglan that’s pulling his pot and he reckons he’s getting £440k.
Is that the kind of sums available? |
The Mrs's uncle took his pension pot out and he's getting double that. |  |
| Pain or damage don't end the world. Or despair, or f*cking beatings. The world ends when you're dead. Until then, you got more punishment in store. Stand it like a man... and give some back. |
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