BS: UK Pensions Specialists

Subject: RE: BS: UK Pensions Specialists
From: Sarah the flute
Date: 02 May 06 - 06:21 AM

OK got a reply from a specialist and it appears you can have as many schemes concurrently as you like up to the stated limits. No restriction on how many your employer can contribute to other than what they are willing to contribute ! So that's good news - whether anything will happen is of course another matter.

Sarah

Subject: RE: BS: UK Pensions Specialists
From: Sarah the flute
Date: 01 May 06 - 05:52 AM

Thanks Richard for the contacts. I've emailed queries to OPAS and a couple of independents. I really first of all just need the answer to multiple occupational schemes. If you can contribute to both - there's no argument. I've got an employment relations lawyer who's fighting a case for a lady in a similar situation to me except she got no pension at all! .....moral of this tale do NOT consider school librarianship as a career!

Thanks for the help

Sarah

Subject: RE: BS: UK Pensions Specialists
From: Richard Bridge
Date: 30 Apr 06 - 07:22 PM

You actually need a pensions lawyer. It will cost you money to be advised on the legal issue.

Charles Russell has a pension law department.
Also, you could google or trace from the Law Society Graham Chrystie. Pensions are his thing
DLA have a pension department too.

Subject: RE: BS: UK Pensions Specialists
From: Sarah the flute
Date: 30 Apr 06 - 11:56 AM

Thanks guys. I'll do that. I was just hoping to get an answer before Tues cos everything is shut. I'm composing a letter over the weekend for our bursar on Tues.

My own feeling was that I couldn't find anything that said this wasn't possible under the new regs. You can certainly have a personal one and an occupational one concurrently now so I too can't see why you can't have two occupational ones.

Thanks again

Sarah

Subject: RE: BS: UK Pensions Specialists
From: Terry K
Date: 30 Apr 06 - 10:17 AM

"It would be a good idea to speak to an independent financial advisor, but my (very personal) opinion is that not so many are 'independent'"

They certainly are "independent" because the word indepedent simply means "unattached". They are able to recommend most (not all) of the companies in the business, which means that they are free to recommend the ones which pay them the highest commission rates.

Just please don't assume that they are also "impartial", because you would be wrong.

Subject: RE: BS: UK Pensions Specialists
From: John J
Date: 30 Apr 06 - 08:40 AM

I would say that there should be no problem, provided the employer is happy to contribute into both schemes of course.

There shouldn't be any tax implications for you, and since the changes came into force I understand there is no maximum amount that you as an employee can contribute.

It would be a good idea to speak to an independent financial advisor, but my (very personal) opinion is that not so many are 'independent'. You may well have to pay for this service. A decent accountant with payroll / pension experience may be able to help.

In addition to this try contacting the people running the pension schemes, they should be able to give you a definitive answer.

My answer is given as someone studying accountancy & payroll, but I'm only in my first year so I am by no means an expert.

Good luck.

John

Subject: RE: BS: UK Pensions Specialists
From: Sarah the flute
Date: 30 Apr 06 - 06:30 AM

anyone?

Subject: BS: UK Pensions Specialists
From: Sarah the flute
Date: 29 Apr 06 - 01:01 PM

I know this is a long shot ....admitting to work in pensions!

Does anyone out there happen to know if under the new 2006 regulations published on A Day (6th April) allow you to have more than one scheme with the same employer running concurrently?

I work as a Librarian (supposedly support staff and therefore only have support staff pension) but also partly as a teacher and house tutor. Both my Library Post and the other bits are eligible now for the Teachers Pension Scheme but when I joined many years ago the TPS didn't admit Librarians. The school therefore say they can't pay contributions into 2 schemes and i've got to stay in the support staff one (even tho I'm head of an academic department and have a retirement age like the teachers of 60 not 65 like the scheme does - ie I'll have to retire "early" at 60 but luckily that's a long way off yet!).

Is it possible to get the employer to pay into both schemes at onece now. The regulations seem to say you can have more than one scheme concurrently but does that appl to occupational schemes with the same employer?

It would be good if it was allowed cos then I could just transfer everything out of the crap money purchase scheme into the final salary TPS on a regular basis.

Does anyone have an answer????????

Here's hoping

Sarah