mrs tts is a pharmacist she works for Tesco she has for 12 years . mrs tts came home in tears today witha nice corporate document with young employees smiling on its cover..

no ifs buts or maybes straight in with.. your all living too long and the burden is too great so the pension you ve earned thus far is secure but going forward its changed.

mrs tts has to expect less over her career tesco estimate that she will be approx. 1800pa worse off pension wise than she would be previously
HOWEVER.. to further muddy waters.. the index linking has been reviewed and its too generous so wont rise with inflation any longer.. oh and yes you can retire at 65 but you cant have your full entitlement till 67
AND.. as your all living longer on your retirement date we will review the data reflecting your expected life expectancy and reduce your pension further if life expectancy has increased..

EVERY LITTLE HELPS..

There was a thing on the TV about this yesterday. Apparently, Tesco still has one of the best pension schemes available anywhere in the UK. It’ll be CPI instead of RPI (mine has just changed to that too -I’m getting a 4% rise this year).

no wonder the MD left today for pastures new.

Ah well, Tesco are struggling in the current economic climate, and it only seems fair that staff should shoulder part of the burden in order to return a profit to the shareholders after so many lean years.

Tesco certainly does have one of the best pension schemes in the country, it for its senior managers earning 100k plus pa they still are on final salary scheme retiring at 55. however for the rest its a different story. final salary scheme closed to new employees approx 10 years ago career average since then.

Should get a job in the NHS instead. Ahhhh.

pharmacist surely easy to jump ship to NHS??

This has just happened to everyone in the public sector and we have to increase our contributions too and elicited little sympathy from the STW massive I recall.
At least you get pay rises,a uniform ,staff discount and various other benefits working at Tesco.Zero if you’re in the public sector.

Same old same old,

Its a conspiracy, cost of living increases, salaries not moving and or decreasing while large corporations rape the Government and taxpayer and posting larger profits.

All to make Joe public work longer for less just to suvive

This has just happened to everyone in the public sector

it has and it’s been happening to lots of us in the private sector for years, there just wasn’t the wall to wall coverage of it

You wont get sympathy on here, public sector employees been getting flamed for stating the same previously. We were told if you dont like it leave and join the private sector. 😐

Ours has changed too, maximum 2% pay rise per year as far as pensionable pay is concerend. Pensionable salary won’t increase in line with promotion, so, effectively, I’ll be pensioned at the same level I am now, regardless of how far I go. Oh, and 1/3rd of my fellow managers leave the business in two weeks.

Happening everywhere isn’t it

In the same boat work for tesco, and yep to get my full benefit i have to work until im 67, but saying that they have all changed so im not overfussed, ican still retire earlier and just not claim until im 67. Im thankful ive got a pension, mine doesn’t pay out much and i missed the final salary one by 2 months (that im annoyed about!!) but the tesco pension is one of the best in the country in the top 4 the paperwork sayes at work so just keep paying it, ive still got 33 years to go!!

If she can find a better deal, drop out of her Tesco pension and go there?

But I can’t imagine she’ll find anything better.

But you may well get a few thousand clubcard points.

isnt everyone being told to work till 67 except the police and MP,s.

Has this not come about after months and months of consultation with and agreement from the Pension Trustees. Surely, it has not just come out of the blue??

We went through a similar process a few years back. I thought staff’s expectations were managed very well and a range of pension options were put forward. For example, I could keep my retirement date at 60 by paying more, could opt in to different accrual rates 1/60, 1/75 etc.

Our company is trying to change the terms of the company pension schemes, as someone who’s been paying into my (final salary) scheme for 37 years now it’s not the sort of thing I want to hear, even if they do tell me my contributions are protected 🙁

As a private sector worker with a SIPP I have to shoulder the investment risk of my pension.

On the plus side, whatever is in my pension pot is mine and can’t be touched by the company.

Right now I think that risk is worth the stress of employers changing conditions, which must be very difficult. I expect one day there will be no final salary schemes at all and every company will just contribute to personal pensions. It will be a painful transition though sadly.

In some ways it makes sense as most people don’t work for the same employer all there life and it does give the individual control not the employer. Though it needs minimum contributions from employers/employees to be enforced to ensure adequate provision, particularly for low income earners. And whether or not most people can make a sensible decision about how it’s invested is another problem.

Maybe Tesco are struggling financially because they have become too specialist?

Our company is trying to change the terms of the company pension schemes, as someone who’s been paying into my (final salary) scheme for 37 years now it’s not the sort of thing I want to hear, even if they do tell me my contributions are protected

As somebody who’s been paying in for 37 years you should be laughing – any changes they make to what happens with future contributions will have minimal effect on you. It’s those who have 37 years of contributions ahead of them who should be more bothered (I’m assuming here that you’re not planning on working into you 90s).