So, is Vince out of a job?

Depends on how much they're worth...

 

Even if the contracts don't specify the employers' contribution,
taking out money already in the fund is stealing.

As for the mass breach of contract: they do that and more.

 

The conversation above refers to companies taking a contribution
'holiday' not taking funds out.

Which companies actually took money out of their employees pension
funds?

 

FFS. It's *not* stealing if it's legal!

"They"? Who the **** are "they"? Actually don't bother answering that,
try this instead: http://tinyurl.com/2wrwq6z

 

50 odd staff, going up to 300 over the next 3 years.

They set us up with a personal pension at http://www.sjp.co.uk after
being with the company 3 months. We then put in a % and they put in a
bigger one. My only wish is that the fund manager there was as good
as the one working on my son's child trust fund. He's made a shitload
more money this last year than I have.

 

Right, that's a *group* personal pension plan then, which makes far
more sense.

Heh. Can you not tweak yours yourself? Mine's a group plan too, but I
have complete control over what's invested where so can login & shift
stuff around to my heart's content (for an admin fee obviously).

 

Yeah, I can, but it requires a meeting with the FA. I have two a year
for free so do one each half where we review it and change funds if
necessary. Next one is around Feb I think.

I have another GPP with HSBC that I must get round to changing funds
as well. It's been dormant for the last 10 years, but one of the
funds over that time has given a 7% return, so I want to move all the
cash (not that there's a lot) into that one.

 

I thought we were discussing payment holidays and not taking funds out
of the pension fund.

 

We were, but... NAHAY?

Anyway I'll probably be offline for the next couple of days, so I'll
leave you to fight the corner for the evil profiteering capitalist pigs.

 

Indeed, I believe the same is with mine. The only part the Group bit
plays, now I've looked into it, is the company are paying the fees on
it, and they get them cheaper. If/when I leave, I keep it and can
continue to maintain it as a PPP.

 

Quite. SKIing is the way to go.

 

The linked article refers to Unilever (among others) taking the
`surplus' out.

 

Morally, it is stealing.

For example, any company that doesn't treat FTC staff the same as
permanent.

 

I'm a pretty old-fashioned guy.

Maybe I'll leave it to my grandchildren. That'll piss the kids off.

 

Thanks. I think the article only refers to unilver taking a surplus
out.

Further it was a final salary scheme so if there is a shortfall then the
company needs to make up the shortfall.

There was no 'theft'.

 

I've always said the opposite, but if I think about it, I'm becoming an
old fart who likes his creature comforts

 

Or, for example, the PFI where Brown got his hospitals and schools built
on the cheap in the short term and will cost a bomb to the taxpayer in
another 20 years

 

My company does the same. Small company less than 20 employees. The
charges for managing the fund are through a group deal though.

 

It's not that unusual because my pension plan is exactly the same. The
tricky bit would be getting another employer to carry on paying in if
I changed jobs but it's done that way to encourage me to stay.

 

Not nearly as priceless as moving to a booming country and seeing it
go bust.