[Bronty]

Hi

I am looking to find out what employers in Guernsey still offer Final Salary (Defined Benefit) pension schemes to new joiners.

I am thinking of changing jobs and this could be a major factor.

Thanks in advance
Bronty

[beaufort]

Civil Service.

[Bronty]

beaufort, on Nov 7 2009, 07:27 PM, said:

Civil Service.

Is that all Civil Service ? i.e. including Post Office and Guernsey Electricity ?

Does anyone know of any non-States employers as well ?

Cheers
Bronty

[beaufort]

Not sure it includes the Post Office or Guernsey Electric now they have both been commercialised.

[Tigger]

I have one (non-states) but they are not offered to new joiners now... Only about 20 of us left in the company with one.

[Bronty]

Tigger, on Nov 8 2009, 12:36 AM, said:

I have one (non-states) but they are not offered to new joiners now... Only about 20 of us left in the company with one.

I'm envious - Hang on to it and if they try to take it away don't make it easy for them - they seem to be closing daily in England :-

http://news.bbc.co.u...ess/8348871.stm

Regards
Bronty

[guernseyguy2001]

Credit Suisse

[antipop]

As far as I know not only do The Post Office and Guernsey Electric still have final salary pension schemes for their employees but they're not paid for by them. It's comes from the main civil service pension fund that we are all heavily subsidising............. even though those two companies are supposed to be run commercially.

More than happy to be corrected on this but that's how I understand it.

beaufort, on Nov 7 2009, 08:57 PM, said:

Not sure it includes the Post Office or Guernsey Electric now they have both been commercialised.

[bigbro]

My understanding is that that as wholly States-owned commercial companies, they can operate under the terms of the PSPS.

Rather than being funded by the States, they are (or should be) backed through those companies paying the employer's contribution in addition to the employee contribution. It will not be funded by the public purse.

If either company were to be sold off either entirely or in part, then their employees would have to leave the PSPS into a new scheme.

[Bronty]

guernseyguy2001, on Nov 8 2009, 03:05 PM, said:

Credit Suisse

Aha, that could be the one for me then - do you know if this is all divisions or just some (i.e. Banking, Trust, Fund Administration) ?

Probably not recruiting currently though ...

Bronty

[guernseyguy2001]

From memory (couple of years ago) it was every division. Not sure about recruitment.

GG

[Blanche]

Credit Suisse are a great company to work for I loved it there . As far as I know they are not recruiting at the moment and have been letting people go and not recruiting of late .

No harm to send in a CV to Helen Martin there .

[Tigger]

Does anyone know if you have a Defined Benefit pesion and you leave the company, does it just stay "in limbo" and you get a pension based on the contributions to the date you leave?

I have a Defined Benefit, for the last 10 years or so and am thinking of moving jobs...

[Surferboi]

You get the choice normally. I cashed mine in when I left the civil service but I had the option of freezing it.

Before I left though they were changing the scheme for new entrants so it wasn't as appealing as when I worked there.

[Bronty]

Tigger, on Mar 4 2010, 09:00 PM, said:

Does anyone know if you have a Defined Benefit pesion and you leave the company, does it just stay "in limbo" and you get a pension based on the contributions to the date you leave?

I have a Defined Benefit, for the last 10 years or so and am thinking of moving jobs...

If you leave now the value is in relation to the benefit earned and not contributions made.

An actuarial valuation would be made of the present value of the benefit you have earned so far and you could then transfer this amount to a new pension even a Defined Contribtion one.

Bronty