Ageism - you thought it was illegal ????

[Wee Jack]

I work for one of the most profitable businesses on the planet – a large American based , global, blue chip, in the computer / IT solutions sector. Last year , we generated revenue of – wait for it -$117 BILLION !!! and on that made clear profit of $16 Billion !! stunning numbers.

However the company has just announced to us that, not content with all that profit, they would like to come a steal some of our life savings and have announced changes to our pension plan meaning less for me and my fellow drones for our respective futures.

In theory at 50 years old I could retire now , or up to April 5th next year, when UK legislation changes, and the minimum retirement age becomes 55. But that was not my plan.

However, co-incidentally !! yeah right !!!, the changes to our pension plan are being planned to kick in on 6th April 2010 , meaning if I stay with the company, I get robbed , and can’t then retire till Nov 2013, when I turn 55 and then on a very much smaller pension.

I and all my workmates who are around the same age are feeling like this is deliberately designed to force older hands to leave before April next year. We feel that this is a redundancy plan to get shot of older hands with no need to pay redundancy compensation. I have worked for this company for almost 25 years and feel that they have just booted me in the nads as reward for years of loyalty , hard work , and disrupted weekends.

So maybe it’s time for me to think about a new phase in life , maybe a new career , doing something I enjoy, probably paying less, but offset by a very small pension ??

Maybe the big overland trip while I’m still young enough to enjoy it might be on the cards after all ??.

[Basil the Dog]

Wee Jack,
I feel exactly the same, nearly 30 years loyal service to a major high street bank and I too have just had my pension stolen off me, despite still paying fat cats huge sums of money. My wife worked for a major high street retailler and the same happened to her last year. Loyal employees are in the minority these days and they can do what they like to us as they have us by the short and curleys. What are we going to do leave and find another job?????
If you set up your own business and need a North West of England representative please keep me in mind.

[stanbloke]

Why does this sound so familiar .

My "Firm" did the same a couple of years back, luckily I told them to bugger off and retained my original pension plan..

Take the package Jack, and go and enjoy the rest of your life, with your abilities and skills (M/C) why not go and qualify as a bike instructor?. With your pension and a few days a week teaching the cash should be more than enough ?.

....and you can work when you feel like it and travel when you want to.

Your choice big fella and good luck for the future..

[winxp-master]

reading this should shock me but it doesn't and thats the sad thing.

just do what you feel is best for YOU Jack

[StumpyFingers]

It does not shock me in the least, Our company has tried to change the working conditions, so it can save money on wages.

[Buggles]

Retire and offer yourself as a freelance consultant to the very same company.

My neighbour (working for a very big insurance company did that) and he's making more now than he was when he still worked there...

Other than that, it's of course a very nasty thing for them to do.

That said, be very glad you have some form (however small) of protection through UK law. If you worked in the US office, they'd just show up at your desk with a box and someone from security...

JB

[africajim]

Well, it's your choice mate, just need to decide what YOU think is best.

I feel a small story coming on,,,,,,,

I worked in the construction industry on a reasonable wage, hated the job but believed I couldn't live without the money, how could you live on less than £20,000?
A week before my 38th birthday I was rushed to hospital with a heart attack! My GP advised I find something easier going so I decided to try something I enjoyed. I started at the bottom of the ladder with Cap Gemini as a desktop analyst, £10,500 p/a! I climbed the ladder to support desk manager on £18,500, and must admit the seven yrs with Cap were the most enjoyable since I left school! I only moved on for a bit more of a challenge.

The moral of the story is simply, it's amazing how life goes on and how you can adapt to almost anything. Humans are very adaptable, I'm now a heating service engineer with Gleaner oils and enjoying every minute of it!

My tuppenceworth mate, follow your heart, do what you want to do, but don't look back in ten yrs and think why did I not do what I wanted to do? Life's for living, and it's not always about the money.

Best of luck mate.

[Whealie]

Jack,

If you want me tell you it's ****, I will.

But take the opportunity. Your generation is going to be the last with decent pensions. I'm relying on PD squire convincing my boy to be barrister so he can keep me in the manner to which I intend to become accustomed.

If that fails I'll be touring the world on my bike but with no home to go back to.

I have a pension pot. It is a big hole in Norwich into which I pour money every month and, so far, I have not even heard it splash and hit the bottom.

Oh, and join a union if you're not in one. They might make a case out this, so you take the money and later get compensation.

[DaveS]

I work for "the" biggest high street bank in the UK, and before you all shout that I'm money grabbing barsteward, I'm on the IT side!!!

There have been recent rumours about our pension scheme. I've clocked up 22 years now and am on a non contributory final salary pension scheme. I don't know a lot about pensions but from what I'm told it's good.
I'm also back in a position of being offered redundancy and I'm wondering what to do.
Difficult decisions for us all it seems!

[GOG 007]

Don't take it, even if you hate the job, final year salary schemes will be a thing of the past, its a guarenteed pension, hang on as long as you can, and if possible pay extra in to buy back years, pm me if you want more details. Anyone in a final year salary scheme think very carefully of what the other options are, because you will be worse off !