Wound up pension scheme?

Question

do the operators have the right to pick and chose who to give the "dividend" to . as an employee for 30yrs. and a p. time cleaner for 5yrs . i should think the right thing is to inform long serving staff first , but it seems that the people who have not paid a X amount in have a right to withdrawal first?

Answer 1

Strict rules apply - check the Pension Advisory Service, however (I believe) all payouts have to be strictly  'in proportion' to the members contributions   ..

I can think of no reason why any one category of member would receive any pay-out earlier than any other .. unless (of course) a  member was transferring funds into another scheme or perhaps if (having been a member for less than 2 years) they had elected to receive back their contributions (instead of leaving their funds invested until they retire).

I can only suggest you contact the Trustees .. they will be able to give you exact details of what's happening ..