Posted by Deborah Turner on 03 October 2000 at 22:01:28:

I have just heard about this, and not ever having a pension with IBM, I do not quite understand where my father stands with this. I spoke to my father 'Ray Gaskin' who was in the 'C' plan up until 1984 when he was advised, like many others, to move to the 'N' plan. He retired in 1991. How would this affect him?
How many plans are out there?

Posted by Pete Warren on 04 October 2000 at 07:15:22:

In Reply to: The 'N' Plan? posted by Deborah Turner on 03 October 2000 at 22:01:28:

I think you will find that it is the other way round. The 'N'
plan, ie non contributory, was first and was replaced by the 'C'
plan. Most people moved to the 'C' plan on its introduction,
possibly about the date you mentioned.

Although some people stayed with the 'N' plan I haven't seen it
mentioned in documnetation for a long time. I don't know if there
is a separate fund for this plan.

There have been various other plans in place, such as the 'T'
plan that allowed additional contributions, similar to AVCs.

Posted by Steve Pick on 05 October 2000 at 09:07:38:

In Reply to: The 'N' Plan? posted by Deborah Turner on 03 October 2000 at 22:01:28:

Pete is correct here. The C plan was introduced, probably in '84, as a Contributry alternative to the Non-contributry N plan. Exisiting N plan members could convert at the time with, if memory serves, full C-Plan credit for years as N-plan members. The contributry rate was to be 4 percent but this was staged over a couple of years. C and N plan benefits differ but most noticable was the earlier retirement age of 63, versus 65, and I think less penalty for retiring before that age. The N plan is still there, and has at least one member who in 1984 was too young to worry about pensions!

Posted by Jennie Manuel on 06 October 2000 at 14:37:53:

In Reply to: The 'N' Plan? posted by Deborah Turner on 03 October 2000 at 22:01:28:

I had an evening out with a couple of friends a few weeks ago
(they both took packages and the subsequent Financial Advice
that was offered at the time).

They have recently been contacted by the Pensions Department to
say that the advice they were given was NOT THE BEST. They have
been offered the chance to move back into the 'N' plan and their
pensions will be topped-up by £9,000 to make up the shortfall
of the last 6 years.

Where is this money coming from (OUR PENSIONS FUND).

Posted by Pete Warren on 06 October 2000 at 15:51:00:

In Reply to: Re: The 'N' Plan? posted by Jennie Manuel on 06 October 2000 at 14:37:53:

It would be interesting to know WHY it was not the best advice and how reverting to the 'N' plan was the best.

I would hope that those who gave the "not the best" advice are footing the bill and not the pension fund!

Posted by Alan Murphy on 08 October 2000 at 21:10:42:

In Reply to: Re: The 'N' Plan? posted by Jennie Manuel on 06 October 2000 at 14:37:53:

: They have recently been contacted by the Pensions Department to
: say that the advice they were given was NOT THE BEST. They have
: been offered the chance to move back into the 'N' plan and their
: pensions will be topped-up by £9,000 to make up the shortfall
: of the last 6 years.

If that is the case, I wonder HOW LONG the Pensions Department have
been giving poor advice - could it go back as far as 6th July 1983
when the C-Plan started?

Do you think we can all move back to the 'N' Plan?

Posted by Richard Phillips on 14 October 2000 at 08:28:04:

In Reply to: Re: The 'N' Plan? posted by Alan Murphy on 08 October 2000 at 21:10:42:

I moved from the N Plan to the C Plan when it started, I haven't heard anything from Pensions. Should I have?