Pension Fund in Critical Status -- OH NO!!!

Happiness Is Inside JOB · ‎06-14-2016

I'd love to hear your opinions on this issue. My husband received a letter from his Employers Pension Fund that the fund is in critical status. OH NO!!! I'm worried that he will evenually get the news that their is no pension for him to recieve. He is placing money in a 401K outside the job but this is disheartening news.

Do you know anyone who experienced this or do you have any advice or suggestions? All commetns welecome.

Happiness is ALWAYS an inside job,
Don't assign anyone else that much POWER
in your life!!!

cherry · ‎03-09-2010

I thought pensions were insured by the gov, up to a certain amount of money. I might be wrong

Happiness Is Inside JOB · ‎06-14-2016

I need to educate myself on this topic, that is why I said first STOP, QVC LADIES and GENTS...someone on here is going to have knowledge of this issue. I'm also rearching outside of this board online.

Happiness is ALWAYS an inside job,
Don't assign anyone else that much POWER
in your life!!!

ccassaday · ‎10-21-2010

I think most pensions are insure now to keep this from happening. I would call and find out.

bonnielu · ‎03-11-2010

Call HR directly. Seems if he paid in there is a legal obligation here.

Mine is with the State and so far so good. And then there is social security.

ccassaday · ‎10-21-2010

Here is something I found.

Defined benefit pension schemes. ... Your employer can't touch the money in your pension if they're in financial trouble. You're usually protected by the Pension Protection Fund if your employer goes bust and can't pay your pension.

CrazyDaisy · ‎03-20-2010

Working in a Union business, many pension funds are in danger. Many, many, many people will be recieving much less than they have been told they will get over the years.

Someday, when scientists discover the center of the Universe....some people will be disappointed it is not them.

NickNack · ‎03-10-2010

I would definitely call and find out more information. Let them tell you whether it's insured or not. Hopefully it is!

The Bluebird Carries The Sky On His Back"
-Henry David Thoreau

CrazyDaisy · ‎03-20-2010

@ccassaday wrote:
Here is something I found.

Defined benefit pension schemes. ... Your employer can't touch the money in your pension if they're in financial trouble. You're usually protected by the Pension Protection Fund if your employer goes bust and can't pay your pension.

Almost all pensions are extremely underfunded.

Someday, when scientists discover the center of the Universe....some people will be disappointed it is not them.

Trinity11 · ‎11-16-2014

If I received a letter like that I would immediately speak to an attorney.

I know a few women in the jewelry industry where the company they worked for went into bankruptcy and after 45 years of working for them received 0, nada, nothing.

It is a very individualized situation.

Good luck @Happiness Is Inside JOB