Are You a Deferred Member of the Kodak Pension Scheme?

If yes, read on…

You may be thinking –

  • What’s going on?
  • Is my pension safe?
  • What should I do?
  • What can I do?
  • Who do I turn to that will give me straight forward advice that is right for me?

First of all, the Kodak scheme closed earlier in 2013. This means that you became a “deferred” member, i.e. your pension promise is with Kodak and you will get it at some point in the future. Typically a lump sum and an income for life.

Is It Safe?

Well, the pension funds are ring fenced from creditors. But the next question is…

‘Is there enough money in the ring fenced pot to pay my pension promise in the future?’

Whilst you have a piece of paper that states what they (Kodak) intend to pay, it may not work out that way. And this is all legal.

What Might I Receive?

If the funds are insufficient to pay the promises, then you will get a reduced pension equivalent to what the pension pot can afford.

Or,

Kodak will apply to the Government (Pension Protection Fund) who will take over the future management. In this event, you will get less, but it could be very much less, depending on your personal circumstances.

What Are My Options?

Well, you may still have some, but you will need to get your skates on…

Option 1. You can follow the default path set out and accept what will be.

Or

Option 2. You can take control and look for alternatives. Seek professional financial advice because what is right for someone else may not be right for you. This could mean the difference between:

a. A comfortable retirement or not

b. Holidays in Barbados or Bognor Regis

c. Half income for spouse versus all income for spouse

d. A legacy for the children or no legacy

This may sound too good to be true, or even impossible and against everything you have been told so why is it this way?

At Trentham Invest we have the unique ability to be able to research, investigate and implement all possible alternatives in Option 2. This puts us in the elite 2% of IFA’s who have the professional indemnity insurance, qualifications, technical expertise, attention to details, risk assessment and management skills to ensure a well co-ordinated and controlled project.

If you are a deferred member of the Kodak Pension Scheme let Trentham Invest help you discover the alternatives. Call us on 01306 881999.

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