Left Pfizer after 15yrs & increase my Pension 100%

If you are working now, why can’t you get a job with another company?

 

I was downsized in December of 2014 after 11 years. Do you know if I can take my pension lump sum and rollover? When I talked to Fidelity I was told that is not an option.

 

You must not be a Legacy Pfizer employee then.
Depends on legacy company.
All Legacy Pfizer employees can take Lump Sum ANYTIME after leave the co.
Likewise Legacy Wyeth, Pharmacia, Monsanto, Upjohn, American Home can as well.

Some Legacy companies do NOT allow Lump Sum & employees must take monthly annuity.
Warren Lambert, Searle & Park Davis does not have lump sum offer.

 

Left in 2017 at 45.
Had 350k Pension lump sum rollover to Fidelity IRA. It is over 500k now!
It will be over 1.6mil at 65.
(If I had stayed with Pfizer my projected amount at 65 was going to be 670k)

Hell yes I am thrilled to be able to have an extra million at retirement.
I took another job w smaller co, same salary but 15k more bonus so as long as you can stay whole & be even on comp w new company, it is 100000% worth leaving now since Pension is Frozen.

 

I am a legacy Pfizer employee. I will call them back!

 

Can’t travel due to childcare issues and wife’s job. Current role is fantastic and very manageable. Just concerned that interest rates will rise (lower lump) or something else will change related to pension

 

Wrong! The lump as a legacy Pfizer only option is old news. Warner Lambert has a lump sum option now, probably the other companies,

 

That’s always a risk. The rates are almost zero at the moment.

 

Made 30% in last 8 wks on my Pension IRA w Fidelity . Best move i ever made. Left at 40 with 250k that is 1 million as of today! Brilliant & sad Pfizer doesnt educate employees on cons of a Frozen Pension.
I understand they do not want to pay out the 13 billion on the asset balance sheet of Pensions & want to keep that cash to leverage R&D.
If I was a CEO, i would not inform employees of the downside to frozen pensions either if I could keep that money as long as possible
It is frozen to us but Pfizer collects money market interest on that g 13 Billion !

 

That said, you’re 59 with 3.2 mil in all retirement accounts. You can keep working here, with frozen pension, or leave while interest rates are almost zero for a bigger lump payout. What
do you do ? Do you leave when you hit 90 regardless ?

 

Leave and take your pension and start earning money on it. With the rates low you get a bigger lump sum. If you wait, you risk the rates going up which means a lower payout, so you’ll lose out. You would be going backwards.

 

Yes regardless at Rule 90 need to leave if you have other options. If you dont then stay Pfizer forever.
With Frozen Pension & no life time medical then really Rule 90 means nothing as you cam easily make more in an IRA act.

I left 10yrs ago for another company & my Pension IRA w Fidelity has doubled while averaging 12% a year-- far better than a Frozen pension & any Penalty i got.

 

Thoughts on annuities vs Pfizer pension annuity ?

 

Left, took out a lump sum pension of $85K and rolled it into fidelity. Its over $400K now and by the time I get to age 60 it will be close to 3 million. If you leave, take it out and invest it yourself

 

Likewise for me with similar returns on my Pension funds the past 7 yrs. Almost tripled in value.
This is best thread on cafe pharma and reps need to educate self on exactly what a FROZEN PENSION IS.

 

All you need to know about Pension lump sum and interest rates
How Will Changes In Interest Rates Affect Your Chevron Lump Sum 1 | Baird Retirement Management

 

Exactly
I left 2yrs ago for a startup & my Pension is up 40% w an SP mutual fund IRA.

 

Yes ! I left last Oct, 9 months ago & already made 100k on my Pension.
You are flat out stupid & ignorant w finances if you stay with a Frozen Pension.

 

Panning to leave in Sept when turn 50 for this exact reason. Pension experts outside of Pfizer have told me my Pension is basically maxed out with current interest rates so I am not going to let it go back to 2018 levels of 3.5%.
Going up just 3% you loose 40% of the value it is currently at w less than 1% rate.
So cashing in at the peak & plan to double the amount in 401k.
Meanwhile I have secured employment w only 5k less pay starting Oct.
In 10-15yrs I will have 1-2 million greater wealth than if I stayed w Pfizer for same time.

 

3 of my peers in the NE are doing this exact same thing, planning to take early retirement in Sept then enjoy Fall w Family & have something set up w startup in Jan.

Cant blame them. If you start growing your Frozen Pension not doing anything then its is all perfect situation to do.