Santander Pension Query

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  • xylophone
    xylophone Posts: 44,140
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    It would be interesting to hear how this develops.
  • Dell007
    Dell007 Posts: 11
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    I'm still in communication with JLT trying to get some kind of clarification around how the GMP part of my pension is being calculated, and what will happen at age 65.

    JLT have quoted my details as follows (I've rounded the figures for simplicity sake):

    My pre 1997 Excess Pension is £3,000
    My pre 1988 GMP is £750
    My post 1988 GMP is £250

    Total £4,000

    In their letter JLT state that the pre 1997 excess pension will be increased by RPI, and that results in a revaluation figure of 1.9793.

    The letter goes on to say that "As previously advised the GMP does not receive any increases therefore your pension at your normal retirement date, 11th February 2015 is £6,937 (Pre 97 excess 5,937 + pre 88 GMP £750 + Post 88 GMP £250)."

    I'm still struggling to get a clear answer from JLT about how the GMP is treated when I reach age 65. They seem to favour opaque incomplete answers, over clarity and conciseness. JLT also seem to provide slightly different answers (and quotations) between different letters, which one suspects, suggests that their application of the rules have not been clearly worked through relating in incomplete guidelines.

    My questions outstanding with JLT at this time are:

    What calculation will be used to revalue my GMP to age 65.

    What will that figure(s) be compared with.

    What will be the likely change in my pension at age 65.

    I find it astonishing that a company like JLT, and their client Santander don't have in place clear concise guidelines detailing how pensions will be calculated. The other conclusion I could draw is that JLT's training is not fit for purpose and that is the reason behind the confusion.

    I'll post any news I get, though the turnaround time for correspondence is not very good, which I suspect is caused by the training issue I mentioned previously.
  • xylophone
    xylophone Posts: 44,140
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    Was age 60 the NRA in your section of the scheme?

    Are you currently in receipt of the pension?

    You reach male GMP age (65) in February 2020 but state pension age in February 2021?

    Have you seen this http://forums.moneysavingexpert.com/showthread.php?t=4736856&highlight=cod+gmp&page=9

    post 165.

    Have a look at these figures from Towers Watson for a deferred pensioner of the Barclays Scheme who becomes 65 after the introduction of the new state pension.

    If you are in receipt of your pension, how will it increase in payment until age 65?

    Will the GMP portion be revalued at age 65?

    The Scheme has no obligation to increase your pre 88 GMP or your post 88 GMP above 3% after age 65 so presumably won't do so.

    Have you received a new state pension forecast?

    Is there any clawback under your scheme at 65/State Pension Age? http://www.web40571.clarahost.co.uk/archive/saga/2000_and_before/990202.htm
  • Dell007
    Dell007 Posts: 11
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    My NRA in the scheme was 60.

    I'm not currently receiving any pension from the Girobank/A&L, Santander scheme.

    I reach 65 in 2020, and my OAP date is 2021

    The frustration from my part (other than being quoted higher pension figures in 2011 on which I based my financial planning), is that JLT seem unable (or unwilling) to clearly state what is likely to happen to my pension payments when I reach age 65.

    I did call JLT last Friday, the lady I spoke to agreed the situation was not a good one and promised to try and get it resolved, as soon as possible - not received anything yet :-(
  • Hi
    Just a quick update. Santander had their meeting on 2nd July to discuss the change of pension payments and low and behold did not reach a decision. They are apparently meeting again in a months time. How long can they drag this out? I'll let you know if and when I hear something.
  • xylophone
    xylophone Posts: 44,140
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    Have you yet obtained a new state pension statement?

    https://www.gov.uk/state-pension-statement
  • meantime
    meantime Posts: 59 Forumite
    Resurrecting this thread to ask if anyone knows of any movement from Santander on this?
  • xylophone
    xylophone Posts: 44,140
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    edited 3 June 2016 at 12:35AM
    You are now in receipt of your scheme pension?

    Presumably there has been at least one increase since you started receiving the pension?

    How was that increase applied?



    Have you obtained a statement showing your starting amount for new state pension?
  • meantime
    meantime Posts: 59 Forumite
    xylophone wrote: »
    You are now in receipt of your scheme pension?

    No. I now have a new quote for taking my pension from my 62nd birthday next month. I've also unearthed my "statement of deferred benefits" issued when I left employment in 1995. I'll try and post all three sets of figures (1995, 2014, 2016) sometime in the next few days - along with a few related questions.
    Have you obtained a statement showing your starting amount for new state pension?

    I've accessed it online via the beta service.
  • meantime
    meantime Posts: 59 Forumite
    xylophone wrote: »
    Have you obtained a statement showing your starting amount for new state pension?

    If starting amount = "Estimate based on your National Insurance record up to 5 April 2016", then it's £139.61 (£152.95 if I continue to contribute)
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