Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Bigmig0
    • By Bigmig0 19th Jul 17, 7:47 PM
    • 2Posts
    • 1Thanks
    Bigmig0
    Guaranteed minimum pension
    • #1
    • 19th Jul 17, 7:47 PM
    Guaranteed minimum pension 19th Jul 17 at 7:47 PM
    Hello all
    I'm new to the forum so please bear with me
    I am 51 and have a deferred pension with a gmp of £3800 per year payable from age 65. I was in the fund from 84 to 88 and was given the these figures when I contacted them in 2012.
    So,
    1. Any ideas what the transfer value of this fund will be?
    2. If I don't transfer then will the figure I was quoted in 2012 rise per year?

    I will be writing to the fund but any ideas?
    Cheers
    Bigmig0
Page 1
    • Silvertabby
    • By Silvertabby 19th Jul 17, 7:58 PM
    • 1,518 Posts
    • 1,812 Thanks
    Silvertabby
    • #2
    • 19th Jul 17, 7:58 PM
    • #2
    • 19th Jul 17, 7:58 PM
    No-one here will be able to give you a transfer value as different schemes have different rules.

    Yes, it will have risen (in accordance with your scheme rules) since 2012.

    You will have to write to your pension provider to ask them for a current CETV.

    What I can tell you, however, is that you will have to seek (and pay for) the advice of a suitably qualified IFA if you want to transfer your benefits to another scheme.

    I'm also assuming that your pension isn't in one of the non-funded public sector schemes.
    • Bigmig0
    • By Bigmig0 19th Jul 17, 8:13 PM
    • 2 Posts
    • 1 Thanks
    Bigmig0
    • #3
    • 19th Jul 17, 8:13 PM
    • #3
    • 19th Jul 17, 8:13 PM
    Thanks for your reply. It was the merchant navy ratings pension scheme
    • Silvertabby
    • By Silvertabby 25th Jul 17, 2:28 PM
    • 1,518 Posts
    • 1,812 Thanks
    Silvertabby
    • #4
    • 25th Jul 17, 2:28 PM
    • #4
    • 25th Jul 17, 2:28 PM
    That doesn't seem to be public sector any more, if it ever was.

    You may have to have another scheme in mind before asking them for a current CETV value. I would also ask them for a current pension quote for comparison.

    Hmm - you do realise that even if you transfer to a draw-down scheme, the earliest you will be able to draw any money out would be 55?
    • xylophone
    • By xylophone 25th Jul 17, 5:45 PM
    • 22,881 Posts
    • 13,241 Thanks
    xylophone
    • #5
    • 25th Jul 17, 5:45 PM
    • #5
    • 25th Jul 17, 5:45 PM
    It seems that this was a multi employer DB Pension Scheme.

    https://www.ipe.com/news/funding/merchant-navy-scheme-to-seek-sponsor-funding-after-high-court-ruling/www.ipe.com/news/funding/merchant-navy-scheme-to-seek-sponsor-funding-after-high-court-ruling/10006860.fullarticle

    It would appear that it is administered by JLT.

    http://www.mnrpf.co.uk/

    The OP should check his statement of deferred benefits at leaving to check on his GMP (all pre 88) and excess.

    https://www.barnett-waddingham.co.uk/comment-insight/blog/2014/08/18/what-is-a-gmp/

    https://www.barnett-waddingham.co.uk/comment-insight/blog/2012/07/24/revaluation-for-early-leavers/

    The OP can check his personal situation with regard to the above with the administrator.

    The scheme has no obligation to index link the GMP portion of his pension once in payment.

    As for transfer out of a DB Scheme, he would require the advice of a Pensions Transfer Specialist -

    http://www.pruadviser.co.uk/content/knowledge/technical-centre/pension_transfer_conversion/

    https://www.ftadviser.com/pensions/2017/02/23/prudential-to-provide-defined-benefit-transfer-advice/
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,830Posts Today

5,263Users online

Martin's Twitter
  • RT @thismorning: 'Sometimes the best gift is releasing somebody else from the obligation of having to give to you' says @MartinSLewis. Do y?

  • Shana tova umetuka - a sweet Jewish New Year to all celebrating. I won't be online the rest of t'week, as I take the time to be with family

  • Dear Steve. Please note doing a poll to ask people's opinion does not in itself imply an opinion! https://t.co/UGvWlMURxy

  • Follow Martin