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    • artlover
    • By artlover 16th Jun 17, 9:54 AM
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    artlover
    Pension Advise / Consolidation?
    • #1
    • 16th Jun 17, 9:54 AM
    Pension Advise / Consolidation? 16th Jun 17 at 9:54 AM
    Dear all

    I have accumulated two pensions dating back to late 80's and 90's; 7 years Denby Pottery and 5 years UniChem. Not done any research of their worth, think they exist as receive the odd paperwork. I currently have one active work pension (5 years now) with current work. I have 10 years gap with no pension. I am approaching 50, and unsure what best thing is to do now. I'm thinking of combining but not sure if this is a good idea, any advise would be much appreciated.

    Many thanks


    C
Page 1
    • xylophone
    • By xylophone 16th Jun 17, 10:08 AM
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    xylophone
    • #2
    • 16th Jun 17, 10:08 AM
    • #2
    • 16th Jun 17, 10:08 AM
    7 years Denby Pottery and 5 years UniChem.
    Are they deferred Defined Benefit Pensions?

    Have you obtained a new state pension statement?
    • artlover
    • By artlover 16th Jun 17, 10:11 AM
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    artlover
    • #3
    • 16th Jun 17, 10:11 AM
    • #3
    • 16th Jun 17, 10:11 AM
    Hi
    Thanks for your reply.
    I don't know if they are deferred Defined Benefit Pensions and I haven't obtained a new state pension statement.
    Sorry I am a complete novice. How do I go about obtaining these?
    Thanks
    • xylophone
    • By xylophone 16th Jun 17, 10:12 AM
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    xylophone
    • #4
    • 16th Jun 17, 10:12 AM
    • #4
    • 16th Jun 17, 10:12 AM
    Check NSP here https://www.gov.uk/check-state-pension
    • xylophone
    • By xylophone 16th Jun 17, 10:15 AM
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    xylophone
    • #5
    • 16th Jun 17, 10:15 AM
    • #5
    • 16th Jun 17, 10:15 AM
    I don't know if they are deferred Defined Benefit Pensions
    When you left, were you given a statement of deferred benefits showing pre/post 88 GMP and excess?

    think they exist as receive the odd paperwork.
    What does it say?
    • Linton
    • By Linton 16th Jun 17, 10:18 AM
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    Linton
    • #6
    • 16th Jun 17, 10:18 AM
    • #6
    • 16th Jun 17, 10:18 AM
    Hi
    Thanks for your reply.
    I don't know if they are deferred Defined Benefit Pensions ......
    Originally posted by artlover
    This is a vital piece of information, you cannot make a decision to consolidate or not without knowing. With a DB pension you are guaranteed an income based on your earnings and length or service. The main alternative is a Defined Contribution pension where you hold a lump sum of money that is invested in funds of shares or bonds - there are no guarantees.
    • greenglide
    • By greenglide 16th Jun 17, 2:10 PM
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    greenglide
    • #7
    • 16th Jun 17, 2:10 PM
    • #7
    • 16th Jun 17, 2:10 PM
    Several Denby Pottery schemes such as "Denby 2001 Pension Scheme – DPC Realisations Limited (formerly known as The Denby Pottery Company Limited) segregated part" joined the PPF in 2011, this could include your scheme?

    Have you have any communication from the Pension Protection Fund or the Denby scheme round about then?
    • xylophone
    • By xylophone 16th Jun 17, 5:16 PM
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    xylophone
    • #8
    • 16th Jun 17, 5:16 PM
    • #8
    • 16th Jun 17, 5:16 PM
    Or have you heard anything from PIC?

    https://www.theguardian.com/business/2010/aug/31/alliance-boots-pension-liability-pic
    • artlover
    • By artlover 18th Jun 17, 7:18 PM
    • 7 Posts
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    artlover
    • #9
    • 18th Jun 17, 7:18 PM
    • #9
    • 18th Jun 17, 7:18 PM
    Hi there
    Thanks for all the replies. This info is really useful.
    Apologies for my delayed reply.
    I have checked my state pension online which provides a forecast of my pension so that's a relief although looks quite small.
    I have checked my paperwork but I only have access at the moment to recent paperwork - so Denby Pottery scheme now administered by Pension Protection Fund and I receive paperwork statement of Deferred Compensation and Unichem now administered by PIC and I see that is a Deferred Annuity Policy and there was an instance when I could have taken a lump sum which I didn't.
    Both schemes offer me an amount per annum at normal retirement age. I don't see a lump sum on Denby Pottery scheme but there is this option on Unichem scheme.

    Any further advice very much appreciated.
    • xylophone
    • By xylophone 18th Jun 17, 8:18 PM
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    xylophone
    I have checked my state pension online which provides a forecast of my pension so that's a relief although looks quite small.
    What exactly does it say?

    What is shown as your "starting amount"?

    When in the DB schemes, you would have been "Contracted Out"- see

    https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/447195/new-state-pension--effect-of-being-contracted-out.pdf
    • artlover
    • By artlover 19th Jun 17, 10:10 AM
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    artlover
    Thanks.


    [QUOTE=xylophone;72716360]What exactly does it say?

    30 years of full contributions
    20 years to contribute before retirement age


    What is shown as your "starting amount"?

    Forecast at age 67 = £159.55 a week
    I need to continue to contribute NI to reach forecast
    Estimate based on NI record up to 5 April 2017 £146.66 a week
    Forecast if I contribute another 3 years before retirement age = £159.55 per week

    £159.55 is the most I can get
    I cannot improve my forecast any further, unless I choose to put off claiming.

    If I'm working I may still need to pay NI contribution until pension age as they fund other state benefits and the NHS.

    I've been in a contracted-out pension scheme
    Like most people, I was contracted out of part of the State Pension.
    ---------------------------------------------


    Assume this amount per week will increase as I contribute more over the next 20 years of work?


    What advise of best thing for me to do? Consolidate the other 2 pensions? How can I get the most of out of what I have accrued? How can I get a decent pension?


    Thanks for your help.
    • xylophone
    • By xylophone 19th Jun 17, 10:56 AM
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    xylophone
    Assume this amount per week will increase as I contribute more over the next 20 years of work?

    Your answer is in your post above.


    Three more years contributions gives you full NSP ( whatever whatever that amount may be after indexing) at your SP age - once you have reached full NSP, you cannot increase it by contributions even though you must continue to pay them up to SP age if you are earning above LEL.

    See https://www.gov.uk/new-state-pension/how-its-calculated

    One of your pensions is in PPF

    http://www.pensionprotectionfund.org.uk/FAQs/Pages/FAQDisplay.aspx?search=t&roleid=7

    With regard to the other pension, what does it offer you?



    Are you currently in a pension scheme?
    • artlover
    • By artlover 19th Jun 17, 5:53 PM
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    artlover
    Yes I am currently in a work pension for 5 years now with my current employer with Standard Life Appropriate Personal Pension Scheme.

    The UniChem pension now PIC is now an Individual Annuity Policy quoting amount of deferred annuity of £687.50 p/a to be revalued annually at retirement age. NRA 65. Annuity commencement when age 55 and before 75. Looks like there are options of lump sums, transfer values etc no amounts mentioned. In 2010 when scheme was being wound up and my pension was in process of being insured as an individual policy with PIC I was offered lump sum of £13000 less tax but didn't take it.

    Any further advice of a way forward with my pension?
    • xylophone
    • By xylophone 19th Jun 17, 6:07 PM
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    xylophone
    What is the transfer value?
    • artlover
    • By artlover 13th Jul 17, 5:27 PM
    • 7 Posts
    • 0 Thanks
    artlover
    Pension Advise / Consolidation?
    What is the transfer value?
    Originally posted by xylophone
    £40k is transfer value. Apologies took me ages to get access to info.

    Would appreciate any advise on best way forward / options?

    Many thanks
    • xylophone
    • By xylophone 13th Jul 17, 8:26 PM
    • 21,999 Posts
    • 12,691 Thanks
    xylophone
    £40k is transfer value.
    Where the value of "safeguarded benefits" is greater than £30,000, specialist advice must be taken in respect of any transfer out.

    http://www.pruadviser.co.uk/content/knowledge/technical-centre/pension_transfer_conversion/?gsasro=1&gsaq=pension%20transfer%20specialist
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