Transfer of Section 32 pension

xylophone

You should ask the provider for the answer but I am wondering whether the S32 rules prevent the pensioner from receiving more than he would have received had he remained in the originating company scheme?

worn_out

xylophone wrote: »

You should ask the provider for the answer but I am wondering whether the S32 rules prevent the pensioner from receiving more than he would have received had he remained in the originating company scheme?

Do you think it could be only the GMP element of my DB pension was trasnferred to the S32 and the 'excess' remained within my old company scheme ? This might sound daft and I don't even know if they were allowed to split the benefits like that...,it would however explain why my old company scheme are now telling me I have a pension due to me, when I thought I had transferred the full amount ?

xylophone

I have just come across this http://www.pruadviser.co.uk/content/nav/about/26674/pghome/49880/53732/53759/53768/53783/

You will note

"What benefits are available from S32 plans?

All benefits are subject to the same limits as for occupational pension schemes - which means there are limits on what can be paid out."

Is it possible that you transferred DB benefits to the S32 and remained in a DC arrangement thereafter, and that accounts for the company pension?

Only your S32 provider/company scheme administrator can provide the definitive answers?

worn_out

xylophone wrote: »

I have just come across this http://www.pruadviser.co.uk/content/nav/about/26674/pghome/49880/53732/53759/53768/53783/

You will note

"What benefits are available from S32 plans?

All benefits are subject to the same limits as for occupational pension schemes - which means there are limits on what can be paid out."

Is it possible that you transferred DB benefits to the S32 and remained in a DC arrangement thereafter, and that accounts for the company pension?

Only your S32 provider/company scheme administrator can provide the definitive answers?

I'll ask the question and see what's going on.. thanks..

dicky_dunock

I have one of these,not very big but part of it rises by 3% each year

dicky_dunock

Query about my section 32.My original section 32 has a GMP,widows pension etc etc.I claimed and won mis-selling about 2000/01 using the finanancial compensation scheme.The scheme paid approx 6.5k to the insurer to run a policy at the side of the original.The benefit of this one is about 12k at 65,same date as my original policy.All i have in detail is the pot at 65 will be 12k.There is no GMP with the compensated policy.What sort of benefit will it pay me at 65?I have been told that the compensated policy will pay its own benefits seperate from the original but i have no idea what its aiming to do.

xylophone

I have been told that the compensated policy will pay its own benefits seperate from the original but i have no idea what its aiming to do.

Presumably you transferred out of a DB scheme with a former employer into the S32.

Your scheme would have had to pay you at least your GMP at GMP age (65 for a man).

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

Your S32 must do likewise. http://www.financialadvice.net/s32_buy_out_plan/zone/1288

You were awarded compensation - see below.

http://www.telegraph.co.uk/finance/4456142/Pensions-redress-in-a-time-trap.html

What does your compensation policy actually say?