Question about Protected Rights

geeba88

Hi - Apologies if this is a basic question, unfortunately my knowledge about pensions is pretty basic

I've had a company pension scheme through the Prudential for the past decade which in truth i've paid very little attention to. I've dug out last years statement to try and establish what my contributions are worth to date.

On the "Statutory Money Purchase Illustration" sheet i'm quoted two figures, the first is my future pension excluding protected rights however there is also a second figure illustrating my projected "protected rights pension". I understand that this means that i've opted out of S2P.

My question is, do I arrive at my estimated pension by adding the "pension excluding Protected Rights" to the figure for my future "Protected Rights Pension"?

Also, i've established that my company pays 8% into the scheme providing I stump up a minimum of 2%. I realise this in effect is free money from the company - how does this rate as in terms of company schemes, is this about par for the course, or generous, or mean?

Any advice on either of these questions would be greatly appreciated.

EdInvestor

geeba88 wrote: »

My question is, do I arrive at my estimated pension by adding the "pension excluding Protected Rights" to the figure for my future "Protected Rights Pension"?

yes

Also, i've established that my company pays 8% into the scheme providing I stump up a minimum of 2%. I realise this in effect is free money from the company - how does this rate as in terms of company schemes, is this about par for the course, or generous, or mean?

Quite generous - many companies will only match what you pay in.

jamesd

Your company is much more generous than many. The combination is still probably not adequate to get you a retirement income that you will be happy with, though.