deferred british gas pension

xtrail

i can not belief the statement i have just received from ngrid...i payed into a deferred pension scheme for eight years whilst working for british gas,i sent off for an update and received a statement saying when 2014 comes around. (i'll be 65 then) i can take a lump sum of £395. is this right

Loughton_Monkey

Without seeing the statement, how can any of us tell?

It should tell you how much annual pension you will receive as well. Both figures are relevant.

Loughton_Monkey

Without seeing the statement, how can any of us tell?

It should tell you how much annual pension you will receive as well. Both figures are relevant.

vbm

If the majority of your pension relates to a GMP entitlement, this is non commutable, and could be the reason for such a small lump sum.

This is not always a bad thing as the value of the pension you have to give up is usually greater than value of the lump sum.