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Redress Payment added to a GMP Sect 32
ovandout
Posts: 2 Newbie
I will be 65 in May and a Sect 32 pension with NPI (Pension Transfer Plan) will mature then. It started in 1992 and has a GMP element of £510 pa increasing at 3% after starting and a revaluation rate of 7.5%. Also spouse pension of 50% of mine.
I ended contracted out employment in June 92.
The last statement shows total sum assured as £17130 for part A and £5300 for part B. As no bonuses have been paid for years, this will be the fund value + any Terminal bonus if I get lucky.
(I have not yet received the Retirement Pack with the actual pension info but I want to be in a position of some knowledge before it comes.)
I have attempted to work out the revalued GMP for the pension based on £510 but the complication I have is that I received a Redress payment in April 2001 which was added into the Fund.
So the £510 was set up in 1992 based on the relatively small Transfer Premium then, but the fund has been significantly boosted by the redress payment in 2001 so surely the GMP will have been also boosted since then?
Can anybody confirm this or give me an idea of what the RGMP could be?
I ended contracted out employment in June 92.
The last statement shows total sum assured as £17130 for part A and £5300 for part B. As no bonuses have been paid for years, this will be the fund value + any Terminal bonus if I get lucky.
(I have not yet received the Retirement Pack with the actual pension info but I want to be in a position of some knowledge before it comes.)
I have attempted to work out the revalued GMP for the pension based on £510 but the complication I have is that I received a Redress payment in April 2001 which was added into the Fund.
So the £510 was set up in 1992 based on the relatively small Transfer Premium then, but the fund has been significantly boosted by the redress payment in 2001 so surely the GMP will have been also boosted since then?
Can anybody confirm this or give me an idea of what the RGMP could be?
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