pension calculation error

renege

Yes of course £800 pa makes a difference. I am surprised you ask. I am not wealthy enough to not be affected by a reduction in income of 4.5 percent.

renege

No, despite my asking, there has been no explanation of the error or any details of the calculations used. Only a statement to say that the Scheme can make mistakes and that they should not be held responsible.

xylophone

renege wrote: »

No, despite my asking, there has been no explanation of the error or any details of the calculations used. Only a statement to say that the Scheme can make mistakes and that they should not be held responsible.

I find this very odd. Is it worth going back to the Pensions' Advisory Service? http://www.pensionsadvisoryservice.org.uk/dealing-with-complaints

robmatic

renege wrote: »

Yes of course £800 pa makes a difference. I am surprised you ask. I am not wealthy enough to not be affected by a reduction in income of 4.5 percent.

If you retire your income will reduce by 30-40%...

dampsquib

Renege, have you tried calculating the pension yourself, and what you would have got, had you stayed on until you hit 60?
You are entitled to have access to the scheme's rules. That is the actual rules too, not some booklet giving you an interpretation of the rules. If you are lucky, you might have online access somewhere, but other wise they must give you access to a hard copy. Also, if you are very lucky, the rules might have a details of the discount to be applied to pensions claimed early. You can also request your own copy of the rules, but they can charge a hefty(?) admin fee for providing you with your own copy.
It may be no easy job checking the figures, but it's ceratinly worth a go, rather that trusting "them" to get it right.
I'm currently in dispute about the rate of a new pension, as I think that the administrators have not applied the rules correctly. I was already fairly confident that I'm right, but the comments about errors in this thread have boosted my confidence even more.

RichandJ

dampsquib wrote: »

Renege, have you tried calculating the pension yourself, and what you would have got, had you stayed on until you hit 60?
You are entitled to have access to the scheme's rules. That is the actual rules too, not some booklet giving you an interpretation of the rules. If you are lucky, you might have online access somewhere, but other wise they must give you access to a hard copy. Also, if you are very lucky, the rules might have a details of the discount to be applied to pensions claimed early. You can also request your own copy of the rules, but they can charge a hefty(?) admin fee for providing you with your own copy.
It may be no easy job checking the figures, but it's ceratinly worth a go, rather that trusting "them" to get it right.
I'm currently in dispute about the rate of a new pension, as I think that the administrators have not applied the rules correctly. I was already fairly confident that I'm right, but the comments about errors in this thread have boosted my confidence even more.

Early retirement & commutation factors tend not to be in the Rules as they're subject to change, nothing stopping OP asking for a copy of them as well though. Usually latest ones will be in a factor review from the Scheme Actuary.

The general formulation in Rules usually looks something like "such [factors] as the Trustees, on actuarial advice, shall decide".