COSR GMP transfer

Stone_Circle_2

I lost my pension transfer paperwork during a move some years ago. However, I still have my P.60s so I read up on Earnings Factors and GMP but although I was able to put the following together I'm stuck with the two questions which I'm hoping somebody could kindly help me out with in order that I can write off with some queries.

A COSR GMP Pension that I had in respect of Tax Years 1981/82 - 1984/85 had to be transferred in 2003 as the Scheme was going into wind up.

My Pensionable Salary was 1.5% x 18,584 x 3.1666 = 882.72

GMP.... 317.82(6.11@ 8.5% Fixed 22 years to '07) 1912.04
Surplus 565.00 + 235% Section 148 Reval. ..........1894.45
.......... 882.72 ...............................................3806.49

A Transfer Value of 22,063.00 was given to the GMP amount of 1912.04.

The 2 questions that I have are:-

Am I right in assuming that the Surplus Scale Pension would in fact have been increased by Section 148 Orders as above?
If so should the 1894.45 have been increased again to give a Surplus Scale Pension Transfer Value figure or as it's a Non revaluing pension would the 1894.45 be the actual Transfer Value.

Also, as my GMP pension was Pre 1986 what would happen if the pension was 'Franked'? Would I just get the single payment of 565.00 or would I have got no Surplus payment at all?

Any help would be very much appreciated.

soperman

Something does not look right here. Section 148 orders normally relates to the revaluation of the GMP by the rate of increase in National Average Earnings.

There was no enforced revaluation of the non-GMP until the Social Security Act 1985 introduced the revaluation of non-GMP preserved pension. However, this only became enforceable for people leaving service after 1 January 1986. As you left service in 1984/5 it could be that you were not entitled to any increase on the non-GMP.

As you have lost your paperwork, have you tried going back to the pension scheme, if it still exists, as ithe Trustees may have retained a copy of your perserved pension certificate at date of leaving.

Stone_Circle_2

Thanks for your advice.

I was going to write anyway because the Transfer Value of the GMP seems way too low.