Basic Pension Advice.....

beej71

Hi

This is a very basic question regarding pensions but i have no idea about them and can't seem to find a definitive answer.

I am currently a police officer and so have a pension scheme through that, but prior to that I had two jobs for about a year each in which I paid into a pension scheme. One was the civil service pension scheme and the other was a civilian police role. So from these two jobs I will have amassed two humble little pension pots. But my question is how do I find out how much is in these pots? What is happening to them in the meantime and how will they ever be paid to mee seeing as neither of these previous work places has any contact details or current bank details for me? I know I cannot access them (although they are fairly useless to me in the future and would be very useful now!) but I would just like to know how much there is in them. Is there a way of doing this and maybe transferring them to my current pension?

Many thanks in advance and apologies for my complete lack of knowledge on the subject.

Ben

dunstonh

But my question is how do I find out how much is in these pots?

Look at your last benefit statement or ask them for an up to date benefit statement. The benefit does not change on leaving but does get indexed to retain a real terms value. This is why they dont send annual statements when you cease to be an active member as there is nothing to update.

What is happening to them in the meantime and how will they ever be paid to mee seeing as neither of these previous work places has any contact details or current bank details for me?

You keep them up to date with your current address and they contact you when the time is due.

Is there a way of doing this and maybe transferring them to my current pension?

Possibly. You would need to check with the current scheme administrator if they will take transfers in.

beej71

Fantastic answer, many thanks for taking the time to reply. Essentially I need to pull my finger out and keep on top of it all then. I haven't been in these jobs for over 7 years so they definitely won't have any details for me and I can't find any payslips or benefit statements relating to these jobs so will have to just ring them and see what they can do. Hopefully they'll be able to tell me how much I have.

Thanks again

BobQ

Are you certain that one or both of these pensions have not been transferred already into your current pension? As they are both public sector schemes they may be covered by the Public Sector Transfer Club
under which pensions are easily moved between members.
http://resources.civilservice.gov.uk/wp-content/uploads/2012/03/ClubListMar12.pdf

hyubh

beej71 wrote: »

prior to that I had two jobs for about a year each in which I paid into a pension scheme. One was the civil service pension scheme and the other was a civilian police role.

The second is likely to be with an LGPS fund. In both cases you should be receiving annual deferred benefit statements from the respective administrators, however as dunstonh rightly says, that can only happen if you keep the adminstrators up-to-date with your current address.

So from these two jobs I will have amassed two humble little pension pots.

Well, two small pensions - not technically two 'pots' because they will both be with defined benefit schemes like your police one.

But my question is how do I find out how much is in these pots?

By referring to your annual benefit statements. In a nutshell, the value of each pension when you left the job concerned will increase with inflation (CPI) each year.

how will they ever be paid to me seeing as neither of these previous work places has any contact details

Er, by giving them your contact details! It is however the pension scheme admistrators you need to give them to, not the old employers. The civil service scheme(s) is/are administered nationally, though the LGPS is largely county based, so if you Google for the name of the county and 'pensions' (e.g., 'Essex pensions'), you should find relevant contact details quickly enough.

Is there a way of doing this and maybe transferring them to my current pension?

Usually there are time limits, typically a year within starting the current job. If you are within that however, then any transfers would be done on preferable 'club' terms which aim to provide like-for-like service credits. Nonetheless, if your rate of pay, allowing for inflation, hasn't gone up, then it can be better to keep separate pensions.

beej71

Many thanks to you all for the advice!