please advise...feel stupid and not sure what to do!

kidmugsy

Once the new-style State Retirement Pension system is in action in 2016 you could also get a statement of how many years of National Insurance you'll be credited with towards your SRP, and an estimate of what size it will be. Once the childcare load on you has eased you can then work out how to maximise your eventual SRP.

missindecisive

Back again ! Have found a final statement issued to me a month after I left.
Sorry ive not disclosed my old employer details as trying to preserve my privacy !! LOL.

Along with my date of birth,date employment commenced, date I left etc...

Total pensionable service 10 yr 8 month
Final salary £12750
Final pensionable salary £12621.34

Deferred pension as at your date of leaving £2243.79 p.a
(this includes your Guaranteed Minimum pension of £351.00 pa)

when you reach pension age your pension will be reduced by £280.47 p.a

still a bit confused!

hyubh

missindecisive wrote: »

Sorry ive not disclosed my old employer details as trying to preserve my privacy

If we knew the pension scheme we wouldn't have to guess accrual rates and the like...

Total pensionable service 10 yr 8 month

Given what you have said, clearly that is your calendar service pro-rated for periods of part time working.

Final salary £12750
Final pensionable salary £12621.34

Deferred pension as at your date of leaving £2243.79 p.a

That makes it a 1/60 scheme, like the LGPS currently:

Pension = final pen. salary x accrual rate x pen. service
2243.79 = 12621.34 x 1/60 x (10 + 8/12)

Keep in mind that £2243.79 would have been index linked in some form, i.e. it will be more than £2243.79 now.

(this includes your Guaranteed Minimum pension of £351.00 pa)

In simple terms, the 'Guaranteed Minimum Pension' (GMP) figure represents the element of the company pension that replaced the additional (not basic) state pension you forwent by being contracted out of SERPS (in being contracted out, both you and your employer enjoyed a lower rate of National Insurance).

missindecisive

Thank you to all for your help.

atush

Sorry ive not disclosed my old employer details as trying to preserve my privacy !! LOL.

You are preserving getting actual help- no one can tell who you are by your employer name.