Forced to get an Financial Advisor

jem16

cganesh wrote: »

don't quite get you there Jem, these are the figures they are quoting NOW and the first figures I have seen since I left 25 years ago.I have nothing to compare it with and this is what they are quoting. If these are talking about 1980 when I left why aren't they quoting an up-to-date figure. Seems to me they are deliberately trying to confuse and not giving all the facts, I give up!!

Good question really. They would probably be happy for you to leave the scheme so they don't have to pay out.

However I would be trying to get accurate details of how the £500pa pension is worked out based on your length of service and your salary on leaving. Basically your pension should have been worked out on your leaving date and then would be revalued in line with the scheme rules. They should be able to provide that calculation so you can make a proper decision.

atush

Because 50K would buy much more pension than that and GMP usually means a higher pension than you can buy on t he open market.

Those figures do not add up!

jamesd

£500 a year and a £50k transfer value doesn't really make sense. The transfer value is too high for a pension of that amount.

If it started out as £500 25 years ago and increased in line with RPI inflation it would now be expected to pay out about £1,085 a year. That's still too low for a £50k transfer value, it's about 46 times and nobody is going to pay a CETV that's that high. Half that, maybe.

Or it might be £500 per year of service, perhaps. That would give a reasonable match to a 50k transfer value for three or perhaps four years of service.

Perhaps you could upload a photograph of the letter(s) with all of the personal identifying bits removed so we can see exactly what they are saying?

lvader

I recon the £500 is missing a zero.

RichandJ

cganesh wrote: »

don't quite get you there Jem, these are the figures they are quoting NOW and the first figures I have seen since I left 25 years ago.I have nothing to compare it with and this is what they are quoting. If these are talking about 1980 when I left why aren't they quoting an up-to-date figure. Seems to me they are deliberately trying to confuse and not giving all the facts, I give up!!

Something's not adding up there, 25 years ago was 1989, not 1980.

What I suggest you do is ask Barclays admin what your pension was at date of leaving, the actual date of leaving, how much of the total was GMP and whether the 'excess' over GMP is revalued or not.

cganesh

I was just giving rough figures.. I left in 1983 and that was 31 years ago (how time flies) and after reading it AL THROUGH PROPERLY they quote52K GTV and £582 pa pension AT LEAVING so yes, I guess I am looking at the wrong equation.thanks for alerting me to that. However it does not give me a figure for projected annual amounts and to be fair I wasn't really thinking about this decision yet, I was just thinking of transferring the guaranteed transfer value into my ppp for convenience. I stand corrected. So don't you think they should have put some more projections out there for me which may have helped that decision? What ARE they playing at? They are literally trying to make me transfer it with the forms they have sent and hiding the true figures under a load of confusing terms? This makes me more suspicious than ever!!!!

cganesh

PS. I really do not trust them and would have preferred to get shot of them, quitefrankly I never liked working for them either-lol!

RichandJ

cganesh wrote: »

I was just giving rough figures.. I left in 1983 and that was 31 years ago (how time flies) and after reading it AL THROUGH PROPERLY they quote52K GTV and £582 pa pension AT LEAVING so yes, I guess I am looking at the wrong equation.thanks for alerting me to that. However it does not give me a figure for projected annual amounts and to be fair I wasn't really thinking about this decision yet, I was just thinking of transferring the guaranteed transfer value into my ppp for convenience. I stand corrected. So don't you think they should have put some more projections out there for me which may have helped that decision? What ARE they playing at? They are literally trying to make me transfer it with the forms they have sent and hiding the true figures under a load of confusing terms? This makes me more suspicious than ever!!!!

OK, we're getting warmer . You left in 83. At that time there was no legal requirement for pension schemes to revalue (increase basically) any excess over GMP. Some did, most didn't. They did, however, have a legal requirement to revalue GMP, most did so at the 'Fixed' rate, which at the time you left was 8.5% for each tax year between leaving & age 60 female, 65 male.

So, if some of that £582 was GMP then today it would be x times 1.085 to the power of 30 or 31. You really need to find out the breakdown of your pension at leaving & whether the Barclays scheme you were in also revalued the excess. Post all the figures & all the dates & some of us pensions pointy heads can do some back of a fag packet numbers on what it's worth today.

Then still tell you it's a bad idea to transfer out.

BTW, did you say this transfer value came out of the blue or did you ask for it ?

cganesh

It came out of the blue really, they used peopletracer to find me at my new address, I never told them and have moved several times, and it was a pack containing the figures and a few forms for transferring various ways including transferring to a personal pension plan. Im not good at finance obviously Richard and thx for your patience, but Im also computer illiterate and would never be able to post figures,in photo form,but can post what figures they have put and what they call them if it will help? Do you actually enjoy this stuff? Please don't tell me you work for Barclays!!!!

cganesh

Date of leaving-Feb1983, GMP 60, (I am 57) Transfer entitlement-GTV-52K,tfr value of GMP-24K,other rights -28K (scheme pension builtup before apr 1997,GMP built up before 1988 £123pa,scheme pension(over GMP) built up before 1997 £459, Total pension scheme at 1983 £582, State pension deduction£64. Benefit crystallisation??? 0% I think that's about it, does it makes sense to you now?