The Pension Review - help please

JAG61

Looks like these S32's kept your GMP safe - mine all went into a T86 (just found out that is what it is, by matching the policy to the Pruadvisor efactsheets) it has no guarantee. Why mine did not go into one of these I dont know, I always thought it was protected in some way and special because it was called Protected Rights

Anyway hope you manage to sort your issue out

Jacqueline

worn_out

JAG61 wrote: »

Looks like these S32's kept your GMP safe - mine all went into a T86 (just found out that is what it is, by matching the policy to the Pruadvisor efactsheets) it has no guarantee. Why mine did not go into one of these I dont know, I always thought it was protected in some way and special because it was called Protected Rights

Anyway hope you manage to sort your issue out

Jacqueline

I didn't think it was legal to remove the guarantee from a GMP..that was the state serps which you were entitled to, regardless as to who held the funds..crikey ! yes i've got the GMP but it may be they used ALL my excess to prop up the poor returns and still only came out with £3,000pa...even tho' they do have to pay £5000 . i would have got the £5000 anyway if i had left it in the co scheme plus there would have been no snaffling my excess, which also (as i've just found out) had guaranteed returns of 5% or RPI whichever higher ...am I niffed or what ? hence need to clarify what exactly was t/f and hopefully it was just the GMP - happy days...

JAG61

It gets even better than that I believe because I was contracted out of serps during that time at Rolls it upsets the new state pension aswell during the calculation.

I was told my pension at Rolls was frozen by the salesman and would not be worth anything.

I have also just found out that I have to buy an annuity - no where does it say that in the Quote.

I made 2% last year, they have also moved the GMP date to age 65.

JAG61

I have now received information regarding the difference between the calculations.

Two additional calculations were not disclosed due to keeping the information easy for me to understand.

One added 782GBP this was for the death before 60 benefit.

The other deducted 3066GBP which was to do with COD.

To do this several assumptions were made and I can request a Pre 1997 additional state pension from the DWP to get the correct details and ask for this to be recalculated if I want and they will put this all on hold for me.

In a nutshell they assumed I was contracted in for the rest of the time up to April 97 to get a SERPS value then assumed there was enough SERPS for the full COD offsets for all periods of contracted out pensionable employment. As a result they calculated my Pre1997 State Pension will be 25.18 a week better off due to me transferring from Rolls to the Pru. The value of this higher pension is 3066GBP - so was deducted fro Value.

Should I request the correct information from the DWP as I believe I was contracted out most of my UK working life.

Any help will be appreciated regarding COD SERPS and the above calculation.

JAG61

[/BWas State Pension and COD included in the Pension Review]

Does anyone know if the Additional State Pension and its COD reductions were included in the Pension Review Calculations?

JAG61

The information supplied to me regarding my State pension ASP (additional State Pension) being better off because I transferred my GMP in a COSR to the Protected Rights in a PPP does not appear logical - I have ask for a better explanation.

I have established that I requested a BR19 last September so that could solve it. I am expecting a zero ASP as my working life has consisted of two COSR's (Contracted out Salary Related) both with good GMP fixed evaluations. I did not pay NI contributions into SERPS I should not be entitled to anything from ASP.

The prudential PPP did not have any NI contributions or any other contributions put into it. The deferred Pension transferred in that was it.

I explained that the assumption that I was contracted into SERPS was incorrect.

I am waiting to hear back.

JAG61

The Statement Summary has arrived and my additional State Pension is zero as expected.

I have already sent Barclays information to the Pru as evidence of Contracting out so that they can look at their COD deduction calculation.

They are getting back to me with a revised offer if they can remove deduction.

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JAG61

I have received a revised offer which I have now accepted as I believe myself and the assessor have done this Pension Review Calculation to death.

I have lost a Pen-pal but have gained an additional 7K.

A big thanks to anyone who helped on this thread and related thread.

worn_out

I kind of lost track of what the issue was here, sorry. Could you give a quick resume' now you've had a successful outcome ?

thanks

jamesd

Well done! Particularly good job on proving that the contracted out deduction would really be zero because you had no additional state pension to deduct it from!