How much money have I lost on my pension?

salfordmate

Hello,

I recently requested a transfer into my work's occupational pension scheme. For various reasons, due to my incompetence, and I have beaten myself up about this already, I didn't complete the transfer in the three month period.

My initial quote (and these are rough figures for illustration purposes) was something like 1.5 years worth of pension at £807 a year which then dropped to something like 230 days and £590 a year.

I transferred the money anyway as my current scheme is a good pension.

I know it doesn't matter now as I made the mistake (lessons have been learned about being prompt) but it's bugging me to know what I have missed out on.

Have I missed out on £217 a year for the life of my retirement, is it that simple, or more complex??

Many thanks

greenglide

Without details of the type of pension and where it was being transferred to, nobody can know?

dunstonh

My initial quote (and these are rough figures for illustration purposes) was something like 1.5 years worth of pension at £807 a year which then dropped to something like 230 days and £590 a year.

Is that 230 days in the new scheme and 1.5 years on the old scheme?

Have I missed out on £217 a year for the life of my retirement, is it that simple, or more complex??

More complex. We need to know the old and new scheme types and the terms of both. Pensionable income, accrual rates etc could all come into play as well as well as few other things.

jem16

salfordmate wrote: »

My initial quote (and these are rough figures for illustration purposes) was something like 1.5 years worth of pension at £807 a year which then dropped to something like 230 days and £590 a year.

So are you saying that when you first applied to transfer, you were offered 1.5 years which would be equal to £807pa pension?

Then because you didn't complete the transfer within the 3 months, your new offer was 203 days equating to a pension of £590pa?

Obviously your new pension scheme is a Defined benefit scheme. Was the transfer from a defined Benefit scheme too or was it a from a defined Contribution scheme?

Were either, or both, Public Sector schemes?

Have I missed out on £217 a year for the life of my retirement, is it that simple, or more complex??

Many thanks

It could be that simple but it could be more complex. If you were to gain promotion and a significant increase in salary it could amount to very much more. It's also likely to increase in line with CPI/RPI.

atush

salfordmate wrote: »

Hello,

I recently requested a transfer into my work's occupational pension scheme. For various reasons, due to my incompetence, and I have beaten myself up about this already, I didn't complete the transfer in the three month period.

My initial quote (and these are rough figures for illustration purposes) was something like 1.5 years worth of pension at £807 a year which then dropped to something like 230 days and £590 a year.

I transferred the money anyway as my current scheme is a good pension.

I know it doesn't matter now as I made the mistake (lessons have been learned about being prompt) but it's bugging me to know what I have missed out on.

Have I missed out on £217 a year for the life of my retirement, is it that simple, or more complex??

Many thanks

Why do you want to know? To beat yourself up further?

I would consult a self flagellation website :eek: