Small pot: Is it better to transfer than leave?

jem16

xylophone wrote: »

As I said in post 12, I suspect that this is because fixed rate revaluation is being used so that they are able to calculate this with some certainty.

I wasn't querying that. I was just using it as an example to show the OP that his annual pension hadn't been updated since leaving and would be far higher.

Presumably the administrator does not give a "revaluation to date" figure of the excess in the annual statement but leaves this until NRD or when the benefits are drawn,

if they are going to give a transfer figure, they should really give the annual pension in today's terms so that people can make an informed judgement. There is no point in saying you'll get £39k if you leave and £934pa if you stay when that's clearly not the case.

Skinnydad

Thanks everyone I'll keep you posted Jem with what the outcome is, but apparently it'll take them a couple of weeks to get back to me. I'll update you then. I agree that the statement was a little grey so to speak and could have been more accurate. For example if it turns out that it's 1200 or so then I'd just leave as is as opossed to 943. Thanks Xylophone for the info about GMP I appreciate as much info as possible. Also I think this is what the government or some bodies want a pension passport with more clarity and transparency.

jem16

Skinnydad wrote: »

For example if it turns out that it's 1200 or so then I'd just leave as is as opossed to 943.

I think you might be pleasantly surprised as it could be a lot more.

xylophone

There is no point in saying you'll get £39k if you leave and £934pa if you stay when that's clearly not the case.

To be fair, that is not exactly what the OP describes as a "Transfer Statement" says.

It advises the total 'Preserved Pension", the GMP at leaving and the GMP revalued to age 65, and the Transfer Value which may be what the OP requested.

It does not say that the pension per annum at NRD will be £934.

But, it has omitted to clarify the revaluation of the excess over GMP, which has made it difficult for the OP to understand his situation.

He might usefully point this out to the Administrator for future reference?