S32 Buyout Valuation for LTA

PotentialEnergy

25+ years ago I transferred some pension benefits out to a Section 32 Buyout plan called a Freedom Bond. It offers a very handy Guaranteed Annuity Rate of 9.5% at the age of 65 in line with the retirement age of the former pension scheme.
I have asked Phoenix to provide a LifeTime Allowance valuation for me but I am keen to know the answer if possible before the end of the tax year.
It is many years since any bonus was awarded on the policy and I can't see the Sum Assured being increased between now and reaching 65 which is over a decade away.
Is the LTA now based on the GAR*Sum Assured*20 or something else?
Thanks for any guidance as I couldn't find anything from googling.

central

Wow I don't understand any of that

BobQ

Not sure what this bond represents. But someone will know.

My understanding is that if it is a DC scheme the LTA is based on the value of the fund when the pension is taken from it.

If it is a DB scheme then the annual pension paid is multiplied by 20 and then added to any lump sum drawn.

xylophone

https://forums.moneysavingexpert.com/discussion/3369520

One of these? Does it also have GMP?

http://www.pension-transfer-advice.com/html/article.php/zcid/2248/type/article/finance/S32_Buyout_Pension_Transfer

PotentialEnergy

Thanks for pointing me to thelink ending 3369520 as the product is exactly the one described but just some different parameters.

The plan is titled Freedom Bond - With-Profit and Non-Profit
There is a Guaranteed pension fund(What I termed Sum Assured) of just over £66K and the Guaranteed Annuity Rate of 9.5% so long as I take the pension at or after the age of 65. Although the fund is not rising due to zero bonuses the GAR is gold dust so there is no way I intend transferring it. Just have to hope inflation doesn't erode the value too much.
Interesting to read of another person's experiences contacting Phoenix( took over Pearl) so I don't expect a rapid answer if I even get one.
So, I assume then that the LTA value is (66andabit)*0.095*20 i.e. in excess of £125K i.e. about 1/8th of the LTA effective from 2016

However, I've thumbed through the papers and after the Personal Investment Authority review, the offer letter says: Your pension upto 'when I reach 65' would have been 8663.75 per annum, if you had not transferred benefits.
So, do Pearl have to match that? 9.5%*66K comes to well under that.