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Trying to get hold of my Tesco pension pot ...........

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  • RickyB2000
    RickyB2000 Posts: 321 Forumite
    Sixth Anniversary 100 Posts Combo Breaker
    edited 1 April 2016 at 9:48PM
    Mayday wrote: »
    No - only my State Pension as already stated.

    So you have only ever paid into the Tesco pension scheme - so never paid into any other pension in the 35 years or so that you may have worked before joining Tesco?
  • Mayday
    Mayday Posts: 614 Forumite
    Part of the Furniture 500 Posts
    I had 2 small private pensions that I cashed in over 6 years ago; value about £8000 after tax.
  • RickyB2000
    RickyB2000 Posts: 321 Forumite
    Sixth Anniversary 100 Posts Combo Breaker
    Mayday wrote: »
    I had 2 small private pensions that I cashed in over 6 years ago; value about £8000 after tax.

    £8000 per scheme or £8000 in total?
  • Mayday
    Mayday Posts: 614 Forumite
    Part of the Furniture 500 Posts
    RickyB2000 wrote: »
    £8000 per scheme or £8000 in total?

    My apologies - in total.
  • RickyB2000
    RickyB2000 Posts: 321 Forumite
    Sixth Anniversary 100 Posts Combo Breaker
    OK, that's £10k for the Tesco pension and another what £10k for the other two pensions (before tax and tax free lump sum). So that's £20k. Clearly Tesco think you have another £10k+ of pension assets somewhere. Is there any schemes you have forgotten about?
  • Mayday
    Mayday Posts: 614 Forumite
    Part of the Furniture 500 Posts
    RickyB2000 wrote: »
    OK, that's £10k for the Tesco pension and another what £10k for the other two pensions (before tax and tax free lump sum). So that's £20k. Clearly Tesco think you have another £10k+ of pension assets somewhere. Is there any schemes you have forgotten about?

    None at all :( As already stated above my only income is my State Pension and a small amount of interest on savings.

    You appear to be coming to the same conclusion about this as my husband & I.
  • xylophone
    xylophone Posts: 45,607 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    CETV is cash equivalent transfer value.

    I am assuming that you have asked for Trivial Commutation - see

    http://www.pruadviser.co.uk/content/knowledge/technical-centre/small_pots_an_defined_benefit_trivial_commutations/#

    "Under triviality a Defined Benefit pension member may commute one or more pension arrangements as long as they comply with the following:

    The member has reach the minimum retirement age of 55 (was reduced from age 60 on April 2015)
    all the benefits from the pension(s) selected are extinguished by the commutation
    all commutations must take place within a 12 month period from the date of the first trivial commutation payment
    the value of all members’ rights should not exceed £30,000 on the nominated date (the nominated date can be any date within 3 months of the start of the commutation period).
    The first 25% of the lump sum will be tax-free, with the balance being taxed as pension income. Although the payment of a triviality commutation is not a crystallisation event, the member must have LTA available at the point of crystallisation."

    Have you asked Tesco to provide a CETV?
  • sandsy
    sandsy Posts: 1,752 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Sounds very strange. The £30k issue should have no relevance to a transfer value of £10.7k from a DB scheme.
  • Mayday
    Mayday Posts: 614 Forumite
    Part of the Furniture 500 Posts
    sandsy wrote: »
    Sounds very strange. The £30k issue should have no relevance to a transfer value of £10.7k from a DB scheme.

    Thank you - my thoughts exactly. I've now asked them for a copy of their calculations which led them to refuse the payout.

    Got brain ache now so off to bed !
  • Drp8713
    Drp8713 Posts: 902 Forumite
    Ninth Anniversary 500 Posts
    When you say you cashed in the two previous pensions do you mean you took trivial commutation lump sums?

    If so you would have only had a twelve month window to take any other payments via trivial commutation rules.
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