Financial Conduct Authority Certificate

nxdmsandkaskdjaqd

xylophone wrote: »

What is your starting amount shown on your new state pension statement?

Hi just run the forecast, it came out at: £155.94 in 2022.

Does this help?

xylophone

Is the £155.94 shown as your starting amount?

nxdmsandkaskdjaqd

xylophone wrote: »

Is the £155.94 shown as your starting amount?

I used the online service and it just gave me that number. Nothing else was quoted.

xylophone

Have you had a look at this http://www.pensionsage.com/pa/Hybrid-benefits.php

Does your scheme work in this way?

There must be some indication in your scheme booklet about the type of scheme and as to how benefits can be taken?

How long have you been in this scheme?

Was the scheme contracted out until 2012?

nxdmsandkaskdjaqd

xylophone wrote: »

Have you had a look at this http://www.pensionsage.com/pa/Hybrid-benefits.php

Does your scheme work in this way?

There must be some indication in your scheme booklet about the type of scheme and as to how benefits can be taken?

How long have you been in this scheme?

Was the scheme contracted out until 2012?

I have no idea if the scheme was contracted out in 2012 or how the scheme works.

I have been in the scheme since 1989.

The booklet is so old now, but it says the following:

PENSION BENEFITS
Normal Retirement Date
Normal Retirement Date is your 60th birthday
Flexibility
An important feature of the Plan is its flexibility. Contributions are paid to your own personal account from which benefits will be provided to suit your personal circumstances. For example, if you are not married at retirement you will not require a spouse’s pension payable on your death after retirement. However, if you are married you may be anxious to ensure that your spouse has an income on your death. The choice is yours and you do not have to decide until retirement.
Your Pension
When you retire – whether at, before, or after your Normal Retirement Date – the amount of your pension will be that secured by the value of your retirement account at that time. The amount of pension payable is subject to a Guaranteed Minimum Pension (GMP), which is a minimum pension that must be provided under the Plan for your pension (and also your spouse) in respect of pensionable service up to 6 April 1997. For service earned after this date, the benefits payable are measured against a minimum benefits test.
An “early retirement” pension will be available if you retire due to ill health. In addition, with the Company’s consent, you can retire prior to your Normal Retirement Date at any time after age 50 (this will change to age 55 from 6th April 2010).
If, with the Company’s consent, you remain in service after your Normal Retirement Date, payment of your pension can be postponed until you actually retire. In addition, contributions may be continued towards your retirement fund.
Payment of your Pension
The value of your pension fund will be used to purchase a pension annuity policy from an insurance company. The amount of pension is subject to a limit imposed by HMRC.
Your pension will start on the date you retire and will normally be paid monthly for life. The pension is normally guaranteed for 5 years. This means that if, for example, you die after one year, the insurance company will pay to your dependants the balance of the remaining 4 years of guaranteed pension.
Your pension will be taxed as earned income under the PAYE system.
Tax Free Cash at Retirement
A tax free cash sum can normally be taken when you retire in exchange for part of your pension. Again, the amount of the cash sum is limited by HMRC.
As a guide, under current legislation you can normally have up to 25% of the value of your fund at retirement as a tax free cash sum.
If you started paying Additional Voluntary Contributions (AVCs) HMRC will now allow your AVC fund to be included in the overall value of your pension fund for the purpose of calculating your tax free cash sum. Therefore by increasing the size of your fund through AVCs you may be able a higher tax free cash sum.
8
Other Options at Retirement
(a) Spouse’s Pension after Retirement
At retirement you can exchange part of your pension to provide a spouse’s pension payable following your death to your dependant.
The spouse’s pension starts on your death and is paid monthly for life.
(b) Guaranteed Increases
The GMP part of your pension accrued since 6 April 1988 will be increased each year in line with inflation subject to a maximum of 3% per annum. If inflation is above 3% per annum, the Government will provide any additional increases on the GMP up to inflation. This will be payable through the State pension.

Sorry that I am unable to give better information, and I appreciate your help.

nxdmsandkaskdjaqd

xylophone wrote: »

Have you had a look at this http://www.pensionsage.com/pa/Hybrid-benefits.php

Does your scheme work in this way?

Read the article again. I would add that I am awaiting a GMP calculation which will take a few weeks.

Also just seen a note on my file saying "as of 6th April 2012 Protected Rights Restrictions Lifted"

Don't know if that helps?

xylophone

What was the letter at the end of your NINO prior to 2012?

And after?

nxdmsandkaskdjaqd

xylophone wrote: »

What was the letter at the end of your NINO prior to 2012?

And after?

Looking at my annual Pension Statements:

2015 - B
2012 - B
2011 - B

xylophone

https://www.gov.uk/national-insurance-rates-letters/category-letters

See B above.

https://forums.moneysavingexpert.com/discussion/comment/37417556#Comment_37417556

You seem to have been aware five or six years ago that you were in a hybrid scheme?

You refer there to age 65 but the information above indicates NRA of 60.

With regard to GMP, GMP age for a female is still 60 (it is still 65 for a man) despite increases to State Pension Age.

Looking at the terms of your scheme it is clear that it falls between DB and DC - I have never seen anything like it but PensionTech may be able to give a few pointers now that you have provided information from the scheme booklet.

With regard to "protected rights", http://www.eversheds.com/global/en/what/articles/index.page?ArticleID=en/Pensions/Pensions_speedbrief_Protected_rights_abolished_from_6_April_2012

But what also seems to be clear is that the Administrator regards the scheme as having "safeguarded benefits" so that if you wish to transfer out, you will need the advice of a suitably qualified IFA.

Incidentally, as you have been so ill, were you never offered an ill health pension as indicated in the scheme information as provided above?

xylophone

I am 59 year old male with a fixed retirement date of April 2016

https://forums.moneysavingexpert.com/discussion/comment/68198856#Comment_68198856

But B at the end of the NINO appears to indicate

"Married women and widows entitled to pay reduced National Insurance"

And if you were in a COMP before 2012 it should have something different?