Barclays Pension Help

Previn

LULULU1 wrote: »

Sorry don't understand your post. Are you saying AJ Bell and IWEB basically same company.

When i spoke to Iweb, they said AJ Bell administer the SIPP on their behalf & had to phone them to approve the transfer.
So not the same company & they have different charging structures.

xylophone

The numbers just don't seem to stack up.....Any thoughts

https://www.barnett-waddingham.co.uk/comment-insight/blog/2014/08/18/what-is-a-gmp/

https://www.barnett-waddingham.co.uk/comment-insight/blog/2012/07/24/revaluation-for-early-leavers/

Your wife's pension has been revaluing in deferment.

When the pension comes into payment (age 60 with Barclays Scheme), the bank must pay at least the revalued GMP for the duration of the pensioner's life.

The portion representing post 88 GMP must be increased annually in payment by up to 3% CPI, and the balance by Scheme Rules.

There will also be a widower's pension.

In calculating the CETV, the Scheme Actuary will have taken all the above into account.

Incidentally, has your wife obtained a New State Pension Statement?


https://www.gov.uk/check-state-pension

neilvw

I would add that your partner has been in deferment since she left Barclays in about 1989/1990 - for some 26/27 years deferment revaluation has been racking up, rather more than the twenty years you mentioned.

(You said she worked for a couple of years at Barclays, and it seems she has a tiny bit of pre-6 April 1988 GMP - hence she worked from c. 1987/88 to c. 1989/90.)

In the case of the GMP part, that revaluation has possibly been racking up at 7.5% a year.

Hence that tiny £176.11 per annum accrued by date of leaving is more like £550 today, and would be something like £875 in ten years' time.

Gilt yields and annuity rates are near historic lows, and these feed into the transfer value calculations which are now producing high values as a consequence.

I would be very tempted to transfer out, if I were your partner.

LULULU1

So just to be clear the transfer value would be £222121.

Is that right ???

greenglide

would be £222121.

To many 2s?

You had said it was £2,121- it would be an order of magnitude increase!

LULULU1

Yes it is £22,121.

Still seems a lot but Happy Daze if its right......

Thanks