Paid up pension (PUP)

vvvvvvvvvvvvvvvv

Back in the early ninety's i transferred a DB pension from one company to another company's DB pension.When this occurs,is it normal for the transferred in pension to become a PUP thats seperate from the rest of the pension benefits of the transferred into company's benefits?

Silvertabby

I wouldn't have thought so, otherwise there would be no point in transferring it across.

Certainly wouldn't be the case in the LGPS.

vvvvvvvvvvvvvvvv

Silvertabby wrote: »

I wouldn't have thought so, otherwise there would be no point in transferring it across.

Certainly wouldn't be the case in the LGPS.

Interesting silvertabby thanks,i have a recently lost my job with the second company and in the deferred benefits statement the have put it as a PUP.I cannot find paperwork or anything from the transfer to allow me to check details and the administrators say they don't have copies.

hyubh

vvvvvvvvvvvvvvvv wrote: »

Back in the early ninety's i transferred a DB pension from one company to another company's DB pension.When this occurs,is it normal for the transferred in pension to become a PUP thats seperate from the rest of the pension benefits of the transferred into company's benefits?

Not uncommon as such in old private sector schemes. What exactly is your issue with this? A PUP may well have been to your benefit, in hindsight, as projections of inflation and investment requirements proved to overshoot what actually came to pass.

vvvvvvvvvvvvvvvv

hyubh wrote: »

Not uncommon as such in old private sector schemes. What exactly is your issue with this? A PUP may well have been to your benefit, in hindsight, as projections of inflation and investment requirements proved to overshoot what actually came to pass.

The PUP is payable at a later date than most of the rest of the pension.

hyubh

vvvvvvvvvvvvvvvv wrote: »

The PUP is payable at a later date than most of the rest of the pension.

OK, that's more unusual. How does it compare with the terms of the preserved pension with the old company given up, if you still have the documentation...?

vvvvvvvvvvvvvvvv

hyubh wrote: »

OK, that's more unusual. How does it compare with the terms of the preserved pension with the old company given up, if you still have the documentation...?

Thats another problem,i don't have any and the administrators,after i requested,do not have the documents either.

Difficult for me to judge comparisons as all it says is a figure my PUP will pay annually at 65

xylophone

When you transferred your DB pension into the new employer's DB scheme, were you expecting to buy years in the new scheme?

Do you have the scheme booklet for the new scheme?

What does it have to say about transfers in?

greenglide

I looked into moving a DB pension into my employers DB scheme in 2001 and was surprised to learn, on reading the terms, that it would buy me a fixed pension, at the scheme age (65) with no inflation linking that I could see.

Since my reason for looking into the transfer was to gain from the final salary in the new scheme.

Obviously I didn't go ahead with the transfer and it showed you needed to be careful about transferring into private sector schemes.