Guaranteed minimum pension

Bigmig0

Hello all
I'm new to the forum so please bear with me
I am 51 and have a deferred pension with a gmp of £3800 per year payable from age 65. I was in the fund from 84 to 88 and was given the these figures when I contacted them in 2012.
So,
1. Any ideas what the transfer value of this fund will be?
2. If I don't transfer then will the figure I was quoted in 2012 rise per year?

I will be writing to the fund but any ideas?
Cheers
Bigmig0

Silvertabby

No-one here will be able to give you a transfer value as different schemes have different rules.

Yes, it will have risen (in accordance with your scheme rules) since 2012.

You will have to write to your pension provider to ask them for a current CETV.

What I can tell you, however, is that you will have to seek (and pay for) the advice of a suitably qualified IFA if you want to transfer your benefits to another scheme.

I'm also assuming that your pension isn't in one of the non-funded public sector schemes.

Bigmig0

Thanks for your reply. It was the merchant navy ratings pension scheme

Silvertabby

That doesn't seem to be public sector any more, if it ever was.

You may have to have another scheme in mind before asking them for a current CETV value. I would also ask them for a current pension quote for comparison.

Hmm - you do realise that even if you transfer to a draw-down scheme, the earliest you will be able to draw any money out would be 55?

xylophone

It seems that this was a multi employer DB Pension Scheme.

https://www.ipe.com/news/funding/merchant-navy-scheme-to-seek-sponsor-funding-after-high-court-ruling/www.ipe.com/news/funding/merchant-navy-scheme-to-seek-sponsor-funding-after-high-court-ruling/10006860.fullarticle

It would appear that it is administered by JLT.

http://www.mnrpf.co.uk/

The OP should check his statement of deferred benefits at leaving to check on his GMP (all pre 88) and excess.

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/

The OP can check his personal situation with regard to the above with the administrator.

The scheme has no obligation to index link the GMP portion of his pension once in payment.

As for transfer out of a DB Scheme, he would require the advice of a Pensions Transfer Specialist -

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

https://www.ftadviser.com/pensions/2017/02/23/prudential-to-provide-defined-benefit-transfer-advice/