Help please option 32

xylophone

Have you read
http://www.royallondongroup.co.uk/Documents/Coop/pdf/CIS_ISB_Individual_Option_32_Pension.pdf

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

and http://www.financialadvice.net/s32_buy_out_plan/zone/1288



I am very puzzled by the plethora of dates mentioned in the above.

When did you work for BTR?

When was your pension transferred to CIS/RL?

At date of transfer to CIS, what was the pre 88 GMP/post 88 GMP and excess?

Is your policy "benefit date"/"chosen retirement date" age 60?

Your post mentions GMP revaluation to SPA- do they actually mean age 60?

Is RL offering a pension of £560 per annum payable at age 60, increasing each year thereafter by a flat 3%?? If so, this would seem generous in so far as they are only obliged to escalate post88 GMP in payment by up to 3% .

Is RL offering a lump sum in addition to the pension, also payable at age 60? It appears that your GMP is covered so this may be a possibility.

If so, on what will the lump sum be based and what is the estimated value?


Is there a current CETV for this policy? (If you were exploring a transfer out.)

Trubb

This my update annual statement..July 2017
Basic pension each year ..£191 .18
Total annual bonus (from previous years ) ...£61.40
Total GMP £252 .58 ..
This will be paid 18/01/2019 ..
Thankyou

Trubb

Sorry for any confusion Xylophone ..hope this is more clear to you ..
I worked for Dunlop sports with a BTR GROUP pension from 1979 to 1985 ..
Date of withdrawal 19-7-85

PENSION was transferred to CIS/RL ON 5/4/93
as a" Pension Buy Out "...
Buy out value of £1,006

Pre 88 GMPat withdrawl was
£117.00 per annum
Post88 GMP ..560.04 at state pension age
All info from transfer plan 05/0493

Yes chosen retirement date is 18/01/59

're telephone conversation with RL is offering..yes 3% flat rate each yr

're..telehone convo ..a lump sum in addition would be avaible to me at 60 ..
Really hope this is a help ...
As soon as I hear from RL I will be in touch..
Many thanks to you all

xylophone

I am puzzled by the reference to post 88 GMP as it would appear that you left the company in 1985.

It would seem that at the date of transfer to CIS you only had pre 88 GMP.

RL should be able to clarify.

It seems that at age 60, you will be able to take a pension and a lump sum.

You will clarify with RL exactly what they are offering at age 60?


Your SPA is not your GMP age.

And you should confirm that they are offering a flat 3% escalation on the whole of the pension in payment from benefit date (your 60th birthday?) 18.1.19. for life and that there will be no abatement when you become entitled to state pension.

You may also wish to check the situation concerning a widower's pension.

Trubb

Yes I will check all the above ..thankyou for your reply

Trubb

Hi ,
Just a update ..and a Thank you
Received all relevant information regarding the option 2 plan I had With RL ..
Feel a lot more happier and have more understanding of the plan ..

Feel more than happy with the returns to the plan ..
I will not be wanting to take this pension until my due date of 2019 ..when I will be 60 ..
I would be silly to �� .
Thankyou again to all who posted replies to me this post
( now i know were you are ) I will be in touch in the near future ��
Regards