freedom bond section 32 policy gmp

ali14

I will be able take my Pearl (phoenix) section 32 freedom bond in august 2019 when i reach 60 (i'm female), I have asked for a pension forecast, but all I have received is a letter saying I cant take it early- I dont want to.
Can someone explain how I can calculate what annual pension I might get.
The details are from the policy document:

1. left employer in november 1989 having contributed since 1976
2. gmp revalued to state pension age £2909 ( increase in accordance with social security pensions act 1975).?
3. maximum pension £1098 increased over period of deferment by the maximum% rate of increase permitted by HMRC plus any further increase in respect of valuation of GMP from the date of retirement to state pension age( 6 years for me ).
4. policy participates in profits (seriesB2) until the year for profits 2017

Can someone explain how I can work out if this means I am due to get more than £2909 as an annual pension. I know that at the moment the fund has not grown enough to take a lump sum and at the moment I am only interested in getting a rough calculation or an understanding of how to calculate any increase on the £2909 myself

xylophone

Have you obtained a state pension statement?

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

When your occupational pension was transferred to the S32 it is likely that there was a GMP and an excess.

The policy must pay at least your revalued GMP at GMP age.

It is likely that the GMP has been revalued at "Fixed Rate"

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

The insurer has no obligation to inflation link any pre 88 GMP once the pension is in payment.

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

It is difficult to say whether you will receive any more than the GMP if the fund has not grown satisfactorily- see link above.

ali14

Thanks for those links they are exactly what i have been looking for.