Frozen Pension ??? Advice required.

xylophone

the only scheme booklet I have does not refer to increases of deferred pensions

Is this of interest? It is dated 2009.

Do you have a GMP?

https://futurefocus.staff.hsbc.co.uk/-/media/project/futurefocus/information-centre/deferred-db/guides/midland-member-guide.pdf

Brynsam

Pun wrote: »

This is an incredibly complicated answer for anyone not familiar with the jargon/concepts associated with pensions. Some simple guidance, rather than exam style references, would be much appreciated. I could follow Dox's which was very clear, but this one left me goggling (as opposed to googling).

It does take a lot of time, effort and considerable drafting skills (not to mention a really good knowledge of your subject) to try and simplify things this complicated, as Dox has done in terms of when OP left their scheme. The Barnett Waddingham link isn't intended for laymen.

It's pretty unrealistic to expect a novice to start reading House of Commons briefing papers etc, but help is at hand in the shape of TPAS: https://www.pensionsadvisoryservice.org.uk They will be able to assist without recourse to piles of jargon or expecting you to understand in five minutes what has probably taken them upwards of 20 years to get their heads round.

Pun

Brynsam wrote: »

It does take a lot of time, effort and considerable drafting skills (not to mention a really good knowledge of your subject) to try and simplify things this complicated, as Dox has done in terms of when OP left their scheme. The Barnett Waddingham link isn't intended for laymen.

It's pretty unrealistic to expect a novice to start reading House of Commons briefing papers etc, but help is at hand in the shape of TPAS: https://www.pensionsadvisoryservice.org.uk They will be able to assist without recourse to piles of jargon or expecting you to understand in five minutes what has probably taken them upwards of 20 years to get their heads round.

Thank goodness for that! Xylophone's post was on a par with suggesting that anyone who wants to drive a car has to read the workshop manual in order to steer, brake etc never mind do the maintenance. I'd sooner leave that to qualified mechanics, who seem to me the automobile equivalent of PAS advisers.

xylophone

Thank goodness for that! Xylophone's post was on a par with suggesting that anyone who wants to drive a car has to read the workshop manual in order to steer, brake etc never mind do the maintenance. I'd sooner leave that to qualified mechanics, who seem to me the automobile equivalent of PAS advisers.

I refer you to the link in my post in 12 above (discovered by googling not goggling:D) - it is though dated 2009 and there may be a later version which takes account of New State Pension changes in respect of the relationship between GMP increases and state pension.

It is the scheme booklet, intended for scheme members, rather than actuaries and covers every one of the points mentioned in my first post....

It would appear that the employer does indeed expect the employee to get his head round GMP/clawback/increase in deferment etc etc

It is however enlivened by some pretty pictures of cherries and strawberries which may "help the medicine go down....":)

I fail to see how the OP can sensibly make any complaint or enquiry unless she has some knowledge of her scheme and in particular of whether or not she has a GMP?

hyubh

Pun wrote: »

Thank goodness for that! Xylophone's post was on a par with suggesting that anyone who wants to drive a car has to read the workshop manual in order to steer, brake etc never mind do the maintenance. I'd sooner leave that to qualified mechanics, who seem to me the automobile equivalent of PAS advisers.

Get over yourself. The basic question we are asking the original poster - does she have a GMP? - can be answered by looking at the statements given by the scheme. She does not have to understand the complexities of what a GMP is and how it is calculated to answer this.

The more information she can provide, the more we can help her. Same will go for TPAS...

mgdavid

Pun wrote: »

This is an incredibly complicated answer for anyone not familiar with the jargon/concepts associated with pensions. Some simple guidance, rather than exam style references, would be much appreciated. I could follow Dox's which was very clear, but this one left me goggling (as opposed to googling).

But you're not the OP. Why would you assume the OP has the lack of understanding that you suggest of yourself?
The reply you are so critical of asks five *very* simple questions, and provides sources of background information for the curious who may wish to improve their understanding if they don't already.