Help I feel swindled

sue139uk

Some paperwork found, but no handbook; unless it is just the booklet called "A Guide to your retirement benefits" but that's very informal.
I joined the pension scheme in 1992.
I did receive a Retirements Benefit Estimate, in 2007.
It gave the normal scheme retirement date as 2014.
It says "The commencement of early retirement pension benefits is not normally backdated, so if you are retiring early please insure forms are returned in good time."
However each later annual retirement benefit estimate gives the scheme's retirement date as 2019.

xylophone

"A Guide to your retirement benefits"

This was given to you when you joined the scheme in 1992 at the age of around 37?

What exactly does it have to say about Scheme Pension Age and the earliest age at which you could access your benefits?

It would seem that at least up to 2007 Scheme Pension Age was 60?

You were still employed by the company in 2007 - surely all the members of the scheme would have been advised of a change to Scheme Pension Age to 65?

sue139uk

xylophone: "A Guide to your retirement benefits" was dated May 2016, just after the pension administrators changed. It came with an annual Statement of Benefits. I have now realized that all the Benefits quotes were referring to NRD and they were based on estimated final salary. I originally thought they were referring to amounts payable on the date they were issued - big oversight. Which means I have not missed out on as much as I had thought.
I cannot find any booklet from when I joined the scheme in 1992.
Terms and conditions are set out in Explanatory Literature and Scheme Rules, but as I do not have these I will ask for them.

I was still employed by the company in 2007 - nobody ever mentioned being advised of a change in the Scheme Pension Age, and I cannot find any letter about it. I may have assumed as State pension age was increasing, this works scheme would be related to it. There were (unsubstantiated) rumors it was linked to Civil service benefits.

In 1999 the benefits statement says "If you leave the scheme, you will be entitled to a deferred pension payable from your NRD."

LHW99

Depending on the scheme, the NRA may only have changed for benefits built up after the date of the change. Effectively meaning you could take one part at the old NRA, and one at the changed NRA.

xylophone

Is there any link to your scheme literature on line?

hyubh

LHW99 wrote: »

Depending on the scheme, the NRA may only have changed for benefits built up after the date of the change. Effectively meaning you could take one part at the old NRA, and one at the changed NRA.

The NRA for service up until the point it was upped wouldn't change indeed, however being able to take the pension in two parts doesn't follow at all.

That said... if the OP could be less shy about what the scheme is, we'd all have a chance to not rely on our second guesses...

sue139uk

xylophone: There is no link to the scheme literature online.
I have asked for the booklet to be sent, but the administrators can only send the most up to date one rather than the one which applied when I joined the scheme; it will take about two to three weeks.
The NRA of 60 only applied when I joined the scheme in 1992, to members retiring before 1993, otherwise it is 65 for all.
I cannot name the scheme without the consent of the company (signed agreement), they avoid publicity.

Brynsam

sue139uk wrote: »

The NRA of 60 only applied when I joined the scheme in 1992, to members retiring before 1993, otherwise it is 65 for all.

Anyone who had an NRA of 60 is entitled to take any benefits built up for service before 1993 (when your scheme equalised retirement ages for men and women at 65) at 60, with no reduction factor. Ask the scheme to clarify how they handled equalisation, because what you are describing certainly isn't right.

xylophone

I find it odd that a statement of benefits issued in 2007 should still be referring to a retirement date in 2014 (when the OP would have been 60).

Brynsam

xylophone wrote: »

I find it odd that a statement of benefits issued in 2007 should still be referring to a retirement date in 2014 (when the OP would have been 60).

Quite. Hence my reference to suggesting OP finds out how equalisation was handled.