GMP on CETV quote but not on early retirement quote

shepht

Hi, could anyone explain why the figures on my CETV for a deferred DB pension contain a breakdown of GMP but the early retirement breakdown makes not mention of GMP? Thank you in advance.

Silvertabby

Because the GMP is a specific part of the CETV calculation, but makes no difference (on the surface) to your early retirement quote?

xylophone

https://www.telegraph.co.uk/pensions-retirement/news/final-salary-pension-transfers-stall-high-court-throws-rules/

https://www.ftadviser.com/pensions/2018/11/06/public-schemes-safe-from-pension-equalisation-debacle/

may be of interest.

Because the GMP is a specific part of the CETV calculation, but makes no difference (on the surface) to your early retirement quote?

But eventually the GMP could have an impact on how your pension increases in payment after GMP age.


Have you obtained a new state pension statement?

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

Silvertabby

“ Because the GMP is a specific part of the CETV calculation, but makes no difference (on the surface) to your early retirement quote?

But eventually the GMP could have an impact on how your pension increases in payment after GMP age.
Posted by xylophone

I know, but I didn't want to confuse the OP - yet.

xylophone

But eventually the GMP could have an impact on how your pension increases in payment after GMP age.

https://researchbriefings.parliament.uk/ResearchBriefing/Summary/SN04956

Link above may also be of interest.

xylophone

I know, but I didn't want to confuse the OP - yet.

Sinister!:eek:

I found the link above which she may find of interest.

shepht

Thank you all, I am reading through the articles and struggling! My state pension forecast is £164.35 but has a COPE estimate of £33.51. I am 59 and taking this DB pension (not cashing it in but taking the pension) a year early (GMP age of 60 & state pension 66).

xylophone

My state pension forecast is £164.35 but has a COPE estimate of £33.51.

What exactly does your state pension forecast say?

Is the DB scheme public or private sector?

What is the situation re pre 88/post88 GMP/excess?

shepht

State pension, estimated on NI record to April 2018 is £161, another year will give £164.35 which is the most I can get, I was contracted out and my COPE estimate is £33.51.
The DB is private, pre 1988 GMP at date of leaving pensionable service (1990) is £550.16 and Post 1988 is £117.52.
Thank you and sorry to be an idiot! I still intend to pay NI or claim as I am retiring to care for my mum.

bluenose1

shepht wrote: »

State pension, estimated on NI record to April 2018 is £161, another year will give £164.35 which is the most I can get, I was contracted out and my COPE estimate is £33.51.
The DB is private, pre 1988 GMP at date of leaving pensionable service (1990) is £550.16 and Post 1988 is £117.52.
Thank you and sorry to be an idiot! I still intend to pay NI or claim as I am retiring to care for my mum.

I assume your mum is getting Attandance Allowance so you can at claim Carers Allowance or Carers Credit for your NI Contribution.

shepht

Yes Bluenose1 mum is getting attendance allowance, my siblings are visually impaired so it is down to me!