Final Salary pension - options now its closed?

Parking_Trouble

Brynsam wrote: »

You don't get annual statements when you have left active membership of a final salary scheme. What you do get is an annual Summary Funding Statement, which shows you the financial health of the scheme.

The rules which apply to you are the rules in force at the time you left active membership of the scheme. Any future changes would apply only if they are improvements. You can't retrospectively reduce benefits, so the changes to which you refer are very unlikely to have 'cost you' - so no need to worry on that score.

Well that certainly hasn't applied in my case with the Glaxo Smith Kline pension administrators.

Contrary to a statement they gave me in May 2000 and another one in 2017 the administrator came up with this.

…...Furthermore, the Trustee has recently agreed, having taken legal advice, a modified approach for the revaluation of deferred benefits for ex-SK&F members who left pensionable service on or after 1 January 1986 and before 1 May 1990 (pre merger date). Therefore, the published occupational revaluation statutory increases are used to calculate your retirement benefits.

It is also worth noting that on 8 July 2010, DWP announced that the future basis for determining the percentage increase in the general level of prices for the purposes of statutory increases for occupational pensions will be the CPI rather than RPI. This followed the Chancellor's announcement in the Budget statement of 22 June 2010 that CPI will become the basis for uprating most benefits and public sector pensions.

Confusing and conflicting information more than once and certainly reducing the benefits.

Thrugelmir

Parking_Trouble wrote: »

Well that certainly hasn't applied in my case with the Glaxo Smith Kline pension administrators.

Contrary to a statement they gave me in May 2000 and another one in 2017 the administrator came up with this.

Fund valuations have to be performed triennially.

Parking_Trouble

Thrugelmir wrote: »

Fund valuations have to be performed triennially.

The issue I have is that the administrators haven't kept in contact, partly because I moved and didn't tell them between 1987 and 2000.
After 2000 despite having my address it was only when I've contacted them in 2017 that the goalposts moved again.
Although this was always a much smaller source of income it has reduced way under expectations. They reduced the CETV value from £108k to £56k within 12 months.

Just annoying not having a clear audit trail of changes and whether I've missed out on making choices.

Marcon

Parking_Trouble wrote: »

The issue I have is that the administrators haven't kept in contact, partly because I moved and didn't tell them between 1987 and 2000. You can hardly blame them for your failure to keep your details current.
After 2000 despite having my address it was only when I've contacted them in 2017 that the goalposts moved again.
Although this was always a much smaller source of income it has reduced way under expectations. They reduced the CETV value from £108k to £56k within 12 months. Doesn't affect the pension you will receive from the scheme

Just annoying not having a clear audit trail of changes and whether I've missed out on making choices.

What choices do you think you've missed out on? CETVs change the whole time in line with market conditions. By the time you knew of any rule changes the transfer value would already have been impacted - and the chances of your transferring out and getting a 'better deal' elsewhere are minimal.

Dox

Parking_Trouble wrote: »

Just annoying not having a clear audit trail of changes and whether I've missed out on making choices.

Have you been reading the Summary Funding Statement made available to you each year?