Santander Pension Query ex Girobank

Dell007

There was a thread that closed around 2017 regarding the changes in pension values when JLT took over management of the old Alliance and Leicester (previously Girobank) pension scheme.

I was one who was quoted a a higher pension amount (by Mercer) than what was eventually paid at age 60 by/through JLT.

The explanation given was that the rules around increases in GMP had been changed, and that GMP would not be revalued until age 65.

Well I turn 65 next month, and wondered if anyone had any experience of what I could possibly expect at that time.

My pre 1988 GMP is £750
Post 1988 GMP is £250.

Any information/experiences welcome
Kind Regards

Dox

Best idea is to contact the scheme administrators. They should be able to confirm the position.

xylophone

https://forums.moneysavingexpert.com/discussion/5018772/santander-pension-query&page=2

You could read through the relevant posts again, particularly post 24 and link to thread.

But you will need to check with JLT.

Have you obtained a state pension forecast?

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

MarkCarnage

JLT are now Mercer too, so back to square one!

Mercer were the pension admin for the Alliance and Leicester scheme which included the Girobank section you refer to. The accuracy of their records was not good.....

Dell007

Thank you all for your comments/suggestions.

I have contacted the scheme administrators, they will reply within 10 days, I'll post anything relevant here.

I've obtained a state pension forecast, and I'm up to date with all contributions.

xylophone

I've obtained a state pension forecast,

You have checked on whether it can be improved?

https://www.royallondon.com/siteassets/site-docs/media-centre/good-with-your-money-guides/topping-up-your-state-pension-guide.pdf

Dell007

I did receive a reply from the scheme administrators that was about as useful as a chocolate teapot! There was no change to my payment at the end of February, (I hit 65 in Feb) but my payment for March has suddenly jumped up. I've not received any documentation to explain this increase, I'll post if I receive any comms.

Dell007

Oh, another question if I may - I've just been on Benpal, and there doesn't seem to be any recent information there, I may have missed something in the post, does anyone have details of a more up to date web site please, TIA

xylophone

There was no change to my payment at the end of February, (I hit 65 in Feb) but my payment for March has suddenly jumped up. I've not received any documentation to explain this increase, I'll post if I receive any comms.

https://forums.moneysavingexpert.com/discussion/comment/75226562#Comment_75226562

Of course Mike was a member of the Barclays Scheme but you might find his comments concerning the "step up" at GMP age of interest.

RueyE

Dell007 said:

Oh, another question if I may - I've just been on Benpal, and there doesn't seem to be any recent information there, I may have missed something in the post, does anyone have details of a more up to date web site please TIA

Hi,
I'm ex A&L (not Girobank) too. I have constantly had problems with Benpal ever since its existence. Basically as I have a deferred pension, the website only ever shows my details as at the time of leaving. 
I have pestered JLT (the scheme administrators) for many years now, without any success in getting my Benpal details updated.
I constantly have to ask them for an up to date pension (and separate AVC) statements. JLT kept fobbing me off with stories about getting the details updated, but of course this has never happened.
Indeed most years I have written (by email) asking for a new pension statement, some but not all do eventually arrive, however the last 'story' I had from them was that this was going to be produced automatically and the Benpal site updated. If my memory serves me correct, normally for current SAN employees, pension statements used to get produced around September, and I anticipate this will still be the case, and deferred members should get something after that. 
So I anticipate at the end of September I will be asking them again when nothing has arrived!!
Admittedly I haven't tried contacting them since the scheme administrators reverted back to Mercers.
Good luck with getting any details, and I will update if I hear/receive anything. 

Dell007

Thanks for the info, I will post if any further comms arrive.