Please could someone check my figures ? DB tax free plus more

xylophone

Well ! Ive learned more about pensions than I ever knew before

But perhaps not quite enough about the scheme..... there is a retirement guide at the link above and also a transferring out guide...

As far as I can see ( but check with the administrator), p3 of the Guide to Retirement indicates an actuarial reduction for early pension.

There is no indication that it is possible to increase the tax free PCLS by commuting part of the monthly pension.

The rules relating to Pension Increase P6 of the Guide

• Benefits earned for Pensionable Service before
6 April 1997 -
will only attract increases on the GMP part of your pension.
Your GMP earned prior to 6 April 1988 may receive
increases from the State if you reached State Pension Age
before 6 April 2016 (in which case these will be paid with
your State Pension). The GMP element earned from 6 April
1988, which is paid by the Scheme, will be increased by the
rise in the CPI for the year in question up to a maximum of
3% per annum. Any pension in excess of the GMP may be
increased at the Company’s discretion.

I am assuming that you worked for the company from 1987 - 1990.

Do you have a statement of benefits on leaving service?

This would show pre 88 GMP/post 88 GMP and excess.

For details of how your GMP revalues in deferment see the Member Booklet (Appendix 1).

[Deleted User]

Oh god now Im exhausted lol
I think Im gonna take what they say I can have in November as a lump sum and the little monthly pension will pay towards my wine bill !

xylophone

Normally the later you take a DB pension , the more the annual pension is , but this should be clear from the scheme booklet .

Apart from that normally a DB pension increases with inflation each year ( should also be clear from the booklet ) before you take it and after you take it . This is an often underestimated benefit in terms of value.

Indeed - the devil is in the detail - see post 22.

The lesson is read the guide (s) and check with the administrator if unclear.

[Deleted User]

xylophone wrote: »

Indeed - the devil is in the detail - see post 22.

The lesson is read the guide (s) and check with the administrator if unclear.

nope the lesson is to check with you lovely experts on here first .... then check with the Administrators when you know what you are talking about.... or at least appear to ! Lol
Thanks again guys !

xylophone

nope the lesson is to check with you lovely experts on here first

I don't know that many posters would claim to be experts:)......for my own part, I just have a general interest (non-professional) in pensions.

Posters can only offer comments and suggestions!

And the scheme booklet should always be read (but even that is a just a guide - scheme rules tend to run to pages of close print....).

The administrator of the scheme is the port of call for clarification - if knowledge there is not sufficient then he can consult the Trustees/Scheme Actuary etc.