GMP pension estimate and revaluation in deferrment

WobblyDog

Brynsam said:

WobblyDog said:

Brynsam said:

OP - did you transfer in benefits from another scheme, or pay voluntary contributions?

When I started the job it was a Civil Service post, so I was in the Civil Service pension scheme. When my employer was privatised, my pension was transfered to a private sector DB scheme run by the employer. The pension statement I have dated April 2000 (after privatisation) says "PCSPS Credit: 5years 305days".

I didn't pay voluntary contributions.

I'm beginning to suspect that the person who wrote the 2013 letter transposed the GMP and non-GMP figures. That would give a GMP pension at 65 that's quite close to the £30/week COPE estimate, and I've read that "COPE estimate" should approximately match the GMP pension.

I think I will send a scan of the 2013 letter to the pension scheme asking them if it's correct.

Please come back and let us know the outcome. Sounds as if it is the proverbial 'human error' !

I've just heard back from the pension scheme administrators. They have confirmed that the GMP and non-GMP figures in their 2013 letter were transposed, so the mystery is solved.

Black_Cat2

Glad you were sorted @WobblyDog 👍

Just wondered what happens when you get to retirement on a DB pension?  Do the Trustees tell you how much you get or do you get options like you do with a DC pension with annuities/drawdowns etc? 🤔

xylophone

Just wondered what happens when you get to retirement on a DB pension?  Do the Trustees tell you how much you get or do you get options like you do with a DC pension with annuities/drawdowns etc? 🤔

Some schemes offer a set tax free lump sum at retirement and monthly pension.

Some offer the set lump sum and an option to increase the lump sum by taking a reduced monthly pension.

Some offer the monthly pension with the option of  taking a lump sum by reducing the pension (commutation).

Some offer the pension with reduction to take account of the state pension (clawback).

Black_Cat2

xylophone said:

Just wondered what happens when you get to retirement on a DB pension?  Do the Trustees tell you how much you get or do you get options like you do with a DC pension with annuities/drawdowns etc? 🤔

Some schemes offer a set tax free lump sum at retirement and monthly pension.

Some offer the set lump sum and an option to increase the lump sum by taking a reduced monthly pension.

Some offer the monthly pension with the option of  taking a lump sum by reducing the pension (commutation).

Some offer the pension with reduction to take account of the state pension (clawback).

Morning xylophone - ty, you are always helpful 🤗.  Will be a surprise what is offered when hubby reaches it! 

xylophone

Will be a surprise what is offered when hubby reaches it! 

Does he have the scheme booklet? It should clarify.

Black_Cat2

xylophone said:

Will be a surprise what is offered when hubby reaches it! 

Does he have the scheme booklet? It should clarify.

Nope, he doesn't have anything from that long ago to do with the pension, just the forecasts that are sent as per previous posts above.  More me wondering how it works when he retires with this type of pension (options etc)