Barclays bank Pension

parcival

Brynsam said:

parcival said:

Interesting. I worked for Barclays from September 1976 until July 1978, so less than 2 years. I was not expecting any DB Pension but I did ask TowersWatson a couple of years ago if there was a small GMP left over - they said no.

GMPs were only introduced in April 1978, so any GMP would have been tiny in the extreme. It was normal to 'buy back' people with short service (i.e. not long enough to qualify for a deferred pension from the scheme itself) into SERPS by paying something known as a 'Contributions Equivalent Premium'. I suspect that may have happened in your case - the cost of maintaining a pension record for you would have been much more than the cost of providing the actual GMP pension!

Makes perfect sense, although I have no recollection of it - Thank you