B&CE Holiday Scheme Pension pay out - anyone with experience?

smellykelly32

My father is a self-employed builder, so is expecting a lump sum pay out from B&CE on his 65th birthday.  In 1999/2000, this lump sum was projected to be about £7000.  He is in the run up to his birthday, and has been offered £600.

This seems a huge drop in what he was expecting.  Does anyone have any experience of this scheme, and do you know why the drop?  Is there any way to recoup some of this money?  

TIA

Marcon

Sounds as if somebody thinks he transferred to the People's Pension (I'm assuming he didn't, but worth making sure). More info: https://bandce.co.uk/products-services/financial-services/lump-sum-retirement-benefit-lsrb/

dunstonh

In 1999/2000, this lump sum was projected to be about £7000.  He is in the run up to his birthday, and has been offered £600.

Early projections would have assumed he continued to contribute to it until the end.  That would not have happened due to changes in pension law.   Normally, people in the LSRB would have moved to either the stakeholder pension with B&CE or set up a plan elsewhere when it was no longer possible to pay more into the LSRB.