Old DB Barclays Pension

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When you left Barclays, were you given a Statement of Benefits on leaving service showing
Pre 88 GMP
Post 88 GMP
Excess?
As a female, your GMP age aligns with the Barclays Normal Scheme Retirement Age.
Barclays revalues GMP by the Fixed Rate method.
https://www.barnett-waddingham.co.uk/comment-insight/blog/revaluation-for-early-leavers/

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And have you obtained a State Pension Forecast?
https://www.gov.uk/check-state-pension

Dale72

Brenster said:

Dale72 said:

It does seem a bit low, my old Halifax one has a transfer out value of 68k, and my last statement gave me £930 pa. 

Forgive my ignorance here, but how can these numbers be correct ? you would need a retirement of 70 years (without growth to break even), even with the healthiest of diets and keeping fit, i dont think any of us will be living till 130 !!!
I assume i must be missing something ???

Exactly. Hence the reason I'm in the process of transferring to my Sipp. I was told the transfer value was based on 30 years of retirement, but with the Guarantees and a few other things I didn't completely understand. Gilt yields etc, the CETV was quite generous at the moment.

Brenster

Dale72 said:

Brenster said:

Dale72 said:

It does seem a bit low, my old Halifax one has a transfer out value of 68k, and my last statement gave me £930 pa. 

Forgive my ignorance here, but how can these numbers be correct ? you would need a retirement of 70 years (without growth to break even), even with the healthiest of diets and keeping fit, i dont think any of us will be living till 130 !!!
I assume i must be missing something ???

Exactly. Hence the reason I'm in the process of transferring to my Sipp. I was told the transfer value was based on 30 years of retirement, but with the Guarantees and a few other things I didn't completely understand. Gilt yields etc, the CETV was quite generous at the moment.

Seems ludicrous, on your numbers i would have expected aprox £3k pa min

ErinGoBrath

Brenster said:

Dale72 said:

Brenster said:

Dale72 said:

It does seem a bit low, my old Halifax one has a transfer out value of 68k, and my last statement gave me £930 pa. 

Forgive my ignorance here, but how can these numbers be correct ? you would need a retirement of 70 years (without growth to break even), even with the healthiest of diets and keeping fit, i dont think any of us will be living till 130 !!!
I assume i must be missing something ???

Exactly. Hence the reason I'm in the process of transferring to my Sipp. I was told the transfer value was based on 30 years of retirement, but with the Guarantees and a few other things I didn't completely understand. Gilt yields etc, the CETV was quite generous at the moment.

Seems ludicrous, on your numbers i would have expected aprox £3k pa min

@Dale72 is your £930 value when you left the scheme, now or projected retirement amount?

Dale72

Brenster said:

Seems ludicrous, on your numbers i would have expected aprox £3k pa min

When I first asked for the transfer value, based on my annual statements I was expecting about £20000, nearly fell off my chair when they said 68k.

Dale72

ErinGoBrath said:

@Dale72 is your £930 value when you left the scheme, now or projected retirement amount?

Its now, I ran a prediction for at 63 (15 years time) and off the top of my head it was around £1300 pa, although that was a few months ago so may not be exact, but it was around that figure.

Brenster

Dale72 said:

Brenster said:

Seems ludicrous, on your numbers i would have expected aprox £3k pa min

When I first asked for the transfer value, based on my annual statements I was expecting about £20000, nearly fell off my chair when they said 68k.

What do you mean by transfer value ?

Dale72

Cash equivalent transfer value (CETV), that the amount in cash that would be transferred to my Sipp.

Brenster

Dale72 said:

Cash equivalent transfer value (CETV), that the amount in cash that would be transferred to my Sipp.

I thought it was that, then they have left you with little option other than to transfer with the offer they have made