Old DB Barclays Pension

Brenster

Dale72 said:

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

But it sounds like it has done a great job in terms of growth if you were expecting £20k and it was £68k

Dale72

Brenster said:

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

My thoughts exactly, If only all the IFAs out there, or maybe I should say if only the FCA thought the same way, it wouldn't be so complicated and expensive to actually arrange a transfer.

annasel

xylophone said:

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.

Hi, thanks for your reply:
GMP built before 6 April 1988 35.88 a year
GMP built after 5 April 1988 35.16 a year
Scheme Pension (over the GMP) built up before 1997 277.54 a year
Im hoping the 348.78 is the amount when I left in 1989 - you have to hope :-)
Thanks

xylophone

Im hoping the 348.78 is the amount when I left in 1989 

Yes.

 - another poster made an enquiry of the  Barclays 64 Scheme Administrator  and was told

“Since leaving the scheme your pension has received annual increases. Your scheme pension over and above any Guaranteed Minimum Pension (GMP) element has increased with effect from 1 October each year in line with the retail prices index (RPI) up to a maximum of 5%. Any GMP element has increased each April; the rate being determined by the date of leaving  (which would be 7.5% in your case as you left in 1989).

With regard to increases once your pension comes into payment at age 60, remember that the Scheme has no obligation to increase the revalued pre 88 GMP at all -  the post 88 GMP must be increased by the Scheme up to 3% CPI. The revalued excess increases under the Scheme Rules (up to 5% RPI apparently).

It appears that The Barclays Scheme makes a reduction to the pension at State Pension Age.

You should check all the above with the current Scheme Administrator (Willis Towers Watson).

Have you obtained your State Pension Forecast?

annasel

xylophone said:

Im hoping the 348.78 is the amount when I left in 1989 

Yes.

 - another poster made an enquiry of the  Barclays 64 Scheme Administrator  and was told

“Since leaving the scheme your pension has received annual increases. Your scheme pension over and above any Guaranteed Minimum Pension (GMP) element has increased with effect from 1 October each year in line with the retail prices index (RPI) up to a maximum of 5%. Any GMP element has increased each April; the rate being determined by the date of leaving  (which would be 7.5% in your case as you left in 1989).

With regard to increases once your pension comes into payment at age 60, remember that the Scheme has no obligation to increase the revalued pre 88 GMP at all -  the post 88 GMP must be increased by the Scheme up to 3% CPI. The revalued excess increases under the Scheme Rules (up to 5% RPI apparently).

It appears that The Barclays Scheme makes a reduction to the pension at State Pension Age.

You should check all the above with the current Scheme Administrator (Willis Towers Watson).

Have you obtained your State Pension Forecast?

Thanks for the info, hopefully they will be able to give me an idea of the value so I can decide if it is worth transferring. Frustrating it is all so difficult to understand.  I have a State Pension Forecast I will get the full 175.20 if I carry on paying for another 3 years.  

ErinGoBrath

annasel said:

xylophone said:

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.

Hi, thanks for your reply:
GMP built before 6 April 1988 35.88 a year
GMP built after 5 April 1988 35.16 a year
Scheme Pension (over the GMP) built up before 1997 277.54 a year
Im hoping the 348.78 is the amount when I left in 1989 - you have to hope :-)
Thanks

From 1989:
Pre 88 GMP = £35.88 x 1.075 ^ 31 = £337.69
Post 1988 GMP = £35.16 x 1.075 ^ 31 = £330.91
Non GMP = £277.54 x 2.493 = £691.91

Total current pension = £1,360.51

TV = £53,976,25 so the multiplier is 39.67 so probably OK but not very generous.