TEP. Pension, what is it?

tenchy

One of my DB pensions, of which I've been in receipt for exactly one year, has suddenly reduced in value to the tune of over £20. On looking at my current and previous payslips an element known as TEP. Pension has not been paid. What is a TEP. Pension (can't find anything online) and why might it suddenly not be paid?
Thanks.

Dazed_and_C0nfused

If you can't find out when you know who is paying this pension this I suspect you may be disappointed with the responses from people who don't know who is paying it.

It may well stand for Temporary Extra Pension.

xylophone

https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm053360#:~:text=Many registered pension schemes operate,to age 60 or 65.

Many registered pension schemes operate a provision under which a higher temporary pension (so an additional ‘bridging’ pension) is paid for a few years after retirement (usually until the coming into payment of state pension). Typically, the temporary pension is payable to age 60 or 65.

Does the above fit your circumstances?

tenchy

xylophone said:

https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm053360#:~:text=Many registered pension schemes operate,to age 60 or 65.

Many registered pension schemes operate a provision under which a higher temporary pension (so an additional ‘bridging’ pension) is paid for a few years after retirement (usually until the coming into payment of state pension). Typically, the temporary pension is payable to age 60 or 65.

Does the above fit your circumstances?

Yes, pretty much. My DB pension - from Novartis - became payable last year when I was 65, now at 66 I'm starting to get the state pension, so this could be the answer. I'll call them when the office is open on Monday. I don't recall any explanation about this when the pension commenced last year, but maybe I missed it.

JoeCrystal

Does your scheme rulebooks or guidebooks have anything to say on this matter?

dunstonh

now at 66 I'm starting to get the state pension, so this could be the answer.

TEP is a common naming for the bridging pension mentioned higher up.

 I don't recall any explanation about this when the pension commenced last year, but maybe I missed it.

It will be in the scheme booklet but if you have a conversation with them then they would unlikely bring it up unless you specifically asked about it.

tenchy

Yes, I've now found a mention of 'bridging payment' in the documentation sent before I retired. This definitely seems to be the issue. Thanks.