Final Salary Pension Transfer

arty688

all I know is you logon to the website and you are confronted with 2 big numbers £2346 per year (called it £2.5k short) and £120000 transfer value. 

arty688

I’ve just checked i’m male.

it is like they are encouraging you to transfer the money out. 

Pablo7474

Maybe they are. The GMP can be so unclear it is almost sneaky. 

arty688

Pablo7474 said:

Maybe they are. The GMP can be so unclear it is almost sneaky. 

Yes I now have no bloody idea how much my db pension will be at 60 does it then go up when I’m 65 or not and then does anything change when I’m 67.

Pablo7474

I would recommend contacting the scheme admin and asking for clarification. Sorry to throw spanner in the works but hope it turns out to be more than expected. 

arty688

I hope so too mate, will try to quiz tower Watson tomorrow.

xylophone

In order to help clarify my purpose in putting the question in my post above, have a look at the post below (dated 10 Oct 2013).



https://forums.moneysavingexpert.com/discussion/comment/63406494/#Comment_63406494

The poster was a gentleman who was a deferred member of a DB Pension Scheme ( coincidentally administered by WTW) with NRA of 60.

Have a look at the figures given for taking his deferred pension at age 60 and what happens at age 65.

Is there a similar "step up" system in your scheme?

There may not be -  GMP treatment is scheme specific.

arty688

My head hurts...
Now I've dipped my toe into the murky world of pensions I'm seriously considering putting my head back in the sand.

xylophone

Now I've dipped my toe into the murky world of pensions I'm seriously considering putting my head back in the sand.

Now there's a picture!

DT2001

arty688 said:

My head hurts...
Now I've dipped my toe into the murky world of pensions I'm seriously considering putting my head back in the sand.

https://www.willistowerswatson.com/en-GB/Insights/2019/02/questions-you-are-too-afraid-to-ask-about-gmp-equalisation

The link above might also have some relevance and complicate matters further.
I am waiting to see which method the scheme use and then an explanation so I can see if it will actually affect me.

xylophone helped me understand my GMP (same scheme, Barclays 1964 scheme, as his link above) administered by WTW however it did take a few questions back and forth to get to there.

Your situation, I think, is less complex than mine as I took my pension early, have GMP pre and post 1988, increases subject to franking and a reduction at SPA.

Once sorted it helped my longer term planning so persevere.