Final Salary Pension Transfer

arty688

xylophone said:

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!

with my tail between my legs

xylophone

Incidentally, you might also wish to check whether or not your scheme makes a deduction from your scheme pension at state pension age - this is relatively uncommon now but persists in some schemes, notably Barclays and HSBC.

And remember that at GMP age, in terms of increases, your scheme pension will be split into GMP and excess.

Your scheme has no obligation to increase your GMP portion by any more than up to 3% CPI regardless of what the RPI measure may be.

Have you obtained a State Pension Forecast?

https://www.gov.uk/check-state-pension

arty688

Been a while since I've logged on to gov stuff might have to re register .I though the state pension was standard if you had 35 years NI contributions please don't tell me that's complicated too... 

MallyGirl

arty688 said:

Been a while since I've logged on to gov stuff might have to re register .I though the state pension was standard if you had 35 years NI contributions please don't tell me that's complicated too... 

Its complicated ...

Silvertabby

arty688 said:

Been a while since I've logged on to gov stuff might have to re register .I though the state pension was standard if you had 35 years NI contributions please don't tell me that's complicated too... 

Sorry, but the standard 35 years only applies to those who started work in or after 2016.

The rest of us are under transitional arrangements, with everyone having their own individual calculation.

xylophone

.I though the state pension was standard if you had 35 years NI contributions please don't tell me that's complicated too... 

'Fraid so.......

You have a GMP and so a "contracted out deduction".

See https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/210299/single-tier-valuation-contracting-out.pdf

At 6/4/16 (introduction of new state pension) the Basic State Pension was actually £119.30.

The full new state pension was £155.65.

For "Rebate Derived Amount" read "Contracted Out Pension Equivalent".

What exactly does your forecast say?

arty688

£179.60 is the most you can get

You cannot improve your forecast any more.

37 years of full contribution

You’ve been in a contracted-out pension scheme

Like most people, you were contracted out of part of the State Pension.

Gaily123

DB Pension transfer redress
I have recently been awarded an upheld complaint against an IFA for poor advice given to transfer by DB pension. The transfer was made approx 3 years ago, and since then I have withdrawn all the money and the SIPP is now zero.  does this affect whether or not I will receive redress?

JoeCrystal

I think you would be much better off posing your own thread regarding your particular issue. While it is a shame that you are poorly advised, you took on the risk of running the pension yourself. The fact you decided to withdraw all your money out of SIPP is not really IFA's problem unless the IFA is the one advising you to do that specifically. After all, is that why you did the DB pension transfer? To manage your own pot and to make your own decisions regarding it.

Marcon

Gaily123 said:

DB Pension transfer redress
I have recently been awarded an upheld complaint against an IFA for poor advice given to transfer by DB pension. The transfer was made approx 3 years ago, and since then I have withdrawn all the money and the SIPP is now zero.  does this affect whether or not I will receive redress?

It certainly won't work in your favour - and may give the adviser grounds for appeal.