Value of Benefits calculation

Silvertabby

Deleted_User said:

hugheskevi said:

You can use the CETV actuarial factors to calculate the value - this is probably the closest you will get to a value, but even that is rather subjective and crucially depends on the discount rate used. These factors are based on a discount rate of CPI+2.4%, which is higher than most private schemes would use and hence results in lower capital values.

No mention of Ill Health in any of the actuarial factor links !

That's because there isn't a need for it.  You couldn't transfer out (even before the rules changed) after a pension had been brought into payment, and you would have had to opt out and forego the ill health enhancement if you had wanted to do so before payment.

Otherwise, you are stuck with 20X £10K - or how much of a pension 'pot' you would need to buy an annuity of £10K per year, fully index linked for life, with a 5 year guarantee and spousal benefits on death.  Hopefully, someone will pop up with the answer to the second option, as I'm afraid it's not my forte - although you would have to drop in the age your payment began before they can get started.

QrizB

Silvertabby said:

That's because there isn't a need for it.  You couldn't transfer out (even before the rules changed) after a pension had been brought into payment, and you would have had to opt out and forego the ill health enhancement if you had wanted to do so before payment.

Otherwise, you are stuck with 20X £10K - or how much of a pension 'pot' you would need to buy an annuity of £10K per year, fully index linked for life, with a 5 year guarantee and spousal benefits on death.  Hopefully, someone will pop up with the answer to the second option, as I'm afraid it's not my forte - although you would have to drop in the age your payment began before they can get started.

This isn't anything like accurate (the OP is under 55 but also has ill health) but HL's example annuity rates offer £1641 per 100k for single life, RPI linked and a 5-year guarantee.
£10k pa would require an annuity put of £600k or thereabouts for a healthy 55-yo.

[Deleted User]

QrizB said:

Silvertabby said:

That's because there isn't a need for it.  You couldn't transfer out (even before the rules changed) after a pension had been brought into payment, and you would have had to opt out and forego the ill health enhancement if you had wanted to do so before payment.

Otherwise, you are stuck with 20X £10K - or how much of a pension 'pot' you would need to buy an annuity of £10K per year, fully index linked for life, with a 5 year guarantee and spousal benefits on death.  Hopefully, someone will pop up with the answer to the second option, as I'm afraid it's not my forte - although you would have to drop in the age your payment began before they can get started.

This isn't anything like accurate (the OP is under 55 but also has ill health) but HL's example annuity rates offer £1641 per 100k for single life, RPI linked and a 5-year guarantee.
£10k pa would require an annuity put of £600k or thereabouts for a healthy 55-yo.

I am now 58!!

QrizB

Deleted_User said:

QrizB said:

Silvertabby said:

That's because there isn't a need for it.  You couldn't transfer out (even before the rules changed) after a pension had been brought into payment, and you would have had to opt out and forego the ill health enhancement if you had wanted to do so before payment.

Otherwise, you are stuck with 20X £10K - or how much of a pension 'pot' you would need to buy an annuity of £10K per year, fully index linked for life, with a 5 year guarantee and spousal benefits on death.  Hopefully, someone will pop up with the answer to the second option, as I'm afraid it's not my forte - although you would have to drop in the age your payment began before they can get started.

This isn't anything like accurate (the OP is under 55 but also has ill health) but HL's example annuity rates offer £1641 per 100k for single life, RPI linked and a 5-year guarantee.
£10k pa would require an annuity put of £600k or thereabouts for a healthy 55-yo.

I am now 58!!

ok I was basing it on your retirement age of 47!

(Was the OP Mouldy Old Dough? Can't tell now?)

[Deleted User]

QrizB said:

Deleted_User said:

QrizB said:

Silvertabby said:

That's because there isn't a need for it.  You couldn't transfer out (even before the rules changed) after a pension had been brought into payment, and you would have had to opt out and forego the ill health enhancement if you had wanted to do so before payment.

Otherwise, you are stuck with 20X £10K - or how much of a pension 'pot' you would need to buy an annuity of £10K per year, fully index linked for life, with a 5 year guarantee and spousal benefits on death.  Hopefully, someone will pop up with the answer to the second option, as I'm afraid it's not my forte - although you would have to drop in the age your payment began before they can get started.

This isn't anything like accurate (the OP is under 55 but also has ill health) but HL's example annuity rates offer £1641 per 100k for single life, RPI linked and a 5-year guarantee.
£10k pa would require an annuity put of £600k or thereabouts for a healthy 55-yo.

I am now 58!!

ok I was basing it on your retirement age of 47!

Yes, 11 years ago