DB Pension Statement - Did We Miss The Train?

Secret2ndAccount

It's a Welsh university. Doesn't appear to be USS (don't know when that came into existence). Now being administered by Deloitte

Marcon

Secret2ndAccount said:

It's a Welsh university. Doesn't appear to be USS (don't know when that came into existence). Now being administered by Deloitte

A lot of universities set up final salary schemes for employees who weren't eligible to join USS. In many cases the universities tried to mirror some of the USS conditions and ended up with a bit of a mix. It's unlikely anyone still has the scheme booklet from 1985, but a later edition of the booklet should give an indication of the rules which applied at the time your friend left active membership; or you could ask for the Trust Deed & Rules if you're feeling strong!

Have you tried googling on the name of the university and the words 'pension scheme'? You may be able to get some information online.

hyubh

Secret2ndAccount said:

It's a Welsh university. Doesn't appear to be USS (don't know when that came into existence). Now being administered by Deloitte

Probably public sector style increases in payment then for the excess (i.e. uncapped CPI not less than 0%), given the service is all well before the USS at least introduced some capping. Assuming SPA is on or after 6/4/16, I'd ask the administrator for clarity on what increases the GMP will get, given the government's decision to give full increases on actual public sector pension schemes (a university scheme will not be duty bound to follow, however if not, they will need to equalise the GMP for sex somehow, since that is the cause of the government being generous to public sector scheme members on the topic).

t0rt0ise

I have a university pension (saul) which I took at 60 with no reduction, so quite likely that part is true as many uni pension schemes are similar. So yes he has missed the boat and needs to apply to take it immediately.