boots pensions

sfa

hello i just recieved my boots pension update and i am shocked to say it has gone down nearly ten thousand pounds when i called to ask why the not to helpful person said covid???i dont seem to know what else i can do regarding this?? has anyone had the same problem with there pensions update? forecast?? thanks

Pablo7474

How much is the total value?

Thrugelmir

What precisely has dropped £10k? 

JoeCrystal

Which one? 

BRSP or formerly the Alliance Healthcare Retirement Savings Plan

The Boots Pension Scheme

The Alliance Unichem Group UK Pension Scheme

Boots Stakeholder Pension Plan

Boots 2006 Stakeholder Pension Plan

And exactly what has been invested in as well? Just remember you are the one that decided the investment in your pension scheme although you might get put in a default fund instead as well.

dunstonh

hello i just recieved my boots pension update and i am shocked to say it has gone down nearly ten thousand pounds when i called to ask why the not to helpful person said covid?

The markets reacted poorly due to covid between 24th Feb and 24 march 2020 but that was 18 months ago.  They are not down due to covid now. Indeed, most diverse portfolios are hitting all time highs.

a £10 k drop could be small or large.  On a 30k pension, its a lot.   On a £600k pension, it's almost within daily movements.

Or are you referring to the income projection and not the fund value

has anyone had the same problem with there pensions update?

Not unless they have invested it in say 100% gilts.  They are the only asset class that is down this year I believe.

Most people coming to this site with this sort of query about their projection is usually because they have misread the projection or dont understand that its only the assumptions that have changed.  If you can give us more detail, then there is a good chance that is what has happened here.

sfa

hello all 
so my pensions as of 2020  ctv 48941.17 
 7383.91 gmp 32031.00 post 97 rights

then in 2021 cetv     39611.22    
103.73    gmp


can anyone explain how this has happened as you see i am not on a high penison amount .thanks

Dazed_and_C0nfused

That looks to be a Defined Benefit pension so the CETV doesn't particularly matter.  Unless you wanted to give up your guaranteed pension in return for a lump sum to invest yourself (within a pension wrapper)

What is the actual amount of pension payable to you?

xylophone

Are you sure that the second GMP figure in your post above is correct?

This is a deferred company pension? 

If so, from which  section of the Boots scheme?

When did you leave the scheme?

Were you given a statement of deferred benefits when you left showing

pre 88 GMP

Post 88 GMP

excess?

Silvertabby

Hmmm - wonder if the GMP figure was originally incorrectly entered on deferral. Entering the yearly amount instead of the weekly amount happens more often than you'd like to think!

In addition to answering xylophone's questions, can you also post the date you started in the scheme, plus your estimated annual pension in both statements?

Marcon

sfa said:

hello all 
so my pensions as of 2020  ctv 48941.17 
 7383.91 gmp 32031.00 post 97 rights

then in 2021 cetv     39611.22    
103.73    gmp


can anyone explain how this has happened as you see i am not on a high penison amount .thanks

Your CETV doesn't have any impact on the benefits promised to you under the terms of your defined benefit pension scheme. Many people are misled, as you have been, by the amount of the CETV, which is why asking for one each year as so many ill informed articles in the media suggest (so you can 'keep an eye' on the 'value' of your pension) can be counter-productive.

As Silvertabby has said, the GMP figure looks as if there's been an error somewhere. If you could post more info as requested, doubtless she or someone else will be able to comment helpfully.

sfa

so attached is a copy of my pension details thanks for all your informations every one,doe you think this is right???