boots pensions

Marcon

sfa said:

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

I think it probably is. The CETV has dropped because financial market conditions have changed and/or other factors relating to the basis used by the scheme's trustees (or more accurately their actuary) since the previous transfer quote.

I think the reference to the additional transfer value in respect of GMP could relate to the amount added to your CETV in respect of GMP equalisation - any reference to that anywhere in the document?

Most interesting bit to me is that the transfer is guaranteed for 4 months rather than the usual 3. Are you by any chance older than the scheme's normal retirement age?

xylophone

For privacy you may wish to redact  your post above.

Unless you are exploring a transfer out, the CETV is irrelevant.

It represents the estimated cost of providing the benefits to which you are entitled when your pension comes into payment.

It appears that the scheme actuaries have calculated that the cost  of providing those benefits has reduced.

Let's assume that you plan to stay in the scheme and draw your pension at age 65 (Normal Scheme Retirement Age).

Your pension was deferred when you left in 2000.

By law, your benefits at date of leaving



 have to be revalued up to NRSA.

See https://www.barnett-waddingham.co.uk/comment-insight/blog/revaluation-for-early-leavers/

You are female so that your GMP has to be revalued up to age 60 by whatever method the scheme chose (likely, although not certain, to be fixed rate )  and then, because the NRSA was 65),  by statutory late retirement increases ( 1/7% for each complete week  from seven weeks after age 60).

The excess over GMP had to be revalued by at least the statutory rate (see link) although schemes could be more generous.



When your revalued pension comes into payment, the scheme must index link annually that portion of your pension that relates to GMP by up to 3% CPI and the balance by scheme rules.

As for the  "additional transfer value in respect of GMP" it does indeed seem likely that this has arisen post the "Lloyds Bank decision" but the Administrator should be able to explain.

https://www.willistowerswatson.com/en-GB/Insights/2019/02/gmp-equalisation-your-quick-catch-up

Have you checked your state pension situation?

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

JoeCrystal

Please take down your photos with all personal details retracted and repost if needed asap! 

EDIT: I see xylophone already highlighted privacy issues with your photos.

I see that you got a DB pension scheme then so fund value doesn't really matter. No need to be shocked about it to be fair. I wouldn't be surprised if your pension is now £1,358 per year based on CPI index-linked

Silvertabby

I still think that the GMP in the 2020 CETV is too high - possibly picked up and corrected via the huge GMP reconciliation exercise that is still dragging on.

As said, the CETV is only relevant if you want to transfer your benefits to a DC scheme, with all the problems that entails.  If you just want to take your pension, then that is the only figure you need to be concerned about.

And, yes, do redact your personal details !

xylophone

I still think that the GMP in the 2020 CETV is too high - possibly picked up and corrected via the huge GMP reconciliation exercise that is still dragging on.

It does indeed seem too high considering that the  document above  shows that at date of leaving,  (21/6/2000) the GMP portion of the preserved pension was just £54.60 per annum.

Post 88 GMP (accrued 1/4/96 - 5/4/97)  £54.60 per annum.

There is then what is described as Post 6/4/97 pension stated to be £539.50

  Is this Reference Scheme Test/S9(2B) rights? (Replaced GMP)

 £54.60 + £539.50  = £584.10

Therefore pension earned over these two amounts £204.97

The GMP would have to revalue  in deferment separately from the other two elements of the pension as described in BW link above.

I am assuming that the RST rights (?) and the £204.97 comprise the "excess over GMP" which  (for pre 2009 accrual would (presumably)  revalue at capped RPI up to 2011 and (depending on scheme rules) by CPI thereafter.


I wonder is the  £7381.93  calculated as being the cost of providing the GMP rather than the GMP itself?

xylophone

OP, how long is it before you reach Scheme Pension Age?

robatwork

Just another post to say - remove your second picture as it has your name on there

sfa

thank you all for your advice. Lot to get my head round. Should i just leave this till next statement or should i get in touch with boots to get an answer for the loss????
thank you all again 

Marcon

sfa said:

thank you all for your advice. Lot to get my head round. Should i just leave this till next statement or should i get in touch with boots to get an answer for the loss????
thank you all again 

'Leaving it' is surely pretty unsatisfactory. Ask again - and if necessary keep asking. You're entitled to an answer.