3 option's. Which is the most attractive?

oysterman

xylophone said:

This is rather old (2003) - see Introduction p2 which mentions that there may be certain differences for those who joined pre 1988.


https://coop.pacepensions.co.uk/Uploads/Documents/00/00/01/27/DocumentDocument_FILE/Co-operative-Group-Pension-Fund-Scheme-Booklet.pdf



The Administrators should be able to provide you with the details of your situation as to pre 88 GMP (once your pension is in payment and you have reached GMP age (65 for a man), the scheme  is no longer bound to pay increases on this part of the pension).

The post 88 GMP must be increased by up to 3% GMP and the excess by Scheme Rules.

Thanks Xylophone for all the replies. I was never part of pace pensions.

 Don't know if this is relevant, but i  was employed by Colchester & East Essex co-op society. Would that have a separate scheme from the one in your last post? 

I have never seen any documentation as far as i can remember about GMP.

xylophone

Don't know if this is relevant, but i  was employed by Colchester & East Essex co-op society. Would that have a separate scheme from the one in your last post? 

The booklet is that of The Co-operative Group Pension Fund.

https://coop.pacepensions.co.uk/help-me-find-my-scheme/

Pace was set up in April 2006, when three defined benefit (DB) pension schemes merged: CIS Employees’ Pension Scheme, The Co-operative Bank Pension Scheme and Co-operative Group (CWS) Limited Pension Scheme. If you contributed to a pension scheme before April 2006 you may have a pension in Pace DB.

Presumably you were part of the CWS Scheme (see above) so the Scheme Guide above would seem to be relevant but note the info re pre 88 joiners.

The Administrator should be able to give you your specific details concerning your GMP.

oysterman

 Hi Xylophone. I tried to register on the Pace site & my details were not recognised. 

I've emailed the co-op administrator about GMP & am waiting a reply. Kind regards

oysterman

Hi Xylophone, got a reply to your questions.

Our scheme is not connected to Pace.  Our scheme does not have a GMP – it is contracted-in to the state  second pension

xylophone

Our scheme is not connected to Pace.  Our scheme does not have a GMP – it is contracted-in to the state  second pension

You say "is" - this scheme is still in existence and was never part of the Group Scheme as above?

No DB Scheme has been contracted out since 2016 when the new state pension was introduced.

You say that you  were a member from before 1988  and left in 1998.

 Is it definite that the Scheme was "contracted in" to SERPS (introduced 1978)?

This is possible though it was unusual for DB Schemes to be contracted in.

Have you ever been contracted out?

Is a COPE shown on your state pension forecast?

oysterman

xylophone said:

Our scheme is not connected to Pace.  Our scheme does not have a GMP – it is contracted-in to the state  second pension

You say "is" - this scheme is still in existence and was never part of the Group Scheme as above?

No DB Scheme has been contracted out since 2016 when the new state pension was introduced.

You say that you  were a member from before 1988  and left in 1998.

 Is it definite that the Scheme was "contracted in" to SERPS (introduced 1978)?

This is possible though it was unusual for DB Schemes to be contracted in.

Have you ever been contracted out?

Is a COPE shown on your state pension forecast?

COPE is £22.54pw

Scheme still in existence.

Definitely been contracted out,  found letters out 06/04/87 & in 03/2004.

Found a letter about "Employees superannuation fund" which is i think this policy, but doesn't have a policy number

Also have another policy with a policy number, which began on 06/04/87.

I'm really confused now,  are they both the same policies or 2 different ones, because i started my pension years before "87". 

I hope you're not too confused either.

Kind regards 👍

xylophone

The COPE shows that you were contracted out at some point during your working life.

I am rather confused now by this reference to policies.

Does the pension currently under discussion relate to an occupational superannuation scheme of which you were a member between 1978 and 1998?

If so, and the scheme was "contracted out", then you should have a GMP.

Alternatively, it was possible to contract out into a  personal pension policy - see 

https://www.which.co.uk/money/pensions-and-retirement/state-pension/what-was-contracting-out-a581c3l1kqf4

What you described in your first post does seem very close to what is described in the linked Guide above? 

You could complete and return

https://www.tax.service.gov.uk/shortforms/form/DPU_SAR_NI?_ga=2.230026460.1544670040.1621021753-1315656139.1609178084

which might throw some light on your pension situation.

See https://forums.moneysavingexpert.com/discussion/comment/78377177/#Comment_78377177

Who is the Administrator of your pension?

oysterman

xylophone said:

The COPE shows that you were contracted out at some point during your working life.

I am rather confused now by this reference to policies.

Does the pension currently under discussion relate to an occupational superannuation scheme of which you were a member between 1978 and 1998?

If so, and the scheme was "contracted out", then you should have a GMP.

Alternatively, it was possible to contract out into a  personal pension policy - see 

https://www.which.co.uk/money/pensions-and-retirement/state-pension/what-was-contracting-out-a581c3l1kqf4

What you described in your first post does seem very close to what is described in the linked Guide above? 

You could complete and return

https://www.tax.service.gov.uk/shortforms/form/DPU_SAR_NI?_ga=2.230026460.1544670040.1621021753-1315656139.1609178084

which might throw some light on your pension situation.

See https://forums.moneysavingexpert.com/discussion/comment/78377177/#Comment_78377177

Who is the Administrator of your pension?

Your not the only one that is confused.

BUCK are the administrators of this pension.

I get paperwork from Royal London about my AVC & another pension which has a GAR  which has different rates upto & including 96/97 3% increase 97/98 & later 5% increase. 

For the pension we are discussing i have been contacting East of England CO-OP & emailing them. BUCK then sends out the paperwork to me. 

Ref superannuation scheme, yes.

I have filled in the form.

We have just moved & locating some of the paperwork is hit & miss at the moment.
                  When i contracted EE CO-OP the return letter has East of England CO-OP Retirement benefits scheme on the it.

xylophone

This does seem a tangled web!

I get paperwork from Royal London about my AVC & another pension which has a GAR  which has different rates upto & including 96/97 3% increase 97/98 & later 5% increase. 

Re Royal London - see

https://www.royallondon.com/existing-customers/contact-us/co-operative-insurance-society/

Regarding the GAR policy, are you sure that this is a standard GAR and not a S32 policy?

See

https://www.royallondon.com/siteassets/site-docs/about-us/corporate-goverance/principles-and-practices/ppfm_rlcis_option_32_pension_transfer_guide.pdf

I really do hope that I am not adding confusion  to confusion.

You mention that you have recently moved house so you are probably still up to your eyeballs in boxes, communications with tradesmen and sorting out utilities.

When you have time, you might want to sit down with your paperwork and the information from HMRC and draw up a chart showing where  and when these pensions accrued and the benefits attaching to them.

Are you currently working and contributing to a pension?

oysterman

xylophone said:

This does seem a tangled web!

I get paperwork from Royal London about my AVC & another pension which has a GAR  which has different rates upto & including 96/97 3% increase 97/98 & later 5% increase. 

Re Royal London - see

https://www.royallondon.com/existing-customers/contact-us/co-operative-insurance-society/

Regarding the GAR policy, are you sure that this is a standard GAR and not a S32 policy?

See

https://www.royallondon.com/siteassets/site-docs/about-us/corporate-goverance/principles-and-practices/ppfm_rlcis_option_32_pension_transfer_guide.pdf

I really do hope that I am not adding confusion  to confusion.

You mention that you have recently moved house so you are probably still up to your eyeballs in boxes, communications with tradesmen and sorting out utilities.

When you have time, you might want to sit down with your paperwork and the information from HMRC and draw up a chart showing where  and when these pensions accrued and the benefits attaching to them.

Are you currently working and contributing to a pension?

Regarding the GAR, i have found a transfer document which mentions a  S32 policy. This was sent to me when i left the scheme in 98, but i dont remember using it.

Not currently working or contributing to a pension.

I will wait until the paperwork turns up from hrmc & try & work things out.

I'm no more confused than i was when i put my first post on here lol 


Once again thanks for your help xylophone, much appreciated 👍