Ex Barclays GMP pension

ginnygold

Hi all, looking for some help! I worked for Barclays from September 1983 to October 1987.I have a small pension, all GMP, that had a value of £119 per annum when I left.  I am female, 55 years old now. I have asked for an upto date figure but have been told as it’s all gmp they will not give me figures until 6 months before my 60th birthday. Is there anyone who would know approximately how much this will be worth per year? I had a transfer value last year, think it was around £53k. I have seen this would be very difficult and expensive to transfer but it would really help me to know how much I should expect to receive each year when I turn 60. Many thanks for any thoughts.

Marcon

ginnygold said:

Hi all, looking for some help! I worked for Barclays from September 1983 to October 1987.I have a small pension, all GMP, that had a value of £119 per annum when I left.  I am female, 55 years old now. I have asked for an upto date figure but have been told as it’s all gmp they will not give me figures until 6 months before my 60th birthday. Is there anyone who would know approximately how much this will be worth per year? I had a transfer value last year, think it was around £53k. I have seen this would be very difficult and expensive to transfer but it would really help me to know how much I should expect to receive each year when I turn 60. Many thanks for any thoughts.

Could you give the precise name of the scheme you were in? 

ginnygold

Hi, it’s a 1964 preserved pension scheme and says total gmp at date of leaving (October 1987) £119.08 per year, post 1988 gmp £0. Does this help? Many thanks 

xylophone

You have a deferred pension in the 1964 Scheme.

You are female so that the GMP age aligns with the Scheme Pension Age which is 60.

For a male, GMP age is 65 (see this thread concerning Barclays 1964 pension  and a male deferred member).

https://forums.moneysavingexpert.com/discussion/4736856/barclays-final-salary-pension-gmp-excess-revaluation-anti-franking/p5

You say that you left in 1987 with a GMP only pension (no excess).

Presumably you were given a statement of benefits on leaving service which stated the GMP accrued up to that point.

The Scheme used Fixed Rate revaluation for the GMP (as can be seen from the thread reference above).

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

For a person leaving in Oct 1987 this is 8.5%.

Since you are female, have only GMP, your GMP age aligns with Scheme Normal Retirement Age and Fixed Rate is used,  I don't quite see why Towers Watson  can't give you a figure.

ginnygold

Thank you for reply! To be honest I can’t remember being given a statement of benefits but I probably did have one. I have contacted Towers Watson on several occasions and they are only willing to give me what I have shown above, which doesn’t really help me! 

xylophone

Once the pension comes into payment, as it is all pre 88 GMP, the scheme has no obligation to pay any increases ( as it would have on post 88 GMP and on any excess). 



Have you obtained a state pension forecast?

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

ginnygold

Yes I have, I am nearly at my full amount for state pension, 2 more full years to go. I just don’t know how to work out what I can expect from Barclays if they won’t tell me until 6 months before I am 60. I know this sounds silly but I saw there’s an equation but don’t know how to work it out  

ginnygold

I am aware as it is pre 1988 there won’t be increases once in payment but will still be handy to have should I defer taking it then??

molerat

Surely it is a simple annual uplift of 8.5% on £119.08 giving around £1750 - £1900 for 2021

ginnygold

Thanks for reply. I’m 60 in 2026, so it’ll be paid from then, not this year.

ginnygold

Will it be around 2k per year by 2026?