Tiny, almost forgotten pension offers CETV of £175k - need IFA

xylophone

I have a DB pension from my first job 

When exactly were you a member of the scheme?

Have you obtained a state pension forecast?

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

hyubh

xylophone said:

otherwise, a pension of 7K after only four years reckonable service would imply either a very large salary (senior exec) or an incredibly generous accrual rate.

The OP says

Hi, I have a DB pension from my first job 

It seems unlikely that he was at senior exec level.

Yes, I noticed that Shall we take bets on how much of it is pre-88 GMP? Would also help explain the not particularly generous multiple...

xylophone

Shall we take bets on how much of it is pre-88 GMP? Would also help explain the not particularly generous multiple...

  

Yes indeed - no indexation in payment on a high percentage of the pension would certainly explain this,

Miiade

Op I posted a similar thread recently and one poster suggested I might have a better chance of a successful recommendation if I was 55, (still slim though).

in terms of cost it looks a very lengthy and detailed process and I would not be surprised by 5-10k costs.

I can totally see the benefits of getting 170k into your sipp if you have other guaranteed sources of pension income, unfortunately getting a positive transfer recommendation seems to be the issue.

em987623232

hyubh said:

xylophone said:

otherwise, a pension of 7K after only four years reckonable service would imply either a very large salary (senior exec) or an incredibly generous accrual rate.

The OP says

Hi, I have a DB pension from my first job 

It seems unlikely that he was at senior exec level.

Yes, I noticed that Shall we take bets on how much of it is pre-88 GMP? Would also help explain the not particularly generous multiple...

I was 21 and on 12k pa in 1995. My dad told me to pay the £100 a month into my company pension, so thanks Dad (I have thanked him). I am 48 and am 1 year off the national insurance contributions to get the full state pension.

em987623232

xylophone said:

I have a DB pension from my first job 

When exactly were you a member of the scheme?

Have you obtained a state pension forecast?

I was a member from 1995 - 1999

State Pension - Yes, almost paid up in full, a year to go.  I am 48.

Marcon

hyubh said:

xylophone said:

otherwise, a pension of 7K after only four years reckonable service would imply either a very large salary (senior exec) or an incredibly generous accrual rate.

The OP says

Hi, I have a DB pension from my first job 

It seems unlikely that he was at senior exec level.

Yes, I noticed that Shall we take bets on how much of it is pre-88 GMP? Would also help explain the not particularly generous multiple...

em987623232 said:

xylophone said:

I have a DB pension from my first job 

When exactly were you a member of the scheme?

Have you obtained a state pension forecast?

I was a member from 1995 - 1999

State Pension - Yes, almost paid up in full, a year to go.  I am 48.

Interesting - none of it is pre-88 GMP and only a couple of years post-88 GMP. The CETV sounds increasingly like an error...

em987623232

Marcon said:

hyubh said:

xylophone said:

otherwise, a pension of 7K after only four years reckonable service would imply either a very large salary (senior exec) or an incredibly generous accrual rate.

The OP says

Hi, I have a DB pension from my first job 

It seems unlikely that he was at senior exec level.

Yes, I noticed that Shall we take bets on how much of it is pre-88 GMP? Would also help explain the not particularly generous multiple...

em987623232 said:

xylophone said:

I have a DB pension from my first job 

When exactly were you a member of the scheme?

Have you obtained a state pension forecast?

I was a member from 1995 - 1999

State Pension - Yes, almost paid up in full, a year to go.  I am 48.

Interesting - none of it is pre-88 GMP and only a couple of years post-88 GMP. The CETV sounds increasingly like an error...

I have checked it, and have it in writing - are you suggesting in my favour? 

Marcon

em987623232 said:

Marcon said:

hyubh said:

xylophone said:

otherwise, a pension of 7K after only four years reckonable service would imply either a very large salary (senior exec) or an incredibly generous accrual rate.

The OP says

Hi, I have a DB pension from my first job 

It seems unlikely that he was at senior exec level.

Yes, I noticed that Shall we take bets on how much of it is pre-88 GMP? Would also help explain the not particularly generous multiple...

em987623232 said:

xylophone said:

I have a DB pension from my first job 

When exactly were you a member of the scheme?

Have you obtained a state pension forecast?

I was a member from 1995 - 1999

State Pension - Yes, almost paid up in full, a year to go.  I am 48.

Interesting - none of it is pre-88 GMP and only a couple of years post-88 GMP. The CETV sounds increasingly like an error...

I have checked it, and have it in writing - are you suggesting in my favour? 

Very heavily in your favour.

em987623232

Marcon said:

Very heavily in your favour.

Which is why I wanted to investigate what to do with it....What would you suggest?