Unilever Final Salary estimate & GMP

Mrpaddyseymour

Thanks everyone for the responses.

From my original post I just wanted to see if anyone can comment on why  the automatic lump sum of £ 9207.98 is the same in the quote for todays value and in the 2033 estimate? Mrpaddyseymour said:

Back in December 2021 I requested a Transfer value which I received as set out below:-

Members Total Pension at at DOC £ 3,877.11 per annum
Member's pre 6 April 1997 pension at DOC £ 3,808.81
Member's automatic lump sum £ 9,207.98

GMP post 6 April at DOC £2,044.12 per annum

Total defined benefits transfer value £ 175,078.00

Pre 6 April 1997 transfer value arising from GMP £ 84,242.00

last week on request I was sent an updated estimate of my pension if I retire at 65.  Initially i requested 55 out of interest which was a little higher than anticipated based on the above.

I received the following figures based on retiring at 65 in 2033

A full estimated pension of £ 6437 + an automatic lump sum of £ 9207.98

or 

a pension of £ 4,950 plus a lump sum of £ 33,000

I have no idea why the figures are so different between December of £ 3,877.11 and £ 6,437

Capita were no help and advised someone would call back to explain but they are very busy.


Can anyone shed light on the big difference in the annual estimate of my potential pension?

Many thanks in advance

xylophone

the automatic lump sum of £ 9207.98 

Do you still have a copy of the scheme Guide you would have been given when you joined?

If not, you will need to enquire of Capita.

It is possible that  the Guide throws some light on the question of the calculation of the automatic lump sum.

For example, it was the case that the 1995 NHS Scheme provided retirees with an automatic lump sum of three times the annual pension.

But schemes differ - it could be the case that the automatic lump sum in the Unilever Scheme is based on years of service for example?

Mrpaddyseymour

xylophone said:

the automatic lump sum of £ 9207.98 

Do you still have a copy of the scheme Guide you would have been given when you joined?

If not, you will need to enquire of Capita.

It is possible that  the Guide throws some light on the question of the calculation of the automatic lump sum.

For example, it was the case that the 1995 NHS Scheme provided retirees with an automatic lump sum of three times the annual pension.

But schemes differ - it could be the case that the automatic lump sum in the Unilever Scheme is based on years of service for example?

ill check with Capita.  Because i'm confused as why the quote is todays money and in the future 2033 estimate.  But you've been very helpful