deferred pension

petemurry62

i was wanting to find out what my deferred lump sum pension of £11441.00 in 2003 would actually be today

Notepad_Phil

petemurry62 said:

i was wanting to find out what my deferred lump sum pension of £11441.00 in 2003 would actually be today

I take it you mean a deferred defined benefit pension.

If yes, then unfortunately that is impossible for anyone here to say with any guarantee as it depends on a multitude of factors and to get the precise figure you would need to go to your pension admin people.

You could go to somewhere like https://www.bankofengland.co.uk/monetary-policy/inflation/inflation-calculator to get what could be a possibly very rough estimate by putting the £11441 into the calculator. But keep in mind it would be a very rough guess and could be below or above what your's actually turns out to be.

Secret2ndAccount

The only people who can answer with any kind of accuracy will be your pension provider. They are not obliged to send you annual statements, but they are supposed to give you an update if you ask for it.
Is this a DB (Final Salary) pension? One where you are in a scheme with other pensioners, and your pension is set according to the scheme rulebook? Modern pensions tend to be DC where you build up your own personal pot. For those, the tax free lump sum is normally 25% of the pot. For DB pensions, the rulebook decides the lump sum, and the rules for how it grows are complicated. Part of your lump sum might have grown at more than 7%, while the rest could have grown much less, or even zero.
So your only hope is to go to your pension provider.
As a very approximate, finger in the air guestimate, I think you could hope that your pension has done better than inflation. 11441 in 2003 would be worth 19,000 now. No promises, don't hold me to it.

xylophone

This is a deferred Defined Benefit pension?

Was it  any form of public service pension or was it from  a bank/ other company?



When you left in 2003, were you given a statement of deferred benefits showing pre 88 GMP/post 88 GMP/excess?

What does the Scheme Guide have to say about increases in deferment/payment?

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

https://www.barnett-waddingham.co.uk/comment-insight/blog/what-is-a-gmp/

Silvertabby

Is this a public sector scheme?  If so, post your actual date of leaving and I'll dig out the relevant factor for you.

Note this will be for a public sector pension only - private schemes are revalued differently.

Marcon

petemurry62 said:

i was wanting to find out what my deferred lump sum pension of £11441.00 in 2003 would actually be today

Unless you are at (or very close to) your scheme's retirement age, remember it will only be an estimate.