Barclays GMP revaluation at retirement

Binzi

Hi - After some freebie advice from some on here who have the knowledge!  I've asked Barclays several times for the value of my GMP at NRD but never receive a definitive answer, which is tricky when you're trying to plan for the future. In a nutshell left Barclays July 1996, will be 60 (NRD) in 2026. GMP on leaving was £449.80. (Non-GMP on leaving was  £1895.88 and is now £3714.22). I understand that once in payment the GMP is split pre and post 1988. Anyone able to help. Thank you. 

Marcon

Binzi said:

Hi - After some freebie advice from some on here who have the knowledge!  I've asked Barclays several times for the value of my GMP at NRD but never receive a definitive answer, which is tricky when you're trying to plan for the future. In a nutshell left Barclays July 1996, will be 60 (NRD) in 2026. GMP on leaving was £449.80. (Non-GMP on leaving was  £1895.88 and is now £3714.22). I understand that once in payment the GMP is split pre and post 1988. Anyone able to help. Thank you. 

Assume you're female (GMP age is still 65 for men, 60 for women).

What's the basis of GMP revaluation - should be shown in your scheme booklet and/or on the benefit statement you have. Then have a look (or come back here for help) at https://www.barnett-waddingham.co.uk/comment-insight/blog/what-is-a-gmp/ and scroll down to the section headed GMP Revaluation.

Binzi

Thank you for swift reply. Yes I'm female. As I left July 1996 I believe the revaluation is 7% per year. I don't understand why Barclays can't/wont confirm my GMP at retirement. Last letter says "the pension you receive may be higher or lower than the amount stated above" Doesn't fill me with confidence! I understand I cannot rely on advice but would be grateful for some knowledgeable insight. 

xylophone

You are female? If so, the scheme NRD aligns with your GMP age.

You are a member of the Barclays 64 Defined Benefit Pension Scheme?

From other posts it appears that the Scheme uses "Fixed Rate" to revalue the GMP.

At your date of leaving this was 7%.

See  https://forums.moneysavingexpert.com/discussion/comment/78206836/#Comment_78206836

For a male, the situation is more complex.

See

https://forums.moneysavingexpert.com/discussion/comment/63406494/#Comment_63406494

Have you obtained a State Pension Forecast?

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

Binzi

Hi 
Female -yes
Barclays 64 DFB Pension scheme - yes
I think State Pension reduction will be c.£292
I think I have to pay NI one more year  to get full state pension

I had enquired CETV but this is going down every time! One year ago £241,000, then £233,00 now £201,000 - Really difficult to find reasonably priced/agreeable  Financial Advisor to give advice on whether to take this so I think I'll just stick with getting pension at NRD but I've been trying to find out roughly how much that will be. 
Thank you.

DT2001

I have a Barclays 1964 deferred pension in payment (taken before NRD) and my GMP is due in 2025 (at 65). I asked WTW administrators of the Barclays scheme for information on how they would calculate the pension due at that time. Only with the help of Xylophone (inc his link to Mike Floutier’s thread) and TPS did I get anywhere. I had to calculate the GMP increase and WTW confirmed my methodology. They will not commit to any figures unless you are close to the date (I think 6 months) on the basis that the law could change. At the bottom of this part of an article by Barrett Wadington on how to calculate increases.
Having said all of that if you go to the Barclays Pension website it says they are working on GMP equalisation so, in theory, it might/will alter the amount you get.

GMPs receive an increase on every 6 April from date of leaving to retirement, but not including the 6 April immediately prior to GMP age (65 for men, 60 for women).

DT2001

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

Full link re GMP