Woolwich Building Society Staff GMP rates

getbarc

Does anyone out there have the Woolwich Staff pension GMP revaluation rates that were being used in and around 1992

Marcon

It may show on any benefit statement you've received in the past. Otherwise probably best to ask the administrators of the scheme, who should be able to tell you immediately which revaluation method the scheme uses.

The Woolwich Pension Fund is now part of this: https://epa.towerswatson.com/accounts/barclays/public/barclays-bank-sections-of-the-ukrf/ but you seem to be asking about a scheme with a different name. If it is the same scheme, then following the link to the section on GMP equalisation will give you the answer.

Brie

These people are the best ones to ask.  There might even be something on their website.

Sections of the UKRF: Barclays Bank UK Retirement Fund (towerswatson.com)

xylophone

Do you mean the GMP revaluation rate for a member leaving the Woolwich BS  Pension Scheme in 1992?

This would have predated both demutualisation and the takeover by Barclays.

It would appear that the scheme was subsumed into the Barclays 1964 Scheme after takeover.



https://epa.towerswatson.com/accounts/barclays/public/barclays-bank-sections-of-the-ukrf/

The Barclays Bank UK Retirement Fund is one fund that has nine sections as follows:
........

1964 Pension Scheme (including former members of the Woolwich Pension Fund, the 1936 Fund and former Martins Bank employees) The Barclays 1964 Scheme (which seems to garner quite a few mentions on the forum) used Fixed Rate. Details of FR here (as well as details of other revaluation methods). https://techzone.abrdn.com/public/pensions/Tech-guide-guaranteed-min-pen

getbarc

I am trying to find out because I believe Barclays are using the wrong rate for the Woolwich scheme as I have reached 65. I do mean the revaluation rate for 1992 because that is when I left. Would very much appreciate any info anyone has. 

xylophone

Did you draw this pension at (or before) Scheme Normal Retirement Age?

SNRA for Barclays 64 was 60.

Was it the same for the Woolwich?

I do mean the revaluation rate for 1992 because that is when I left. 

Fixed Rate Revaluation was 7.5% for 1992 leavers.

You have checked that FR was used?

If so, what rate do you think has been used?

xylophone

Another question, when you left the Woolwich, were you given a statement of deferred benefits showing

pre 88 GMP

post 88 GMP

Excess?

And have you obtained a State Pension Forecast?

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

getbarc

Xylophone

Do you have some written proof that it was 7.5% fixed for 1992 leavers ? I would be incredible greatfull. Does the State Pension Forecast show what rate was applied ?

Kind regards

xylophone

Do you have some written proof that it was 7.5% fixed for 1992 leavers 

7.5% was the rate for 1992 leavers where Fixed Rate Revaluation  of GMP was the method chosen by the Scheme Trustees.

It was the method chosen by the Trustees of the Barclays 64 Scheme of which the Woolwich Scheme is now a section (post the takeover in 2000 presumably).

There is a chart showing years/rates here

https://techzone.abrdn.com/public/pensions/Tech-guide-guaranteed-min-pen

As I asked in my previous, have you checked that Fixed Rate was used in your scheme (rather than one of the other methods available?

It is possible that Full Rate Revaluation was chosen (though less likely) or even Limited Rate - see link above.

Do you have a statement of deferred benefits at date of leaving?

If so, what exactly does it say?

Have you already drawn your deferred pension?  

If so, was this at or before scheme normal retirement age?

Could you confirm that you are male?

I mentioned the State Pension Forecast because it will show you whether or not you have already reached a full new state pension.

What exactly does yours say?

getbarc

Xylophone

The problem I have is I worked until 1992 for the Town & Country building Society which was then transferred to the Woolwich. At the time we were given the choice as to what scheme we could be under. T&C used fixed rate at 7.5% but Barclays are insisting that I come under the Woolwich scheme which they say used section 148. I am trying to find out the rate the Woolwich used in 1992 for their pension scheme. If I could prove that the Woolwich scheme was based on the same fixed rate of 7.5% at time of transfer I would be able to go back to them with this knowledge.

Thanks

xylophone

 At the time we were given the choice as to what scheme we could be under.

After the takeover, you remained in your job for a period and during that time you chose to become a member of the Woolwich Pension Scheme?

It is perfectly possible that the scheme used Full Rate (S148) although this was less likely in private schemes.

Are you actually drawing this pension and if so, how long have you been drawing it?

Has the question of the revaluation method jumped to the forefront of your attention because you are male, have reached GMP (though not SP) age and WTW have provided you with a split showing  your pre 88 GMP/post 88 GMP revalued to age 65?