Query re. pension amount figure

secondincometrader

Hi, I have a deferred defined benefit pension with NatWest/RBS. I am 57 and have a Normal Retirement Age with them of 60, so 3 years to go. I have received a valuation statement from them that says my "fund pension at retirement is £20,000". So my question is - is that £20K the value in todays money, so assuming ongoing inflation the amount I actually receive in 3 years time will be greater than £20K? Or is the £20K what I will actually receive in 3 years time and I have to work backwards and reduce it to get that value in todays money? Thanks in anticipation.

Albermarle

It should be clear from the documentation. Otherwise I would probably assume it is £20K in todays money and in 3 years time it will be higher. 

xylophone

Hi, I have a deferred defined benefit pension with NatWest/RBS. I am 57 and have a Normal Retirement Age with them of 60, so 3 years to go. I have received a valuation statement from them that says my "fund pension at retirement is £20,000".

Could you please be more precise about what exactly you mean by valuation statement?

Or could you upload,  obscuring personal details (name/address/roll number etc)?

Have you obtained a new state pension forecast?

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