Barclays Deferred Pension 1964 scheme Illustration GMP/Non-GMP

millarno

Good evening MSE forum

I am new to the forum but not MSE. I am looking for information on my deferred Barclays pension if at all possible?

I have read  previous forums on GMP etc, but need clarification, as I do not know how my pension will be calculated at age 60.

I worked for Barclays from Nov 1984 until March  1991.
I reach 60 in 2027. State pension age is 67, I will have 35 years contributions. 

Barclays Bank UK Retirement fund wrote  to me in May with the following information, which I am aware is 

an illustration:

                                  Your deferred pension on 25/3/91.            Your deferred pension at 27 May 2022
GMP part:                  £164.84 pa                                                 £164.84 pa
Non-GMP part.          £699.24 pa.                                                £1634.33 pa
Non-GMP part:          £699.24 p                                                   £1634.14 pa
Total:                          £864.08 pa                                                £1799.17 pa

Does this mean I might receive £1799.17 in total? Or from what I have read, the GMP part is revalued at 7.5% (as per the table they supplied) at age 60?

Plus is the GMP value the amount that will be deducted from my state pension once that commences due to opting out of SERPS? 

Just repeating what I read, but really would like some guidance. 

Many thanks for taking a look. 

Kind regards
Millarno

millarno

The format went a bit astray, here’s a photo instead. 

xylophone

State pension age is 67, I will have 35 years contributions. 

Get a state pension forecast - 35 years may or may not be enough to give you a full new state pension as you are in the "transition" arrangements.

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

See  this, produced a couple of years before the introduction of NSP (6/4/16) at a rate of £155.65.  The Basic State Pension was then £119.30.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/181237/single-tier-pension-fact-sheet.pdf

See also (for more detail)

https://www.gov.uk/government/publications/new-state-pension-if-youve-been-contracted-out-of-additional-state-pension/the-new-state-pension-transition-and-contracting-out-fact-sheet

With regard to your deferred pension from Barclays

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

may be of interest.

millarno

Thank you Xylophone for responding. I will take a look; especially the state pension forecast! 

millarno

My state pension forecast states I currently have 33 years contributions and require  4 years more for a full pension, so I can only assume that takes into account the transition period. Thank you for flagging that up. 

DT2001

                                               £1634.33 pa
                                       

Does this mean I might receive £1799.17 in total? Or from what I have read, the GMP part is revalued at 7.5% (as per the table they supplied) at age 60?

In 2027 you will receive £164.84 revalued at 7.5% p.a. from 91 to 2027. This will then be added to £1634.33 (increased by RPI between now and then but, I think, by a maximum of 5%). The GMP will be split into pre and post ‘88 with the former receiving no increases and the latter CPI max 3%.
There will also be an equalisation calculation but only relating to pension ‘earned’ post May 1990.
At SPA you will probably have a reduction (which will have been calculated at the time of leaving).
If you read xylophone’s link to Mike Floutier’s thread you will see a format for a question that you can send to Willis Towers Watson to confirm what will happen at 60, 65 (GMP age for equalisation) and 67.

millarno

Thank you DT2001 for adding additional info much appreciated.