need a few questions asked on deferred pension

Notebook

Hi all
had a pension that I paid into some years ago.  When I enquired about it over the years it says the same £2,814.93.

Therefore I think it is a final salary - am I correct? and secondly, left alone I would just get the £2962 a year from retirement?

Looking at the pot value, it appears that £2962 a year isn't very good, and looking over the last week or so would get a better return with an annuity?

I am not currently looking to do anything at present as I don't require the cash and am in my late 50s

Any info appreciated, or places where I can read up on this type of pension

Some notes I took /found recently

1/8/2001 Left scheme 31 Aug 2009 Pension at leaving £2962 Transfer £28,346 pot

2021 August £120k pot worth

2022 August £89619

Policy Details
Pension Component Description		Amount – per annum	Annual Revaluation Rate (Pre-retirement)	Annual Increase Rate (Post-retirement)
Pension built up after 6 April 1997 and before 5 April 2009		£ 2,814.93	cGLP (0,5)	RPI (up to 5% p.a.)
Pension built up after 6 April 2009		£148.04	cGLP (0,2.5)	RPI (up to 5% p.a.)
Total pension at date of leaving		£ 2,962.97
Total dependant’s Pension		£ 1,481.49

Albermarle

It is a final salary pension. You will have a guaranteed income at retirement of £2962 pa + presumably some increases each year since you left, although I do not know what c GLP actually means .
The other figures you have seen are what you would have got at the time had you given up this pension, and money transferred to an investment based pension with no guarantees. The change in these figures has no effect on the guaranteed pension that you will still get.

Notebook

Albermarle said:

It is a final salary pension. You will have a guaranteed income at retirement of £2962 pa + presumably some increases each year since you left, although I do not know what c GLP actually means .
The other figures you have seen are what you would have got at the time had you given up this pension, and money transferred to an investment based pension with no guarantees. The change in these figures has no effect on the guaranteed pension that you will still get.

Revaluation rate of cGLPI (0,5)
cGLPI (0,5) means RPI from your date of leaving until 2010 and CPI from and including 2010 with a cap over the whole period of 5% per annum and a floor over the whole period of 0% per annum.

Revaluation rate of cGLPI(0,2.5)
cGLPI (0,2.5) means RPI from your date of leaving until 2010 and CPI from and including 2010 with a cap over the whole period of 2.5% per annum and a floor over the whole period of 0% per annum.

Thanks - does that help?

So it should be more than the £2962 each year if I leave it there?

Albermarle

It means that as you left the scheme in 2001, your current pension will be £2962 + all the revaluations each year since then, according to the Revaluation rates you mention above. So it will be significantly more than £2962, and it will continue to be revalued each year until the retirement date.

For some reason it can be quite difficult to get some pension schemes to put an exact figure on what the correct figure is today, and you have to try and work it out for yourself . 

xylophone

Do you have a copy of your scheme guide?

If not, it may be possible to find it on the internet.

Failing that, the pension administrator should be able to provide a copy.

Your pension has been revaluing in deferment as previously discussed.

What is the normal scheme retirement age?

Have you obtained a state pension forecast?

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

Secret2ndAccount

You are looking at about 60% growth in that time period. So, today, about £4800/yr.  It will keep growing, but the buying power should remain about the same as £4800 today.
Guaranteed for life, and moderately protected against inflation. Could be worse...

Notebook

Albermarle said:

It means that as you left the scheme in 2001, your current pension will be £2962 + all the revaluations each year since then, according to the Revaluation rates you mention above. So it will be significantly more than £2962, and it will continue to be revalued each year until the retirement date.

For some reason it can be quite difficult to get some pension schemes to put an exact figure on what the correct figure is today, and you have to try and work it out for yourself . 

Thanks - I left in 2009 and the pension was then sold on to a company, quantum, and then to Rothesay life.
They take a week or so before they engage with any questions

Notebook

xylophone said:

Do you have a copy of your scheme guide?

If not, it may be possible to find it on the internet.

Failing that, the pension administrator should be able to provide a copy.

Your pension has been revaluing in deferment as previously discussed.

What is the normal scheme retirement age?

Have you obtained a state pension forecast?

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

Thanks

yes I have a copy

government says

£185.15

retirement on government says Oct 2031

Pension being discussed says  October 2019

Marcon

Notebook said:

Albermarle said:

It means that as you left the scheme in 2001, your current pension will be £2962 + all the revaluations each year since then, according to the Revaluation rates you mention above. So it will be significantly more than £2962, and it will continue to be revalued each year until the retirement date.

For some reason it can be quite difficult to get some pension schemes to put an exact figure on what the correct figure is today, and you have to try and work it out for yourself . 

Thanks - I left in 2009 and the pension was then sold on to a company, quantum, and then to Rothesay life.
They take a week or so before they engage with any questions

A week or so is extremely quick, given the massive workload all pension administrators are coping with!