Barclays 1964 pension - payment change at GMP age for anyone taking pension at ERD

DT2001

I have just had a very detailed reply from the IDPR. It confirmed that at GMP full franking would apply as that was in accordance with the scheme and law.They also provided figures of what my pension would have been at NRD and GMP age if not taken early. These were different to my assumptions and on this basis I have worked out that the age when I will have received more in total pension payments is around 73/4. That calculation IMO is too simplistic as it ignores tax (all bar one year my pension has been tax free) and the time I have had the extra money before ‘crossover’. On my new assumptions I ‘lose’ if I live beyond 80 at which time I am guessing I’ll need less income.

I have been offered a one off payment in recognition of a number of communications being either unclear and/or misleading.

There is considered no financial loss as the pension has been paid and will be in accordance with the rules. As such I would need to prove that I changed my position financially as a result. Being part of the MSE community I have just looked on the ‘extra’ as being more of my discretionary pot.

Personally I think Willis Towers Watson provided very poor service.

xylophone

I have been offered a one off payment in recognition of a number of communications being either unclear and/or misleading.

As this is being offered, presumably somebody thinks that your comment below is justified?

Personally I think Willis Towers Watson provided very poor service.

At least you know where you are now......