DB deferred benefits statements

Jonty6262

Pat38493 said:

I can say for sure that there was no possible way I could have calculated my pension just from the deferral statements that I had.  In the years since 2008 there were a few other communications they sent, mainly because they were making changes like GMP equalisation, and at that time they provided a lot more detail about the tranches included in the pension.

I can give it a whirl now at estimating the pension amount, but frankly I’ll be amazed if I got it 100% right.

Tranches? 

Marcon

Jonty6262 said:

Pat38493 said:

I can say for sure that there was no possible way I could have calculated my pension just from the deferral statements that I had.  In the years since 2008 there were a few other communications they sent, mainly because they were making changes like GMP equalisation, and at that time they provided a lot more detail about the tranches included in the pension.

I can give it a whirl now at estimating the pension amount, but frankly I’ll be amazed if I got it 100% right.

Tranches? 

The split between pre 1988 GMP/post 1988 GMP/excess over GMP.

GMP is Guaranteed Minimum Pension, which in broad terms is the amount of pension someone built up in lieu of their State Earnings Related Pension during their period of scheme membership.

Pat38493

Marcon said:

Jonty6262 said:

Pat38493 said:

I can say for sure that there was no possible way I could have calculated my pension just from the deferral statements that I had.  In the years since 2008 there were a few other communications they sent, mainly because they were making changes like GMP equalisation, and at that time they provided a lot more detail about the tranches included in the pension.

I can give it a whirl now at estimating the pension amount, but frankly I’ll be amazed if I got it 100% right.

Tranches? 

The split between pre 1988 GMP/post 1988 GMP/excess over GMP.

GMP is Guaranteed Minimum Pension, which in broad terms is the amount of pension someone built up in lieu of their State Earnings Related Pension during their period of scheme membership.

Not only that - my pension was split into 3 different valuations - two with NRA65 and one with NRA 60.  One of the 65 ones was replacing GMP by equalisation.

I have no idea why about a 3rd of my pension has NRA of 60 as the GMP equalisation documentation was the first I knew about it.  It did explain though why the estimates they previously  sent me were higher than I had expected.

Marcon

Pat38493 said:

Marcon said:

Jonty6262 said:

Pat38493 said:

I can say for sure that there was no possible way I could have calculated my pension just from the deferral statements that I had.  In the years since 2008 there were a few other communications they sent, mainly because they were making changes like GMP equalisation, and at that time they provided a lot more detail about the tranches included in the pension.

I can give it a whirl now at estimating the pension amount, but frankly I’ll be amazed if I got it 100% right.

Tranches? 

The split between pre 1988 GMP/post 1988 GMP/excess over GMP.

GMP is Guaranteed Minimum Pension, which in broad terms is the amount of pension someone built up in lieu of their State Earnings Related Pension during their period of scheme membership.

Not only that - my pension was split into 3 different valuations - two with NRA65 and one with NRA 60.  One of the 65 ones was replacing GMP by equalisation.

I have no idea why about a 3rd of my pension has NRA of 60 as the GMP equalisation documentation was the first I knew about it.  It did explain though why the estimates they previously  sent me were higher than I had expected.

I'd guess Barber equalisation... Barber was a European court ruling dating back 30 years, which stipulated that having different scheme retirement ages for men and women was unlawful.