Transferred Out SERP compensation

Kittybeez

I’ve just received a letter from a  pension scheme administrator for a pension I was in around 1993. They’re saying I’m due some SERPs related compensation connected to the guaranteed minimum pension as the normal pension age for women was treated as 60 and the EU has said we should have been treated equally as men. I’ve never heard of this issue before is it something that’s widely known? They’ve said do nothing & we’re going to calculate what you’re owed. 

xylophone

https://www.scottishwidows.co.uk/existingcustomers/pensions/equalisation-for-gmp.html

hyubh

Kittybeez said:

I’ve just received a letter from a  pension scheme administrator for a pension I was in around 1993. They’re saying I’m due some SERPs related compensation connected to the guaranteed minimum pension as the normal pension age for women was treated as 60 and the EU has said we should have been treated equally as men. I’ve never heard of this issue before is it something that’s widely known? They’ve said do nothing & we’re going to calculate what you’re owed. 

The phrase to Google 'GMP equalisation'. Until you get confirmation of the amount calculated, I'd hold off splashing out on that new kitchen or fancy car - the vast majority of GMP equalisation calculations (which are very complex) end up with either no underpayment or a trivial one. That said, you might be different if the majority (or all) of the pension you transferred out was GMP.

Kittybeez

It was only a years worth of contributions when I was on around £29k so I’m not expecting much if anything. It was just a topic I’d entirely missed.