How to get a pension quote from Barclays?

DavidexBarclays

Having been a member of Barclays Staff from 1984 to 2002, I have 18 years of service built up in the Barclays "1964" Pension Scheme which is a DB (final salary) scheme. I am now 4.5 years away from the 'normal retirement age' (ie 60) and am trying to establish how much pension I'll be paid from October 2027.

Incredibly (at least to me) the administrators of the scheme (Willis Towers Watson) are unable (unwilling?) to provide me with anything other than a 'early retirement' quote which can be downloaded for any date up to 6 months hence. This is all very well, but it fails to give me any real grasp of the pension that I can expect from 2027. Here is their initial response to my request>>> 

It is not the policy of the UKRF to provide illustrations more than 6 months in advance of your date of retirement. The reason for this is that the Trustee cannot predict future increase in inflation and the actuarial factors used in the illustration (for calculating early, late pensions and cash lump sums) are reviewed on a regular basis by the Trustee and can be amended at any time, which would mean the actual benefit payable could be higher or lower that the illustration provided.  Pensions and tax legislation could also change in the future (as we have seen regularly in recent years) which could also impact on the benefits payable in the future. 

Please contact us again 6 months ahead of your chosen retirement date.

My wife is a member of (another) DB scheme and she regularly receives information about how much she can expect to receive. 

I am sure I can't be the only former Barclays employee who wants this kind of information, and I assume the response I've received from WTW is a 'stock' answer which they are compelled to issue by Barclays.

In my mind my request is reasonable - they know my 'final salary' and my years of service. The pension I am due will be a function of this, with some kind of annual increase linked to inflation. I am perfectly content to be given a figure which is approximate and subject to fluctuations that can't be predicted. 

Given the response, I have raised a complaint with WTW but other than an acknowledgement, I've not had a meaningful answer and they have for the last month 'fallen silent'. I am not holding my breath for a meaningful reply. 

Question: Has anyone (particularly ex-Barclays staff) come across similar unwillingness to provide quotes for the amount payable at 'Normal Retirement Age'
Question: Am I being unreasonable in expecting to be able to plan ahead and have an idea of my pension. 
Question: Other than pursuing the complaints process, does anyone have any suggestions as to how to get an answer from WTW

I've taken the liberty of (attempting) to tag users who I suspect are exBarclays into this thread. 
xylophone
DT2001

Thanks in anticipation

xylophone

I've taken the liberty of (attempting) to tag users who I suspect are exBarclays into this thread.

I'm not ex-Barclays but DT is and so is Mike Floutier.

The answer you've had is indeed par for the course.

Barclays Staff from 1984 to 2002,

So you have pre 88 GMP/post 88 GMP/Excess.

Fixed Rate Revaluation of GMP for 2002 leavers here

https://adviser.royallondon.com/technical-central/rates-and-factors/fixed-rate-gmp-revaluation/

Barclays Scheme GMP equalisation exercise appears to have been completed.

https://forums.moneysavingexpert.com/discussion/comment/79519610#Comment_79519610

https://epa.towerswatson.com/accounts/barclays/public/barclays-bank-gmp-faqs/

 Re state pension reduction.

https://forums.moneysavingexpert.com/discussion/comment/62875440/#Comment_62875440

See (and following) re pension calculation.

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

Brie

Don't you get a quote as part of your annual benefit statement from them?  That always used to be the standard practice.  There should be one issued based on all the info they have at the end of the last tax year but I would have thought you could see that online.  If not and you haven't been getting anything then do they have your correct address? 

xylophone

Don't you get a quote as part of your annual benefit statement from them? 

See links in post above re Barclays scheme administration.

DavidexBarclays

Many thanks MikeFloutier is ex-Barclays. 

I suspected my reply would be 'par' for the course, and I assume there must be lots of others in the same boat. I'm sufficiently motivated by the WTW / Barclays response (or lack of it) to rattle their cages here as much as possible. I believe this kind of information is reasonable to request and should be forthcoming. 

@Brie - no this is the frustration, there is nothing that comes that says 'When you get to retirement age, we predict your pension will look like this.....' (I'd be content with this being subject to caveats so I can see a minimum and maximum figure).

I just hope others who have had the same 'brush off' from Barclays (and / or the administrators Willis Towers Watson) may see this.

Tommyjw

As a person working for a competition of WTW (who in fact has just lead a team taking on a scheme from WTW they were doing such a bad job..) I am always confused by these posts. 

If someone ask for a projection many years from now, don't get me wrong we don't give war and peace, but it's we estimate its £X, we base this on Y starting figure and Z assumptions for future inflation.

Like you've insinuated, they've already done the hard work for an early retirement figure. Just say, we reduced it by X% for early retirement, we aren't going to assume what inflation will be so just say assume its 0% and atleast its something.

I always wondered if their refusal to provide future estimates actually goes against the disclosure requirements we have to follow - https://www.legislation.gov.uk/uksi/2013/2734/schedule/5/made 

"8.  The amount of the member’s benefits and survivors’ benefits payable from the date benefits are payable."

Our reading of "date benefits are payable" would be the Schemes normal retirement age, because in theory that's the first age you are specifically entitled to take your pension, anything early is very much an allowance by the Scheme to let you go early normally. 

DavidexBarclays

Thanks @Tommyjw for this helpful comment. And thanks also for the link to the gov.uk webpage. If there are other references I can use in my case to show that they (WTW) should provide this information, I'd be very grateful for any pointers. (I wonder if WTW are making this up on their own account, or are following the instructions from the Barclays Pension trustees?) 

Marcon

Brie said:

Don't you get a quote as part of your annual benefit statement from them?  That always used to be the standard practice.  There should be one issued based on all the info they have at the end of the last tax year but I would have thought you could see that online.  If not and you haven't been getting anything then do they have your correct address? 

Deferred members of DB schemes don't normally get annual benefit statements.

Brie

Marcon said:

Deferred members of DB schemes don't normally get annual benefit statements.

LV certainly always sent them out and so did Barclays at least while they still had their administration in house (don't ask me how I know....).  

Prism

Brie said:

Marcon said:

Deferred members of DB schemes don't normally get annual benefit statements.

LV certainly always sent them out and so did Barclays at least while they still had their administration in house (don't ask me how I know....).  

My wife's deferred government scheme is run by Capita and every yearly statement provides exactly the same figure without any consideration of the years and inflation between then and now. I assume this completely pointless yearly document will continue to be posted out until about 6 months from retirement it will be updated with real figures.

ian16527

Can you not estimate it?
Take your leaving figure and use the inflation rate for each year subsequently but with regard to your scheme rules on indexation.
Then use say 2.5% for the remaining years till retirement - it will give you a rough idea, as I did when wanting an estimation of my own DB pension.
Or if Barclays allow early retirement from 55, ask them for a quote to retire at say 56 and work from there