How to get a pension quote from Barclays?

jaypers

There always used to be a tool you could use on the epa site that could provide illustrations. 

DT2001

xylophone said:

yes I did, but am I missing something you are trying to draw my attention to?

Mike was closer to Scheme NRA (60) than you ( he had around six months to go) but nevertheless like you was a deferred member of the scheme.

The calculation here is Mike's for taking the pension at scheme NRA

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

Did you go through the Barclays Scheme style calculation and note the mechanics?

I found it a somewhat alien method as in the scheme with which I am most familiar, at scheme NRA of 60, the whole pension would include the GMP revalued to age 60.

 For men (GMP age 65), the whole amount would then increase under scheme rules (uncapped RPI) until GMP age at which point it would be split into revalued Pre 88 GMP, revalued post 88 GMP and excess and thereafter would increase as to nil on pre 88, up to 3% CPI on post 88 and uncapped RPI on the remainder.

Presumably you have the statement of benefits on leaving  Barclays that would have been provided back in 2002.

What does it show as

 (a)  Pre 88 GMP

 (b) Post 88 GMP

 (c) Excess over GMP?

Now look at Mike's calculation.

Presumably you know your total GMP at date of leaving the scheme (and so do WTW).

This UNREVALUED figure is used for age 60 calculation.

However, they do not know what

Non-GMP potion (including annual pension increases since leaving active membership)

will be as they cannot know the rate of inflation between now and then.

It is  (a) + (b) + REVALUED (c) added together which will give you your scheme pension at age 60.

WTW will not make a guess at the rate of inflation to be used over the next four/five years to revalue (c) at age 65 although there is nothing to prevent your modelling anything from 0 to 5% RPI (maximum) to reach an estimate of what you will receive from age 60 up to age 65.

You will note that what WTW did do for Mike was to estimate the possible situation at age 65 when the pension calculation would include the revalued GMP.

The revalued GMP (Fixed Rate) was easy to calculate. Looking at the table linked in my previous, what is the FR for your date of leaving the scheme?

They used an estimate of 2.5% for revaluing the excess between age 60 and 65.

You will note the "step up" at age 65.

You should also check your personal calculation of the SPD that will be applied at state pension age.

Was Barclays your only contracted out scheme?

What is the COPE shown on your state pension forecast?

Since Mike’s thread equalisation of GMP has proceeded and at 60 his pension was recalculated. He received a payment of over £1200 for that year. The OP leaving the scheme later will have a lower rate of increase and fewer years compounding but it is all to the positive.

xylophone

Since Mike’s thread equalisation of GMP has proceeded and at 60 his pension was recalculated. 

Yes, I remember from the discussion

https://forums.moneysavingexpert.com/discussion/comment/79781464#Comment_79781464

that this had happened and drew OP's attention to it here

https://forums.moneysavingexpert.com/discussion/comment/80010862/#Comment_80010862

but thought it better to use what is shown as  GMP at date of leaving the scheme as I was not sure whether there would be any adjustment at 60 or whether it would have to wait until age 65.

DT2001

xylophone said:

Since Mike’s thread equalisation of GMP has proceeded and at 60 his pension was recalculated. 

Yes, I remember from the discussion

https://forums.moneysavingexpert.com/discussion/comment/79781464#Comment_79781464

that this had happened and drew OP's attention to it here

https://forums.moneysavingexpert.com/discussion/comment/80010862/#Comment_80010862

but thought it better to use what is shown as  GMP at date of leaving the scheme as I was not sure whether there would be any adjustment at 60 or whether it would have to wait until age 65.

Sorry, I missed that link. Any adjustment due to equalisation is a guess as the accruals for the ‘alternative’ are unknown.

Neilb1969

jaypers said:

There always used to be a tool you could use on the epa site that could provide illustrations. 

That’s right. I’m 54 with a deferred final salary pension with Barclays and I can get a current estimate as at todays date through the epa site. It gives an estimate which revalues the non gmp portion but leaves gmp at the original amount when leaving Barclays. It’s a pretty good starting point to build an estimate for NRA figure I think