What do I get from GMP, keep or transfer?

AnotnaC7

I have a deferred pension with Pre’97 GMP with Mercer this was left over when the company I work for changed to a Retirement Savings Plan with Aviva. I opted to leave the Pre’97 money there as at the time (circa 2017) as I believed that there was some hidden value in it. 

Can anyone clarify in layman’s terms what this means to me financially at age 65, what am I getting in my hand from this mess £20.35/week or £33.88/week? or is it something different? I will be 67 in 2032 but am now thinking about retiring in about next 2 years 

Am I better to do the transfer to the retirement savings plan and drawdown from there?

Here are the numbers I received when I requested a transfer valuation, 

xylophone

Was the original pension ( deferred in 2017) a Defined Contribution Scheme with a GMP underpin?

That is to say, at Normal Scheme Retirement Age (65?) which is also GMP age for a man, you would receive a pension that was the higher of  the Guaranteed Minimum Pension or the annuity that could be purchased with the DC pot?

Thus, if you chose not to transfer to your employer's current plan with Aviva, the above would be the case at age 65?




The value of the GMP at the date of deferment was £20.35 a week - using Fixed Rate Revaluation (3.5%) this becomes 33.88 a week at age 65.

The value of the DC pot at that age is unknown because it  goes up/down with value of the underlying investments.

Check the situation with Mercer.
 

AnotnaC7

Thanks xylophone, yes this was DC scheme deferred in 2017 with GMP underpin.
Does it mean I have an annuity paying £33.88/week and a lump sum of cash?
Is the underpin used to buy the annuity?