Barclays Bank - 1964 Final Salary Pension Scheme - Help!

Marcon

Social_Observer said:

I joined Barclays in April 1985 when I was still 16 and left in Feb 1990 but am a deferred member of the Barclays Bank - 1964 Final Salary Pension Scheme.

The vesting period reduced to two years on 6 April 1988 - your date of leaving is the key here.

Troytempest

I joined it when I was 18 (not before), but only worked at Barclays for 2 years. had a refund of contributions.

Silvertabby

Troytempest said:

I joined it when I was 18 (not before), but only worked at Barclays for 2 years. had a refund of contributions.

Then either you left before April 1988 or you didn't have 2 full calendar years membership.

Social_Observer

Yes, a shorter enrolment period but will provide c£2k pa pension.

Social_Observer

In light of previous comments regarding the abatement once state pension kicks in, would a pension advisor support a transfer out because the downside is not balanced by other benefits of staying in?

One advisor stated that they would have to assess all my pension funds at a cost in excess of £10k so transferring my Barclays pension would unlikely result in an improvement. Is this correct?

Marcon

Social_Observer said:

In light of previous comments regarding the abatement once state pension kicks in, would a pension advisor support a transfer out because the downside is not balanced by other benefits of staying in?

One advisor stated that they would have to assess all my pension funds at a cost in excess of £10k so transferring my Barclays pension would unlikely result in an improvement. Is this correct?

It's correct that they would have to look at 'everything' - they can't just look at one pension scheme in isolation. Given the ridiculous stringency of the FCA requirements in respect of transfers, and the huge risk to the adviser, the cost might look disproportionate but it's not out of line with what other advisers would charge. 

glitzy

Hi, I am not sure if this helps but I joined Barclays when I was 16 in 1979. & left in 1986. I have just looked at my paperwork & it says Pensionable Service- 81 months (6 years 9 months), so I received a pension the whole time I was there. 

I have a question of my own, I didn’t take my Barclays pension when I turned 60 last year thinking that all the time I don’t take it that it would increase ie £3,600 a year, so instead of £80,000 lifetime, it would increase to £105,000 divided so would be £4,700 a year roughly. Does anyone know if that’s what happens with a Barclays Pension. They are re-calculating a new quote but I was wondering if anyone else had done the same.

Marcon

glitzy said:

Hi, I am not sure if this helps but I joined Barclays when I was 16 in 1979. & left in 1986. I have just looked at my paperwork & it says Pensionable Service- 81 months (6 years 9 months), so I received a pension the whole time I was there. 

I have a question of my own, I didn’t take my Barclays pension when I turned 60 last year thinking that all the time I don’t take it that it would increase ie £3,600 a year, so instead of £80,000 lifetime, it would increase to £105,000 divided so would be £4,700 a year roughly. Does anyone know if that’s what happens with a Barclays Pension. They are re-calculating a new quote but I was wondering if anyone else had done the same.

Not sure where you are getting these 'lifetime' figures from, but that certainly isn't how a final salary scheme works.

If you didn't take your pension at the scheme's normal retirement age (?was it 60 for you?), then it may or may not increase from then until the time you take it, depending on the rules of the scheme. 

Probably best to wait for the quote the scheme is going to provide.

ossie48

Marcon said:

The_Realist said:

Hi.  I'm after some advice on behalf of my Mother who is getting nowhere with WTW.

Background
Worked 1980-1986 (5 years 11 months)
Final Salary £10,000
Father was also in the same scheme.  Divorce in 2005 and part of his scheme (and according to the paperwork, his scheme only) was transferred to my Mother who invested this element into her own SIPP.  The amount invested in the SIPP is in line with what my Father recalls (paperwork all shredded in the last few years)
WTW claim nothing relating to my Mothers time at Barclays remains but can't seem to give any breakdown of the amount that left split between Mothers work pension, and divorce settlement.  Is it possible they combined this and she unwittingly signed something?  I'm thinking no, but it's getting difficult to prove this at all.

Calculations
Can anyone:

1. Calculate an approx. TV at 2005 of my Mothers Pension (age 41)
2. Calculate what my Mothers Final Salary Pension should be, had it not been transferred, based on the above if it started now (aged 60)

I'd be grateful of any help on the above.

Thanks

If your mother was 41 in 2005, then she would have been 16 at the time she joined Barclays. That was too young to join their pension scheme. If she was only there until 1986, she wouldn't have had a long enough period of pension scheme membership to gain the right to a 'deferred' pension and would have had a refund of any personal contributions at the time she left.

As you have said in your post, she was awarded a 'pension credit' in respect of her (now ex) husband's scheme and transferred this to her SIPP.

WTW have no record of a Barclays pension for her because she doesn't have one in her own right (wasn't in the scheme long enough) and didn't keep a pension credit in the scheme in respect of her divorce settlement. 

There may be an issue with your advice(highlighted in bold) unless I'm missing something. The reason I ask is that  I joined Barclays aged 16 in 1981. I left in 1987 with 5 years 9 months pensionable service so I started paying into the pension scheme aged 16. I have the papers in front of me (just double checking) because I transferred the pension out in 2020 via an IFA for £111,000. 

Also note the post two above who also started paying in at 16. 

I'm not sure if the OP's gone but it's worth noting, I had roughly the same service, roughly the same dates, same scheme.

If I missed something I apologise. 

jaypers

I was in the 64 Scheme. Towers Watson were always helpful for me. Have you raised a case with your specific queries?