Does the amount grow in this pension?

Notebook

[Removed by Forum Team]

Hi all

have asked in the past but lost the notes I made. 

Does the amount 2814 grow in any way since leaving the scheme?
cglp? Is there a calculator that would give some sort of todays and future amounts if it requires calculating. 

Any help on this specific question appreciated. Thanks 

flaneurs_lobster

Well, we don't have your Mother's maiden name or that of your first pet but your name and DoB is a good start.....

Marcon

Don't post any personal details....

As you say, you've asked about this before, so no point repeating the answers: https://forums.moneysavingexpert.com/discussion/6394193/need-a-few-questions-asked-on-deferred-pension

MK62

AIUI, your deferred pension benefits are revalued each year using limited price indexation........pension benefit accrued prior to 2009 must be increased by RPI with a 5% cap, while pension benefit accrued after 2009 only has to be increased by RPI, with a 2.5% cap.

Once in payment, the whole pension is increased by RPI with a 5% cap.

Note:.....since that statement was issued, RPI may have been replaced by CPI, but you'd need to check that with the actual scheme administrator.

Notebook

Notebook said:

[Removed by Forum Team]

Hi all

have asked in the past but lost the notes I made. 

Does the amount 2814 grow in any way since leaving the scheme?
cglp? Is there a calculator that would give some sort of todays and future amounts if it requires calculating. 

Any help on this specific question
appreciated. Thanks 

failed the first test. Nothing to do with the answer

FIREDreamer

Notebook said:

[Removed by Forum Team]

Hi all

have asked in the past but lost the notes I made. 

Does the amount 2814 grow in any way since leaving the scheme?
cglp? Is there a calculator that would give some sort of todays and future amounts if it requires calculating. 

Any help on this specific question appreciated. Thanks 

Not clear if the deferred values are as at date of leaving in 2009 or at policy commencement in 2014.

(1) Assuming the values are as at 31 August 2009 (Date of Leaving) …
The £2,814.93 has increased to £2,814.93 x 1.496 = £4,211.14 so far.
The £148.04 has increased to £148.04 x 1.448 = £214.36 so far
Total of £2,962.97 has therefore increased to £4,425.50 so far.


(2) Assuming the values are as at 15 September 2014 (Date of Policy Commencement) …
The £2,814.93 has increased to £2,814.93 x 1.333 = £3,752.30 so far.
The £148.04 has increased to £148.04 x 1.280 = £189.49 so far
Total of £2,962.97 has therefore increased to £3,941.79 so far.

Hope this helps

Latest revaluation orders here …

https://www.legislation.gov.uk/uksi/2023/1265/article/2/made

xylophone

Does the amount 2814 grow in any way since leaving the scheme?

BOTH elements of your deferred pension are revaluing in deferment.  This pension was originally an occupational pension scheme which eventually ended up with Rothesay Life.


https://www.rothesay.com/policyholders/questions-and-answers/

We do not sell pensions direct to individuals. You will have built up your pension in a company pension scheme or with another insurer. You would have then become our policyholder as a result of either a:

• Buy-out: The trustees of your previous pension scheme transferring responsibility for your pension benefits to us.
• Part VII transfer: Your previous insurer transferred your policy to us following a legal process known as a 'Part VII transfer'.

When you enquired of Rothesay Life about the meaning of the abbreviation cGLP you were told

https://forums.moneysavingexpert.com/discussion/6394193/need-a-few-questions-asked-on-deferred-pension

Revaluation rate of cGLPI (0,5)
cGLPI (0,5) means RPI from your date of leaving until 2010 and CPI from and including 2010 with a cap over the whole period of 5% per annum and a floor over the whole period of 0% per annum.

Revaluation rate of cGLPI(0,2.5)
cGLPI (0,2.5) means RPI from your date of leaving until 2010 and CPI from and including 2010 with a cap over the whole period of 2.5% per annum and a floor over the whole period of 0% per annum.

See also

https://www.barnett-waddingham.co.uk/comment-insight/blog/revaluation-for-early-leavers/

No ready reckoner that I know of.

FIREDreamer

xylophone said:

Does the amount 2814 grow in any way since leaving the scheme?

BOTH elements of your deferred pension are revaluing in deferment.  This pension was originally an occupational pension scheme which eventually ended up with Rothesay Life.


https://www.rothesay.com/policyholders/questions-and-answers/

We do not sell pensions direct to individuals. You will have built up your pension in a company pension scheme or with another insurer. You would have then become our policyholder as a result of either a:

• Buy-out: The trustees of your previous pension scheme transferring responsibility for your pension benefits to us.
• Part VII transfer: Your previous insurer transferred your policy to us following a legal process known as a 'Part VII transfer'.

When you enquired of Rothesay Life about the meaning of the abbreviation cGLP you were told

https://forums.moneysavingexpert.com/discussion/6394193/need-a-few-questions-asked-on-deferred-pension

Revaluation rate of cGLPI (0,5)
cGLPI (0,5) means RPI from your date of leaving until 2010 and CPI from and including 2010 with a cap over the whole period of 5% per annum and a floor over the whole period of 0% per annum.

Revaluation rate of cGLPI(0,2.5)
cGLPI (0,2.5) means RPI from your date of leaving until 2010 and CPI from and including 2010 with a cap over the whole period of 2.5% per annum and a floor over the whole period of 0% per annum.

See also

https://www.barnett-waddingham.co.uk/comment-insight/blog/revaluation-for-early-leavers/

No ready reckoner that I know of

No ready reckoner required, I did the sums in the prior post!