DB Pension - Options available - either take annual value or transfer to another provider

xylophone

There should also be an excess over GMP - that benefit should have been secured somewhere.

EDIT: Which periods do FAS and the PPF apply?



Well done Firedreamer for suggesting the FAS for the excess - it hadn't occurred to me.

And well done OP for turning up the old paperwork and doing the research.

FIREDreamer

xylophone said:

There should also be an excess over GMP - that benefit should have been secured somewhere.

EDIT: Which periods do FAS and the PPF apply?



Well done Firedreamer for suggesting the FAS for the excess - it hadn't occurred to me.

And well done OP for turning up the old paperwork and doing the research.

Winner winner chicken dinner. 🍗🍗🍗

Sarahspangles

MrsWenger said:

I have just created an account on the FAS members website and can see the following information

Well done that woman, that was a complicated one.  Don’t forget to ask if any bits need explaining. I’d have a G&T first, mind.

FIREDreamer

MrsWenger said:

I have just created an account on the FAS members website and can see the following information - 

So £945 GMP secured by L&G plus non GMP of £2,984 from FAS. Lovely jubbly. 

Makes more sense for the employment duration than just the £945 that you thought you had.

😀

MrsWenger

Xylophone and FIREDreamer,

My heartfelt thanks to you both for all of the help you gave me, I truly appreciate it. I would never have got to the bottom of this without you!

Yes, definitely much better than just the £945 🙂

MrsWenger

Sarahspangles said:

MrsWenger said:

I have just created an account on the FAS members website and can see the following information

Well done that woman, that was a complicated one.  Don’t forget to ask if any bits need explaining. I’d have a G&T first, mind.

Thank you Sarahspangles and I appreciate the offer of ongoing help if needed. 

Hehe, I reckon we all deserve one after that. Think I best get my filing in order before I have one though! 🙂

xylophone

With regard to the letter from L&G of 16 September, I note that the SMP at DOL (£220.68) is much lower than the GMP (£439.92) cited in  your letter from the Scheme Administrator (July 1999).

It does seem though that the SMP is related to the GMP because it is payable at GMP age (60 for a female such as yourself).

In the case of your scheme, this is earlier than Scheme NRD (65) which for you will be in 2029 and is the date that the FAS will commence payment of the proportion of the excess that you are due.

I don't understand the  very large discrepancy in the amount.

In addition, where the scheme rules specified the unusual either/or in respect of the revaluation of the GMP, L&G seem to have

plumped for Fixed Rate revaluation.

If Fixed Rate is used for the old figure then you seem to be being underpaid and this also seems to apply to the lower figure as well.

That said, the "annuity in payment" cited by the FAS and the original amount cited in this year's letter from L&G are very close to the £439.92 revalued at Full Rate.

A bit odd.

With regard to the FAS pension, as advised, once in payment there will be no increase on the amount related to pre 6/4/97 accrual. 

See https://researchbriefings.files.parliament.uk/documents/SN05656/SN05656.pdf if interested in this aspect.

MrsWenger

xylophone said:

With regard to the letter from L&G of 16 September, I note that the SMP at DOL (£220.68) is much lower than the GMP (£439.92) cited in  your letter from the Scheme Administrator (July 1999).

It does seem though that the SMP is related to the GMP because it is payable at GMP age (60 for a female such as yourself).

In the case of your scheme, this is earlier than Scheme NRD (65) which for you will be in 2029 and is the date that the FAS will commence payment of the proportion of the excess that you are due.

I don't understand the  very large discrepancy in the amount.

In addition, where the scheme rules specified the unusual either/or in respect of the revaluation of the GMP, L&G seem to have

plumped for Fixed Rate revaluation.

If Fixed Rate is used for the old figure then you seem to be being underpaid and this also seems to apply to the lower figure as well.

That said, the "annuity in payment" cited by the FAS and the original amount cited in this year's letter from L&G are very close to the £439.92 revalued at Full Rate.

A bit odd.

With regard to the FAS pension, as advised, once in payment there will be no increase on the amount related to pre 6/4/97 accrual. 

See https://researchbriefings.files.parliament.uk/documents/SN05656/SN05656.pdf if interested in this aspect.

Apologies for the delay in replying Xylophone and thank you for your post.

i have checked all of the paperwork I have and cannot find anything from L&G that mentions these values. I can certainly speak with L&G to ask for clarification about this.

I did understand about the FAS element in relation to the pre 6/4/97 accrual and thank you for the link you shared.