Lloyds bank pension number 2 deferred and confused!

kappachino10

Hi all, Lloyds pension is confusing.....hubby just discovered a pension from many moons ago. The figures say he's got an annual amount on one page, the other shows his little pension amounts from 30 years ago. Surely they've made a mistake and this is the total value, not a yearly payment amount, seems very high, thank you for your help!  which is amazing in itself and so unexpected 😁

Marcon

Figure on second page looks OK. Shows just how good revaluation in deferment can be when it takes place over a period of 30 years!

kappachino10

Marcon said:

Figure on second page looks OK. Shows just how good revaluation in deferment can be when it takes place over a period of 30 years!

Hi ☺️thanks gor your response , I  appreciate it. So does this mean that's actually a yearly pension, and not a lump sum?? Blimey if so! Apologies for denseness 😂 

Dazed_and_C0nfused

kappachino10 said:

Marcon said:

Figure on second page looks OK. Shows just how good revaluation in deferment can be when it takes place over a period of 30 years!

Hi ☺️thanks gor your response , I  appreciate it. So does this mean that's actually a yearly pension, and not a lump sum?? Blimey if so! Apologies for denseness 😂 

It's a defined benefit pension, not a pot of money type pension (defined contribution).

So yes, it's an annual amount, not a lump sum.

kappachino10

Dazed_and_C0nfused said:

kappachino10 said:

Marcon said:

Figure on second page looks OK. Shows just how good revaluation in deferment can be when it takes place over a period of 30 years!

Hi ☺️thanks gor your response , I  appreciate it. So does this mean that's actually a yearly pension, and not a lump sum?? Blimey if so! Apologies for denseness 😂 

It's a defined benefit pension, not a pot of money type pension (defined contribution).

So yes, it's an annual amount, not a lump sum.

Thank you! Now pondering whether to wake the hubby up and tell him! 😂😂

Marcon

kappachino10 said:

Marcon said:

Figure on second page looks OK. Shows just how good revaluation in deferment can be when it takes place over a period of 30 years!

Hi ☺️thanks gor your response , I  appreciate it. So does this mean that's actually a yearly pension, and not a lump sum?? Blimey if so! Apologies for denseness 😂 

Yup, that's what 'value per annum' means - and it'll increase still further until he reaches the scheme's Normal Retirement Age.

LHW99

It's why, generally, DB pensions are best deferred and kept hold of if possible (although there are always circumstances....). You could look up how much money you would need to have in a DC pot to buy that income for life with whatever annual increases get added when in payment.

It's usually another surprise.

pterri

Mine goes up 8% annually on top of RPI if I don’t claim it at 60 (I will be claiming it, I’m sure)