Advice On What To Do With 5 Small Work Pensions.

mystic_bertie

just a quick message to let you know that i have emailed the admin people to find out what kind of pension the GE one is, its important i find this out in order to proceed. 😉

mystic_bertie

https://forums.moneysavingexpert.com/discussion/comment/81950277#Comment_81950277

Hello and thanks for your reply. I finally heard back from them regarding my pension. Im glad to be proven wrong on this occasion and it shows how much i know about my pension. It is a DB pension after all, i have checked and the other 4 are all DC pensions. They have not answered my question about my pension will increase yearly after i retire, also if i can transfer my DC pensions into my GE pension.

We can confirm that the GE Aerospace Pension Plan is a defined benefit arrangement. The amount recently quoted to you is not fixed and is only an estimate. When calculating your normal retirement benefits, your deferred pension will receive inflationary increases yearly from the date you left the Plan until your retirement date.

mystic_bertie

https://forums.moneysavingexpert.com/discussion/comment/81950293#Comment_81950293

thanks for your reply, i am sorry for the mix up i have caused, my bad, the GE pension is a DB pension after all.

mystic_bertie

https://forums.moneysavingexpert.com/discussion/comment/81950300#Comment_81950300

Yes mate im registered there and i have access to their portal. I can only apologise for the huge mistake, after finally hearing back from them they have conform i have a DB pension after all, this is good news.

mystic_bertie

https://forums.moneysavingexpert.com/discussion/comment/81950674#Comment_81950674

yes mate

Deferred Benefits
Effective Date
25/09/2007
There are 3 rows in total.
Benefit Type Pension
Main Pension 3,513.84
Total 3,513.84

DRS1

I suspect they wouldn't accept a transfer in as you are no longer an active member of the GE Plan.

As for pension increases after retirement that may depend on the period of service covered by the pension. If there is a website for the Plan it would probably be on there (or in a members' booklet if you have one).

I had a look and there seems to be a site and a secure member's site which you could log into (assuming you have the access details) here

Contact - GE Aerospace Pension Trustees Limited

Also on the site is mention of free financial advice for members over 54 - presumably just for the benefits under the Plan not for merging your DC schemes - it is at the bottom of this page

News - GE Aerospace Pension Trustees Limited

mystic_bertie

Many thanks for your reply its much appreciated.

https://forums.moneysavingexpert.com/discussion/comment/81965615#Comment_81965615

Many thanks for your reply it is much appreciated. Your probably right that i won't be able to transfer into the scheme now, i may as well consolidate the other 4 DC pensions together.

I will request a members booklet from them, good idea. I dont have one.

Thats good news that they can offer advice too, im 56 so i qualify for that.

Thanks for the links i have bookmarked them 😉

mystic_bertie

Hello i finally got an email reply regarding my other questions. My pension will increase on a yearly basis and i cannot transfer any money into the plan just like you sugged. I will look to consolidate the other DC pensions into 1. big thanks for everyones help .