Old defined benefit pension choices

poseidon1

The OP 's post below in 2019 concisely explains the Aviva scheme which seems to secure pre 1988 GMP.

Other than the fact the transfer value seems to have reduced over the years, I would have thought the quoted £1356.24 annual pension ( half that as widow's pension) should still be valid, together with the 3% annual increases-

https://forums.moneysavingexpert.com/discussion/5978791/pension-transfer-into-sipp

pitza

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pitza

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DRS1

So if this pension has a value of £24500 then all your other pensions would have to be valued at less than £5500 for you to qualify for the one off lump sum. Does that sound likely?

pitza

No not at all, thanks I understand now

xylophone

No not at all, thanks I understand now

I have just looked at your old thread referenced by poseidon.

Is it worth checking that your pension (which appears to be all pre 88 GMP) will indeed increase in payment?

https://techzone.aberdeenadviser.com/public/pensions/Tech-guide-guaranteed-min-pen

Increases provided by the scheme
The level of increase that the pension scheme itself is responsible for providing depends on when the GMP was built up:

• GMP built up between 6 April 1988 and 5 April 1997 must increase in line with prices, capped at 3%
• GMP built up before 6 April 1988 does not have to be increased

Bear in mind that the rules of some occupational pension schemes might promise pension increases that are better than the minimum that the law requires.