Barclays Deferred Pension - 1964 Pension Scheme DB v DC scheme?!

millarno

Hi

I was expecting a letter re my DB deferred pension 6 months before retirement, so I thought August, but I received 1 today - I will contact them this week as no idea what is going on and wondered if anyone could shed any light on this? I left Barclays in April 1991.

The letter states you are approaching retirement and time to consider how I'd like to access my 'defined contribution retirement savings'. Asking I get in touch with pension Wise so I can decide how to take my DC benefits. That is Transfer to L & G Pension Access Scheme; Buy an annuity of own choosing… or purchase annuity on open market etc.

This is not what I was expecting, as my pension, correspondence and forecast etc has always been a DB…had forecasts re a lump sum and pension, pension only or transfer out.

Has anyone else come across this?

Thank you

JoeCrystal

How odd! Are you sure you didn't pay Additional Voluntary Contributions at the time, maybe that is what it is referring to. To be honest, your best and only port of call will be contacting them anyway.

millarno

Thanks JoeCrystal - No AVCs . Agree will contact them tomorrow. Thinking they have sent me incorrect correspondence.

Jacklob

My husband is drawing this DB pension, he left service May 89. It does mention online that some people did pay AVC's as a defined contribution into policies managed by Legal and General. I,m sure that the nature of your correspondence. You should be hearing from WillsTower Watson regarding the main scheme, as they administer this. . Hope this helps.

dunstonh

The 1964 pension was DB.

The after-work and AVCs were DC.

Having done a number of Barclays DB and DC pensions over the years, you generally find you get bits of paperwork on every version of the scheme, whether you have funds in that segment or not. It can be quite confusing.

millarno

I spoke with Barclays yesterday to be advised that they had sent a load of incorrect correspondence to a number of people in error. I should get the correct DB info in August :)