Every time I get a quote for my modest DB pension - it has gone down.

silvercue

thank you for the help everyone

Albermarle

I remember a similar thread some time ago, and the 'culprit' was that the Trustees had employed a new actuarial firm to review the scheme. This new company had come to the conclusion that the Early Retirement Factors needed significant adjustment, and the Trustees had followed their advice.

mrklaw

https://forums.moneysavingexpert.com/discussion/comment/82086166#Comment_82086166

they can change ERFs for members that have already been in deferrment or have already been contributing on the basis of previous published ERF and other figures? I can understand if they change them for future members..

Marcon

https://forums.moneysavingexpert.com/discussion/comment/82086243#Comment_82086243

Factors if changed will normally apply across the board, unless the rules provide otherwise.

p00hsticks

https://forums.moneysavingexpert.com/discussion/comment/82086243#Comment_82086243

Yes, it happened with mine when I was a deferred member - and we were notified via the occasional pension scheme online 'newsletter'.

tooldle

https://forums.moneysavingexpert.com/discussion/comment/82085836#Comment_82085836

Possible the factor applied to reduce the pension for early retirement has changed.

DRS1

This may not help if you didn't do it in Oct 25 but what figure do you get if you ask to start drawing at your normal retirement date - has that figure gone down since Oct 25? If it has the change is likely to do with revaluation factors and not early retirement factors.

By the way can you actually start to take the pension at age 55?

silvercue

https://forums.moneysavingexpert.com/discussion/comment/82086437#Comment_82086437

It looks like leaving it another 10 years to teh NRD sees the value increasing, so the opposite effect

DRS1

https://forums.moneysavingexpert.com/discussion/comment/82086679#Comment_82086679

So people are probably correct to say it is down to the early retirement factors

silvercue

https://forums.moneysavingexpert.com/discussion/comment/82086681#Comment_82086681

I emailed the provider asking questions and they clearly did not read my email at all and just sent an email back days later with a quote and a couple of standard docs attached.

I have replied asking them to answer the question I asked!