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    • sheffieldeagle
    • By sheffieldeagle 9th Apr 18, 4:22 PM
    • 137Posts
    • 12Thanks
    sheffieldeagle
    Pension Benefit Statement
    • #1
    • 9th Apr 18, 4:22 PM
    Pension Benefit Statement 9th Apr 18 at 4:22 PM
    Good afternoon


    I've recently requested a pension benefit statement and I would welcome comments on the amounts quoted.
    Deferred pension calculated at date of leaving (2010) 4264
    Estimated pension payable from NRD 8418
    Between leaving date and calculation date the pension receives increases at 3% or the rise in average inflation capped at 5%.
    Between calculation date and NRD the pension receives increases at 3%.


    I'm interested to know if you think this looks correct (I know it's only an estimate) and I'm interested to know how they may have come to these figures.


    Many thanks
Page 1
    • JoeCrystal
    • By JoeCrystal 9th Apr 18, 4:25 PM
    • 1,427 Posts
    • 887 Thanks
    JoeCrystal
    • #2
    • 9th Apr 18, 4:25 PM
    • #2
    • 9th Apr 18, 4:25 PM
    You didn't say what is the NRA is, how many years it is from now to NRA?
    • Brynsam
    • By Brynsam 9th Apr 18, 5:08 PM
    • 1,600 Posts
    • 1,157 Thanks
    Brynsam
    • #3
    • 9th Apr 18, 5:08 PM
    • #3
    • 9th Apr 18, 5:08 PM
    Assuming I've understood you correctly...

    Pension at the date you left the scheme was 4264, payable from the scheme's retirement date.

    The administrators have revalued the pension up to 'now' (the calculation date) as described above - this will be accurate, because they know what inflation was.

    They have then estimated between 'now' and the scheme's retirement date, using a flat 3% (obviously they can't predict in advance what inflation will be, so this a guesstimate).

    If you need more information, you need to ask the scheme.

    Impossible to comment on whether it is correct - no idea how old you are or what the scheme's retirement age is.
    • sheffieldeagle
    • By sheffieldeagle 9th Apr 18, 6:01 PM
    • 137 Posts
    • 12 Thanks
    sheffieldeagle
    • #4
    • 9th Apr 18, 6:01 PM
    • #4
    • 9th Apr 18, 6:01 PM
    Thanks for the posts. Sorry I'm 50 and the NRD is 2033.
    • JoeCrystal
    • By JoeCrystal 9th Apr 18, 6:16 PM
    • 1,427 Posts
    • 887 Thanks
    JoeCrystal
    • #5
    • 9th Apr 18, 6:16 PM
    • #5
    • 9th Apr 18, 6:16 PM
    The figures are spot on then. Basically, if you use 3% for every year since 2010 to 2033, it come out as 8,415.37.

    2010 4,264.00
    2011 4,391.92
    2012 4,523.68
    2013 4,659.39
    2014 4,799.17
    2015 4,943.14
    2016 5,091.44
    2017 5,244.18
    2018 5,401.51
    2019 5,563.55
    2020 5,730.46
    2021 5,902.37
    2022 6,079.44
    2023 6,261.83
    2024 6,449.68
    2025 6,643.17
    2026 6,842.47
    2027 7,047.74
    2028 7,259.17
    2029 7,476.95
    2030 7,701.26
    2031 7,932.30
    2032 8,170.26
    2033 8,415.37
    Last edited by JoeCrystal; 09-04-2018 at 6:20 PM.
    • sheffieldeagle
    • By sheffieldeagle 10th Apr 18, 1:53 PM
    • 137 Posts
    • 12 Thanks
    sheffieldeagle
    • #6
    • 10th Apr 18, 1:53 PM
    • #6
    • 10th Apr 18, 1:53 PM
    Thanks for the replies.
    Just out of curiosity why are these type of figures described as 'in terms of todays prices'.
    Does this refer to the fact we are assuming a 3% future inflation rate when in fact it could be anything?


    Cheers
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