Pension statements

"BobC" wrote

Just remember to ask them every now and again for a statement.

When you do ask, then they should send it (unless you ask more often than around once a year).

"BobC" wrote

Tried that one, and they refuse to send one.

BobC

"BobC" wrote

What sort of pension is it? Money-purchase, final salary, ... ?

Final Salary.

Since it's based on final salary, all you need to know are the pension fund rules and you or your accountant can work it out for yourself surely, ie knowing by what percentage it goes up by every year. What's the problem?

If it's all based on the RPI, then what you'll receive at 65 is all guesswork anyway.

Ah, I was wondering if it might be, from your use of the word "deferred" pension.

OK then, are any discretionary increases awarded in deferment, or just guaranteed increases granted? If there are any discretionary increases, ask them every now and then for details of those.

When did you leave active service, and was the scheme contracted out of SERPS? [There might be mention of GMP on your deferred benefit statement.]

If you left after 1/1/1991, the minimum increase allowed on the excess bit over the GMP is the lower of RPI increases or 5%pa (each considered over the whole period, not each year in turn).

The minimum increases allowed on the GMP part depends a lot on the date that you left active service.

Just to make sure that's saying what I think.

If RPI was 2%, 2%, 12% in three successive years then the "cumulative RPI" would be 16.5%. The cumulative 5% for three years would be 15.8% so you'd get at least 15.8% increase.

You would get more than only 2%+2%+5% = 9.2%

Tim.

Correct.

Thanks for all the answers posted which are all very interesting, but the thread's wandered off from my original post question somewhat, which was simply "was I entitled to periodic statements"? I'm not that interested in the actual numbers, just that it still exists, somewhere!

I've actually sorted this myself now. After many phone calls I've finally discovered who has my pension now, and I should have been receiving statements, but they didn't have my address!!!

BobC

No address indeed, a likely story.