Db pension from UK employment twenty years ago

Wexfordman

Registered User
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415
Hi,

Looking for some general advixe/ explanation of an old pension I was part of when I worked in London nearly twenty years ago. I am almost 45 so this pension has twenty years left before I can avail of it. With brexit I figured I should probably query it and see how it looks.

I got the info below from the company who now looks after it, my thinking was I need to see what if anything I need to do with it, but just need some help interpreting what it means, so here are the details.

It looks to me that it will continue to increase on value by a mix of cpi and 7% from two portions of it.

The figure of 3.5k stg appears toe to be based on today's value?

It's based on contributions over a five year employment period.

Looks to me that it's not unhealthy and prob worth leaving there?

My current pension is a DC pension scheme project to have a fund of just around about 1m when I retire which I think gives me about 30% of salary. That and the state pension with my UK pension might leave me in an OK position?

I know this is high level and my understanding is limited just looking for some general option and advice?
Thanks


The Scheme Trustee do not send out annual benefit statements to deferred members of the above Scheme. I am able to confirm the value of your deferred pension, having received increases between your date of leaving and current date.


At your date of leaving the above Scheme (6 October 1996) your pension was broken down as follows:


Post ’88 GMP

Pre ’97 pension

£559.00 a year

£812.48 a year



Total:

£1371.48 a year




Your pension revalued to 25 August 2016 is broken down as follows:


Post ’88 GMP

Pre ’97 pension

£2021.76 a year

£1386.57 a year



Total:

£3408.33 a year




The Guaranteed Minimum Pension (GMP) will increase for each complete tax year from your date of leaving to calculation date at a rate of 7% a year (20 years in this case).


The benefits over the GMP (pre ’97 excess) will increase in line with the Retail Prices Index (RPI) up to a maximum of 5% a year for each complete year from your date of leaving to calculation date (19 years in this case).


These figures are not guaranteed and should be used as a guide only. The actual figures at your date of retirement will be recalculated based on laws in force at the time of taking your benefits
 
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