Pension query

casp21 · Post by **casp21** » 20 Oct 2016, 15:58

I left work through VR in June 15 after 32 years. I have just received my pension statement for 2016 and it hasn't even went up by £1 from the previous statement from 2015. How could this be? The Age60 pension was frozen in 2013 for everyone but it went up every year even though I wasn't paying into that particular pension, just paying into the Age65 pension. So should it not have had an inflation and growth attached to it? The Age65 is the same figures also from the last statement and I even put in £600 in contributions before I left for three months, so why no increase even in that? Could anyone explain why they think this could happen? The figures are the same right down to the pound. No growth at all. Thank you.

Post by **RobertT** » 20 Oct 2016, 17:14

Your preserved pension will increase with inflation based on the rate in I think September the previous year. The only problem is that inflation was actually at -0.2% at that time therefore there was no increase in your pension this year.

When you say you put in £600, I assume that was into AVC’s? If so which fund did you invest it in?

casp21 · Post by **casp21** » 20 Oct 2016, 19:33

The £600 was for three months contributions before the VR. From April to end of june.

casp21 · Post by **casp21** » 20 Oct 2016, 19:36

Sorry Robert the contributions were into the work pension before I left.

Post by **RobertT** » 21 Oct 2016, 05:34

Yes it does seem strange that the period of time from April – June doesn’t seem to be factored into the figures on your statement. To be honest I don’t know why, so I would suggest you get in touch with the pensions people in Chesterfield and ask them.

Sorry I can’t be of more help.