Pension shocker

[dubdaz]

Got my annual pension bumph come through today so I thought I'd compare it with the one I received in 2008.(I've done 21 years)
In 2008 they said if I retired at 65,I could have a lump sum of £70,000 and £8000 a year pension.
Now they say if I retire at 65 the lump sum would be £34,000 with £4,200 a year pension.
To say I'm not happy would be an understatement

[uphillstruggle]

Is that allowing for the fact that the two elements are now split up?
(The pension you can take at 60 and the rest at 65)

How can it have dropped by that much when you add both together?!?!?

Best go see where mine's been tidied up to as I didn't pay as much attention as I obviously should have!

[Lounge Lizard]

My mistake was telling my wife the Death Benefit's £70,000
Bye.

[DGP1]

My mistake was telling my wife the Death Benefit's £70,000
Bye.

My wife also has her eyes on that I'm trying to fend her off with 'It'll be more next year '

[maisymoo04]

me to 72k mine said i did not have a clue what it all meant in the illustration.scared to go to bed tonight in case she stranglers me in me sleep ,sayin that she hates me anyway

[baldrick]

My mistake was telling my wife the Death Benefit's £70,000
Bye.

My wife also has her eyes on that I'm trying to fend her off with 'It'll be more next year '

The way things are going it might be less next year - better not tell her that though.

[DGP1]

My mistake was telling my wife the Death Benefit's £70,000
Bye.

My wife also has her eyes on that I'm trying to fend her off with 'It'll be more next year '

The way things are going it might be less next year - better not tell her that though.

I thought that but didn't want to give hr any ideas but now she'll read this and agggggggghhhhhhhhhhhh

[TrueBlueTerrier]

My mistake was telling my wife the Death Benefit's £70,000
Bye.

My wife also has her eyes on that I'm trying to fend her off with 'It'll be more next year '

The way things are going it might be less next year - better not tell her that though.

I thought that but didn't want to give hr any ideas but now she'll read this and agggggggghhhhhhhhhhhh

my partner muttered something about diminishing returns last night - I am glad it turns out to be about my death in service benefit.

[POSTMAN]

£87K me!

[Poshpost]

I think the revamped Benefit illustration has become less useful as a forecast / projection, call it what you like, now that the Trustees have decided to show the NRA 60 benefits separately from the NRA 65 benefits. If you are planning to retire at 60 the 2010 illustration forecasts lower pension and lump sum totals than the 2009 illustration as a result of the decision to strip out the CSDB forecast from the mix. When I telephoned the Pensions Helpline I was told that they had not been told why this was done and were expecting a lot of calls as a result of the change.

[davethepostie]

my maximum lump sum has gone down nearly 4 grand as the csdb lump sum has more than halved. i don't understand this as it is a percentage of your pay i thought. everybody at my work was the same. the manager we asked seemed to think it is because of the recession and nothing else but that still confused me. if it is part of your pay which has gone up how does that work?. have yet to find anybody who can make sense of these projections we are given. am wondering if it will have gone down again next year. can anyone on here explain it to me?

[RobertT]

The pension is made up of two elements - pre 2010 and post 2010, so you have effectively now got two pensions. If you take the first before 60 or the second before 65 then your pension would be reduced by about 5% for every year and any lump sum would be less aswell.

Last years 'if you retire at 60' forecast was a combined forecast and took into account the 5% reduction of the post 2010 figures - this years forecast separates the two.

So to find out your maximum lump sum just add your NRA 60 and NRA 65 amounts together. Personally by overall lump sum has gone up!

[genesis]

On the NRA 60 benefits table I get the impression on the" pension after taking the maximum lump sum"segment.that it doesn,t include the final salary supplement , which I think is only paid until the old age pension age is reached.Does anyone share this view ?

[maisymoo04]

WERE YOU LIVE POSTMAN AL POP DOWN AND DO A DEAL WITH YE MISSUSS HAHA JOKE MATE

[POSTMAN]

25+years to go,not worth worrying about now.