Pension lump sum figure at 60/65

[viking]

Having recently been given IHR with lump sum, i was waiting for my pension update from the pension dept which i was told would take approx. 6 weeks after leaving to process!!! I was also told that all the information i needed would be in this letter. Well i did receive it yesterday, and all i got was four lines of print on a piece of paper and the usual booklet...NRA60 pension, pension + supplement and NRA65 pension, pension+supplement. I thought that on previous statements there had always been a figure given if choosing to take a lump sum + a smaller pension as this would probably be more what i shall be interested in at age 60. As this seemed to be omitted i rang the pension helpline asking what the max lump sum figure i would be able to take at 60/65. The grumpy man on the phone said they wouldnt be able to tell me that til nearer retirement age.!! So i asked why it is given on my annual pension statements but not on this recent one.and considering that they now have all the final figures of what i have paid in.Finding it really difficult to understand his shall i say "unusual" accent i had to end up putting the phone down as i could not understand what he was saying. Anyway....how can i find out what the max lump sum would be at 60. I am a section C member .

[RobertT]

I thought that on previous statements there had always been a figure given if choosing to take a lump sum + a smaller pension!

The annual statement is only a guide as to what you might get at 60/65 assuming you carry on working.

considering that they now have all the final figures of what i have paid in.

Your final figures actually go up with inflation every year until you take the pension, so they don't actually know what it might be worth.

Finding it really difficult to understand his shall i say "unusual" accent i had to end up putting the phone down as i could not understand what he was saying.

I've always found them totally useless and uninformed on the phone and prefer to email them, although it takes them a good while to reply!

Anyway....how can i find out what the max lump sum would be at 60. I am a section C member .

If you have been given a pension figure based on you leaving 'now', you can uprate that by the average rate of inflation for each year until you're aged 60/65, then multiply by 20 and divide by 4. That should give you a rough idea!
Or wait until you get your next statement, probably in August 2012.