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Savings and Investments thread
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Kin ellEr_Be_Ab_Pl_Wo_Wo_Ch said:6500
We're fucked2 -
Yes.blackpool72 said:
Kin ellEr_Be_Ab_Pl_Wo_Wo_Ch said:6500
We're fucked0 -
FTSE fell to 6000 during the pandemic 2 years ago. 6 months later is was above 7000 again.blackpool72 said:
Kin ellEr_Be_Ab_Pl_Wo_Wo_Ch said:6500
We're fucked1 -
Very different economic factors at play from then to now.golfaddick said:
FTSE fell to 6000 during the pandemic 2 years ago. 6 months later is was above 7000 again.blackpool72 said:
Kin ellEr_Be_Ab_Pl_Wo_Wo_Ch said:6500
We're fucked0 - Sponsored links:
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that makes me more optimistic than Golfie. That seems wrong
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7000 for me. So many risks out there, can see it being a real rollercoaster.1
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What's the closing date for anyone who's not yet entered?0
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Pollyanna AddickPragueAddick said:7140
that makes me more optimistic than Golfie. That seems wrong1 -
Please double check your entry, for those not yet declared, chop chop!!
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I'll go for today's 7159, please.1
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7323 please Mr Lee1
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Whilst I think I know a fair bit in general about pensions, I’m not so sure about the GMP element of a DB scheme. However, I’m sure we have that knowledge on here ?
I have been in receipt of my Lloyds Bank pension for 4 years, I am 65 in September an get my state pension at 66. I currently receive an annual RPI increase on my whole pension each April.
However, my pension doc says this with Regard to GMP
On or after my birthday in September 2022 (age 65) the scheme will pay increases on the GMP built up after the 5th April 1988 of £1954.68 in line with price inflation up to 3% or CPI which ever is lower. No increases will be paid on GMP built up before April 6th 1988.
I am not sure what this means, does this mean that £1954.68 of my pension will no longer be raised by RPI MAX 5% but by CPI MAX 3% ?
Having dealt with a couple of GMP examples for friends. They have received increases in pension at 65, where backed dated annual increases to GMP is applied on their 65th birthday. Should I expect an increase in my pension due to this ?
Hope somebody can help. Thanks0 -
Golfie will likely now more detail but;
GMP was the contracted out section (SERPS) of a workplace pension, usually finally salary.
This was stopped in April 1997. Pension schemes have to pay increases each year from April 1998 of CPI or maximum of 3%, so it should go up but yes it is capped at 3%.
I assume you aren't yet receiving the GMP element, so I read it that you will at 65 and it will be indexed at that maximum of 3% of CPI id lower.
I have a recollection that there was something about the increase being paid through the state pension.....
This may help
https://www.gov.uk/government/publications/new-state-pension-if-youve-been-contracted-out-of-additional-state-pension/guaranteed-minimum-pension-gmp-and-the-effect-of-the-new-state-pension
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ROB7LEE, Sometimes the more you find out the more confused you get. I was under the impression I was already receiving the GMP element of my pension. However, your comment above, reading the link, and other pieces makes me question my thinking. I am now thinking the GMP £1954.68 will only come into payment on my 65th Birthday. An any increases in the GMP will be applied via my state pension and not my Lloyds pension.
if that’s true…. Then it’s a pleasant surprise to think I will get a £1954.68 rise in pension from September, possibly more if it’s been increased by indexation.
Hopefully Golfie may be able to shed further light on this. Thanks very much for your help.0 -
No sorry, Don't think I can be of any help. DB Schemes & GMP not really my area of expertise.
However, the new state pension done away with all the add-ons & extras that people had been contracted to and in that link that @Rob7Lee posted it explains that there will be winners & losers to the new State Pension. It seems like you @ralphmilne maybe one of the losers and the GMP increase that would have usually been paid by the Government is no more - although the 3% increase to your £1954 GMP will be superseded by the triple lock guarantee, which will increase that State Pension by 8%+ over the next tax year.0 -
I'm 99% sure GMP is paid at 60 for women and 65 for men (who ever said equality.......
)
https://www.unbiased.co.uk/life/pensions-retirement/guaranteed-minimum-pension-GMP
Here you go;When will I get my GMP?
If you qualify for a GMP, it will be paid from your 60th birthday if you are woman, or your 65th birthday if you are a man. In this respect it is not affected by increases in the state pension age.
I charge less than Golfie, just 0.5%
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