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Pension statement

(5 Posts)
McNo Tue 30-Aug-16 21:09:03

Can anyone help me with my pension statement?! I intend to talk to my employer but just wondered if anyone here might be able to answer my questions.

I work for local government and the final salary scheme ended 31/3/15 so I have been given figures of £3467.80 lump sum and £4093 pension for 10 years service. Then I have projected figures for the projected career average benefits of £15648 if I retire at normal pension age in 2050.

Does this mean if I stayed in same scheme etc I would receive lump sum of 3467 and annul pension of 4093 plus 15648??

It's totally confusing as previous statements only had one set of figures and projections

Muddle2000 Thu 01-Sep-16 11:32:44

How confusing! You say the FSS ended last year? Has anything been put in its place?
The first set of figures look like what you have accumulated so far and the second set seem to be what you WOULD have got if you had remained in the scheme .
The £3467 Fig seems wrong for the lump sum.
You need to speak to HR/union

You need to talk to HR asap to get this explained

curlywillow Thu 01-Sep-16 11:34:17

career average has taken over from FS.

curlywillow Thu 01-Sep-16 11:35:22

Its hard to say without seeing the statement but I think the first set rates to the FS part of your pension an the second set relate to the CA part of your pension.

McNo Thu 01-Sep-16 22:27:22

Thanks for the replies, first set is for what I've accumulated in the final salary scheme that ended in March 15. The new scheme is a career average.

It does say I can swap. £1000 of pension for £12,000 lump sum when it comes to retirement in 2049, that is unless it all changes again before then hmm

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