pension help

[ginslinger]

I have a private pension that I paid into from 1987 until 2003 and then moved to a different job. The pension has been sitting there since then. I am now in a position where I can call this pension in and the projection is roughly 16,000pa until I hit official retirement age of 66 and then they refer to a guaranteed minimum pension of about £2700 - is this guaranteed minimum pension a part of my pension or is this what I can expect going forward. I had a very unsatisfactory conversation with someone at the organisation on Friday afternoon (she wasn't trained to deal with this so no blame) She said that someone will call me back but it will be within 48 working hours so possibly not until Wednesday. Any knowledge would be fantastic.

In my opinion your GMP forms part of your 16k projection and pension company are highlighting this amount because the inflation increases required on this portion follow different rules.

You definitely will not only have the GMP once you reach state pensionable age so I wouldn't worry. Hope you manage to speak to someone who can confirm it for you.

Link below for some basic information.

https://www.investopedia.com/terms/g/guaranteed-minimum-pension.asp

thank you so much for this - It's really helpful

have just been contacted by pension company and all is ok. Thanks again for your help