If you retired or resigned AFTER April 2011...
Apr 23rd 2012, 5:02 pm
#1
Lost in BE Cyberspace
Thread Starter
Joined: Jul 2006
Location: Cochrane, Alberta
Posts: 7,861
If you retired or resigned AFTER April 2011...
... and you have obtained a value of your pension which you wish to transfer out of the UK, ask your force pension company to double check your quote!
There were new calculation and commutation factors that came into effect for anyone retiring after 20th April 2011.
Both my husband and I formally resigned from UK forces after this date.
I obtained a quote from Xfinity in October 2011. I asked for my funds to be released to me in December 2011.
After several months of "faffing" around, and no cheque was forthcoming (I am transferring my pension to Canada through a financial advisor), I was eventually given another quote for £23,000 more. They had done some re-calculations based on the new rules. "Great", says I, "send me the new higher amount then please". Allegedly, it is being mailed out to me this week. I am not holding breath.
On the other hand, my husband who was with another force also obtained a quote for the value of his pension in October 2011, and we also asked for that to be sent to him in December 2011. It arrived in Canada on 2nd January 2012. Someone mailed that out between Christmas and the New Year, in the quickest release of funds we have ever heard about. We've all heard the stories that getting quotes and pension funds released is like getting blood out of a stone. We now suspect that they wanted to get shot of his file asap. Let's just say we are awaiting a response to our enquiry for final amount of the funds to be re-checked.
A letter to the pensions ombudsman is not out of the question.
So just a heads up really. IF you have retired in the past year, do your homework. Double (and triple check) that the quote you are being given is based on the new rules that came into effect after 20th April 2011.
Good luck - and happy hunting! I'll keep you posted with any of our progress.
http://www.narpo.org/index.php/pensi...-pensions.html
There were new calculation and commutation factors that came into effect for anyone retiring after 20th April 2011.
Both my husband and I formally resigned from UK forces after this date.
I obtained a quote from Xfinity in October 2011. I asked for my funds to be released to me in December 2011.
After several months of "faffing" around, and no cheque was forthcoming (I am transferring my pension to Canada through a financial advisor), I was eventually given another quote for £23,000 more. They had done some re-calculations based on the new rules. "Great", says I, "send me the new higher amount then please". Allegedly, it is being mailed out to me this week. I am not holding breath.
On the other hand, my husband who was with another force also obtained a quote for the value of his pension in October 2011, and we also asked for that to be sent to him in December 2011. It arrived in Canada on 2nd January 2012. Someone mailed that out between Christmas and the New Year, in the quickest release of funds we have ever heard about. We've all heard the stories that getting quotes and pension funds released is like getting blood out of a stone. We now suspect that they wanted to get shot of his file asap. Let's just say we are awaiting a response to our enquiry for final amount of the funds to be re-checked.
A letter to the pensions ombudsman is not out of the question.
So just a heads up really. IF you have retired in the past year, do your homework. Double (and triple check) that the quote you are being given is based on the new rules that came into effect after 20th April 2011.
Good luck - and happy hunting! I'll keep you posted with any of our progress.
http://www.narpo.org/index.php/pensi...-pensions.html
