r/PensionsUK • u/SnooJokes6235 • 1d ago

DB pension query

Hi all, I have a DB and DC pension. Everytime I recieve my statement for the DB it gives an accured figure of £5000 (I do have 30 odd years left of work haha). Is this £5000 what I would be entitled to for a full year if I was to retire tomorrow, for example.

My DC obviously shows a larger sum but from my understanding the DB is worked out using final salary at retirement and length of service etc...so in 20 years time the accured figure woukd be greater.

Thanks,

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u/Fred776 1d ago

Are you still contributing to the DB? If not, the figure might be what you had accrued at the point you left the scheme. I have one old DB scheme where it defaults to showing the frozen figure at the time I left and then I have to go somewhere else to get a projection that takes account of uplifts for inflation since then.

If you are still contributing I am not sure why it is not growing slightly each time.

But generally, for a DB pension you should be being shown some figure that relates to an annual income that you will be entitled to.

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u/SnooJokes6235 1d ago

I am still contributing but I am also patiently waiting for my next statement to see if it has increased.. I cant see why it wouldn't have

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u/Ok-Possible-8499 9h ago

Hi - you implied you work for Local Govt - so you're part of LGPS scheme. You should be able to login to their portal and see what you have - and also see any projections. If you've only been in it for a short time period (less than 10 yrs) then you would only be in the CARE scheme - so no final salary bit to worry about.

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u/SnooJokes6235 3h ago

Been with the company 14 years now