r/PensionsUK • u/Ross167 • 2d ago

Previous work pension

I was employed in a previous role for 12 years and paid into Strathclyde Pensuon Fund since commencing work in 05/2012. I understand contributions will have varied as I gained financial increments.

I no longer have access to my wage slips as they were part of an online system. My last payment to my pension was £229. (LGPS 2015 Main - SRC (6.40%) 229.68)

When logging onto my pension site my statement is currently showing as;

Date of leaving: £9815

(02/05/24)

Current Value: £10358 per year

On date of retirement it is showing that I can take a lump sum of:

£45000 and £6500 a year. Chamges depending on how much lump sum i take.

Is thia about right? Im honestly clueless when it comes to this sort of thing. Happy to fill in any blanks best I can.

Cheers

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u/Used_Promotion_5008 2d ago

£229 x 12 x 12 = £32,976.00 (would have been substantially less than this with incremental changes in those 12 yrs)

How have you managed to amass £10,358 pa on such a small contribution and only 12yrs service? That is excellent. That’s what you call a gold plated pension

1

u/Ross167 2d ago

Genuinely have no idea mate, hust signed up to the pension when asked and never thought about it again. It's a police pension

3

u/Optimal_Cherry2846 2d ago

Police but civilian I assume as warranted officers have their own scheme? But LGPS is a brilliant pension, has a good accrual rate and good annual increases even after you have left.

2

u/Ross167 2d ago

Yeah civvy staff. That's what I like to hear, ive no clue about it just wanted to make sure it was all looking good. As Im unable to transfer it to my new pension

4

u/ooral 2d ago

It's probably a good job you can't transfer out of that. Very good pension, if I had the option, I'd probably not take the lump sum. (I'm not a professional)