A bit confused on how to work out my preserved pension. In the process of sending forms off for statement. In the meantime, any help on finding out how i calculate. Left in 1998 after 7 years service as AB. How do i find the correct rates. Thanks
Assuming that you left after 1 April 98, the 37 yr rate for an AB would have been 7,357. To work out the preserved pension you take 2.75% of the 37 yr rate and multiply by your length of service (£1,1416.22 based on what you have told me). To bring that up to date you multiply by the inflation factor which varies from 1.768 if you left in early April to 1.6718 if you left in late December.
Lets say you left in early April, 1,1416.22 is worth just over 2,500.