Statement of preserved benefits - clarification needed

[Newbie!]

I just got a statement of my preserved benefits from my public sector job that I recently left. Under the benefits payable section there is a retirement pension of 5k and a gross retirement gratuity of 27k. Can someone clarify what these figures actually are? Is the 5k my annual pension and the 27k my lump sum?

(edited to add that yes I am that clueless about pensions and I have tried HR in my old employers but they just don't respond to queries).
thanks,

 

[NoRegretsCoyote]

Can someone clarify what these figures actually are? Is the 5k my annual pension and the 27k my lump sum?

Yes.

 

[Newbie!]

Yes.

Thank you. And that annual amount is payable until death? It's pretty paltry as a monthly payment but the lump sum is not ridiculous. I also (all going well) have another 23 years of service to put in.

 

[jpd]

5k from retirement till death is potentially 30+ years of 5K = 150K so not that paltry
How much did you pay into the pension fund while you were in the job?

 

[NoRegretsCoyote]

And that annual amount is payable until death?

Yes. And half to a surviving spouse if you were a member of the scheme.

Thank you. And that annual amount is payable until death? It's pretty paltry as a monthly payment but the lump sum is not ridiculous. I also (all going well) have another 23 years of service to put in.

It's also tax free.

 

[Newbie!]

Thank you. And that annual amount is payable until death? It's pretty paltry as a monthly payment but the lump sum is not ridiculous. I also (all going well) have another 23 years of service to put in.

 

[Newbie!]

5k from retirement till death is potentially 30+ years of 5K = 150K so not that paltry
How much did you pay into the pension fund while you were in the job?

It was 1 1⁄2% of Gross Reckonable pay plus 3 1⁄2% of net reckonable pay.

 

[Newbie!]

Yes. And half to a surviving spouse if you were a member of the scheme.


It's also tax free.

The lump sum is taxable though isn't it? What rate is it taxed at?

 

[NoRegretsCoyote]

The lump sum is taxable though isn't it?

No. It's tax free.