Statements 2022

[freespeech]

I've had both statements now and confirmation that overall my NRA60 has dropped significantly since 2021 statements. How can that be given the scheme is effectively closed?

If it were the market I would expect to see that in both statements but the RMSPS has actually grown by £800. The problem is my RMPP figure has dropped by £2k and all in the "pension increase amount". If I were drawing NRA60 now it is actually the lowest figure since 2020 when the statements split out the NRA60/65 pensions.

Anyone know why? There is no mention in the paperwork with the statements.

[BenacreNick]

Hey Freespeech,

I've just opened my statement and after retrieving last year's, I can see an overall increase, but by the tiniest of margins.

I don't yet have an answer to your question, my friend, but I just wanted to give you a comparison.

[BenacreNick]

7. Financial Review.

There was a £3.1b loss for the year up to March 2022, driven by higher than assumed pension increases, which has increased the scheme's liability.

I don't know if this helps you.

[RobertT]

I've had both statements now and confirmation that overall my NRA60 has dropped significantly since 2021 statements. How can that be given the scheme is effectively closed?

If it were the market I would expect to see that in both statements but the RMSPS has actually grown by £800. The problem is my RMPP figure has dropped by £2k and all in the "pension increase amount". If I were drawing NRA60 now it is actually the lowest figure since 2020 when the statements split out the NRA60/65 pensions.

Anyone know why? There is no mention in the paperwork with the statements.

Information on how the Age60 Final Salary pension addition is worked out is to be found on page 2 of your RMPP illustration.

In my case, although the pension addition figure has reduced substantially, my overall pension amount has increased since last year.

[RobertT]

7. Financial Review.

There was a £3.1b loss for the year up to March 2022, driven by higher than assumed pension increases, which has increased the scheme's liability.

I don't know if this helps you.

Where exactly have you got that from please?

[BenacreNick]

Hey Robert,

TrueBlueTerrier posted it here on page 2, about halfway down.

And also when you Google "RMSPS pension loss 2022", you can access a government document which includes the same data.

I hope this helps.

[RobertT]

Thanks, but:

The RMSPS is paid for by the government/taxpayer.
There is no pot of money to lose value.
The link you refer to just says the liabilities of the RMSPS have increased.
Freespeech is worried about his RMPP benefits reducing.

RMSPS and RMPP are different schemes!

[BenacreNick]

Yes they are.

Yes Freespeech sounded a little worried.

[freespeech]

I've had both statements now and confirmation that overall my NRA60 has dropped significantly since 2021 statements. How can that be given the scheme is effectively closed?

If it were the market I would expect to see that in both statements but the RMSPS has actually grown by £800. The problem is my RMPP figure has dropped by £2k and all in the "pension increase amount". If I were drawing NRA60 now it is actually the lowest figure since 2020 when the statements split out the NRA60/65 pensions.

Anyone know why? There is no mention in the paperwork with the statements.

Information on how the Age60 Final Salary pension addition is worked out is to be found on page 2 of your RMPP illustration.

In my case, although the pension addition figure has reduced substantially, my overall pension amount has increased since last year.

I've emailed the RMPP pension helpline now. Having checked my NRA60 values since 2020 the only value I've ever had is the pension addition. That makes sense given most NRA60 figures will be from RMSPS. However, this year it was lower than both 2020 and 2021 - by a massive £2k. I don't understand why as I thought the payments were guaranteed each year once they were added? The info on statement page 2 doesn't help at all.

[RobertT]

I've emailed the RMPP pension helpline now. Having checked my NRA60 values since 2020 the only value I've ever had is the pension addition. That makes sense given most NRA60 figures will be from RMSPS. However, this year it was lower than both 2020 and 2021 - by a massive £2k. I don't understand why as I thought the payments were guaranteed each year once they were added? The info on statement page 2 doesn't help at all.

Please post the answer on here, I'm sure others will be interested too.

[freespeech]

I've emailed the RMPP pension helpline now. Having checked my NRA60 values since 2020 the only value I've ever had is the pension addition. That makes sense given most NRA60 figures will be from RMSPS. However, this year it was lower than both 2020 and 2021 - by a massive £2k. I don't understand why as I thought the payments were guaranteed each year once they were added? The info on statement page 2 doesn't help at all.

Please post the answer on here, I'm sure others will be interested too.

Yes, will do......

[freespeech]

I've emailed the RMPP pension helpline now. Having checked my NRA60 values since 2020 the only value I've ever had is the pension addition. That makes sense given most NRA60 figures will be from RMSPS. However, this year it was lower than both 2020 and 2021 - by a massive £2k. I don't understand why as I thought the payments were guaranteed each year once they were added? The info on statement page 2 doesn't help at all.

Please post the answer on here, I'm sure others will be interested too.

Robert, as promised....the reply is below (which has not really helped).

Thank you for your email. Any changes in the value of the Royal Mail Pension Plan benefits should be reflected in the Royal Mail Statutory Pension Scheme figures increasing. Can you please check and clarify if this has indeed increased as it should.

I have replied advising that overall I am over £1k down on NRA60 2022 compared to 2021.

[RobertT]

So maybe my reply here wasn't too far from the truth, before that particular thread went off topic.

Although there obviously seems to be a discrepancy in your case.

[NorthernBoy]

Have any deferred members had their statements yet? (I am deferred). I think last year they came around this time.

[RobertT]

Have any deferred members had their statements yet? (I am deferred). I think last year they came around this time.

The RMSPS website says the following:

This year we will be sending current value statements between September and November.
If you are an active joint member, you will receive your statement at the end of September.
If you are a deferred joint member or a Section B member, you will receive your statement at the end of October.
If you are a Section C member, you will receive your statement at the end of November.

It's slightly confusing as I believe section C members have already had theirs – I have anyway! It's possible they mean deferred section C members?

I believe RMPP deferred statements are usually sent out roughly the same time as the RMSPS.