Pension advice. Anybody simular help please

[comeracing]

Joined RM pension in june 1996 , im 55 in 4 years ,so would have a total of 31 years service when im 55 ,has anyone an idea how much i would approximately receice if i took a lump sum then and pension, im a complete novice, the illustrations we get every year are not easy to understand at all, or if i rang Sheffield up would they be able to tell me an amount for 2027 .

[RobertT]

Nobody can give you an accurate figure because everyone's situation will be a little different, due to pensionable allowances, any periods of part time work, etc.

But based on what you've said, you're in section C and have currently got roughly:

14 years of NRA60 – from 1996 to 2010
8 years of NRA65 – from 2010 to 2018
5 years of DBCBS(Cash Balance) – from 2018 to 2023

What pension provision you'll accrue going forward is an unknown to some degree.

You probably don't want to hear this, but the best way to find out what your pension is worth is to take time to understand your annual statements, as they'll be individual to you. Both RMSPS and RMPP websites have video tutorials as well as written guides which may help:

https://www.royalmailsps.co.uk/support/useful-documents
https://www.royalmailpensionplan.co.uk/ ... a-library/

Bear in mind, any decision to take your benefits before NRA, will mean a 5% per year reduction. So if you took it all at 55, your NRA60 will be reduced by 25% and your NRA65 by 50%.

The Pensions Service Centre in Sheffield won't entertain any quotes until 3-4 months before your 55th birthday, and they're only responsible for benefits accrued from April 2012 anyway.

[Omega853]

Hi Robert so who do you contact for pension before 2012 please

[RobertT]

Hi Robert so who do you contact for pension before 2012 please

The RMSPS which is administered by Capita: https://www.royalmailsps.co.uk/contact-us