Estimate

[al64]

So i turn 60 this year and have 23 years in, got a forecast from RMPP today saying a regular income of £120.26 a year or £94.62 a year and £630.81 tax free lump sum. am totally confused, surely i get more than that

[vmaxv4]

So i turn 60 this year and have 23 years in, got a forecast from RMPP today saying a regular income of £120.26 a year or £94.62 a year and £630.81 tax free lump sum. am totally confused, surely i get more than that

You have to receive your quote also from RMSPS ( Capita).
Add those two figures & that will be your forecast.

[RobertT]

So i turn 60 this year and have 23 years in, got a forecast from RMPP today saying a regular income of £120.26 a year or £94.62 a year and £630.81 tax free lump sum. am totally confused, surely i get more than that

The RMSPS pay out the vast majority of AGE60 benefits, as they are responsible for benefits accrued up to 2012. Although the RMPP are responsible for some inflationary increases on RMSPS benefits.

Therefore and as has been said, you will get another and bigger quote from RMSPS.

I'm not sure why you're totally confused. As your annual illustrations show you'll get payments from both RMPP and RMSPS, and that the RMPP AGE60 element is very small!

[mrcurve]

You could have a look at the website, it has or did have an estimate facility It seems to jump about in value up and down quite regularly and seems to give better figures than reality though, but not too far off to be useless


https://www.royalmailsps.co.uk/

[RobertT]

You could have a look at the website, it has or did have an estimate facility It seems to jump about in value up and down quite regularly and seems to give better figures than reality though, but not too far off to be useless


https://www.royalmailsps.co.uk/

That 'online portal' gives total RMSPS figures, so includes all AGE60 pension and the first two years of AGE65. Which explains why they're better.

[Celtic warrior]

Sorry if this has been asked before.
Is there much difference between being in the sections B+C final salary pension schemes compared with just being in the Section C final salary?

Thanks

[renrag40]

People in Section B pay in more than people in Section C therefore will get a more out.

[RobertT]

Sorry if this has been asked before.
Is there much difference between being in the sections B+C final salary pension schemes compared with just being in the Section C final salary?

Thanks

Bearing in mind the final salary scheme closed over 15 years ago in 2008, these are the main differences as they were at the time(there have been a few changes since):

Section B:

All basic pay and pensionable allowances are used when calculating pensionable pay.
Accrual rate of 1/80ths of pensionable pay.
Maximum pension of 1/2 of pensionable pay.
Standard tax free lump sum equalling 3 times pension.
The ability to give up some lump sum to get a bigger pension and vice versa.
Increases in payment of CPI.

Section C:

Pensionable pay is worked out as section B, but the Lower Earnings Deduction is then subtracted.
Accrual rate of 1/60ths of pensionable pay.
Maximum pension of 2/3 of pensionable pay.
No standard tax free lump sum, but the ability to give up some pension to get one.
The choice to pay into Bonusplan which benefits from extra employer cash, funding some/all of tax free cash.
Increases in payment of RPI, capped at 5%.

[Celtic warrior]

Thank you Robert T.
Appreciated