Preserved Benefits Pension

[paulwbc]

I left RM at the beginning of Oct. This morning I received a letter from rmsps .
Can you guys explain in the photo why there are 4 sets of figures. I assume the top 2 are for when I turn 60? Dunno what the bottom two are.
Cheers Guys

[FAB]

The top two figures show what the value of the pension was in 2012 when the rest of your pension moved to the RMPP. The two bottom figures show what you RMSPS is currently worth with all the inflationary amounts added to it. So the pension you would currently get is the lower figures.

[paulwbc]

Thank you very much!

[RobertT]

Just to clarify:

The 'current' figures quoted represent all your RMSPS pension benefits, combined. So they include all Age60(up to 2010) and the first two years of Age65(2010-2012).

[paulwbc]

This is my rmpp statement.

So at 60 I get the 3rd figure from the 1st photo and from 65 I get the amount from the second photo? Plus any inflation rises, till then I assume.

I assume both supplements only paid until I get my state pension?

Finally when do I get the cash balance fund?

Thank you for your help

[RobertT]

This is my rmpp statement.

So at 60 I get the 3rd figure from the 1st photo and from 65 I get the amount from the second photo? Plus any inflation rises, till then I assume.

As previously stated, the first photo includes all pension up to 2012, which includes all Age60 and the first two years of Age65.
So your Age60 pension will be lower than the figures quoted.

The second photo is the remainder of your Age65(2012-2018).
So your total Age65 benefits will also include the two years included in the RMSPS figures.

I would guestimate those two years are equal to (very roughly) about £700 plus around £140 supplement.

I assume both supplements only paid until I get my state pension?

Yes.

Finally when do I get the cash balance fund?

With your Age65 benefits. Although there maybe the option to take some with Age60.
There is also the option to transfer out to a DC scheme.

Can I ask where you got the RMPP figures from please?
Is that this years annual illustration/statement?

[paulwbc]

I had it at the end of Oct this year.

[paulwbc]

I've just found this from rmsps. Must have received this in sept this year. Different NRA 60 and 65 figures?

[RobertT]

Your RMSPS Age60 and Age65 figures on that add up to £6,060. The exact same amount as is on your first photo!

Now you know how much those 2 years are worth – a total of £925 including supplement.
My overall guestimate was a little short of the mark.

So do the RMPP figures come from this years statement?

[paulwbc]

I see it now and yes the rmpp figures are from this year's statement.