New Calculator on website - very useful

[NorthernBoy]

Just been onto the pension website and they now have a retirement calculator, which I think is new.

Find your last statement and type in the relevant figures and it will give you your projected pension. It also lets you change your retirement age to any age from 55 and gives you your figures. This is especially useful if you are thinking of taking your pension early.

It’s took them awhile to provide this feature but it’s really useful tool for planning.

My early retirements figures came out slightly higher than I expected, which is a bonus.

[RobertT]

They've had a calculator before, but it wasn't very good and they ditched it.

Interestingly, with this one there does seem to be a reduction in the DBCBS if taken before 65.

I've put my figures in and my DBCBS is only expected to increase by 2% in the 9 years from 56(my current age) to 65, so I'm not sure it actually works properly!

[david3595]

My DBCBS figures as at March 23 ( latest statement I have ) only go up by approximately £500 over next 6 years until 65

[RobertT]

It seems to me whoever's programmed this hasn't done their job particularly well, in regards to the DBCBS at least.

They don't even seem to have tested it before putting it on the website!

[NorthernBoy]

Well the new calculator is now not working due to technical problems.

I think it only worked for a few days!

[RobertT]

Maybe they've realised it didn't work properly in the first place.

[RobertT]

You might be interested to know this is back up and running again.

It now seems to be working properly with regards to the DBCBS.

[NorthernBoy]

Thanks, have just tried it and it seems to working okay

[SWIM]

what's pension website address please?

[Wullie10]

what's pension website address please?

https://www.royalmailpensionplan.co.uk/

[freespeech]

what's pension website address please?

https://www.royalmailpensionplan.co.uk/

It's not great if it only gives the RMPP part of our pensions.

[Wullie10]

You'd need your latest Capita statement to fill in the Age 60 part I'd guess Although it doesn't state that.

[RobertT]

You'd need your latest Capita statement to fill in the Age 60 part I'd guess Although it doesn't state that.

That won't work as the Calculator only allows you to input the the Age60 FS pension addition and supplement, which come under the RMPP.

[freespeech]

You'd need your latest Capita statement to fill in the Age 60 part I'd guess Although it doesn't state that.

That won't work as the Calculator only allows you to input the the Age60 FS pension addition and supplement, which come under the RMPP.

Yep, another half baked load of rubbish that gives the casual user no real insight into their expected "total" pension. Anyone in longer than 20 years using this calculator would have a heart attack as it misses the biggest contribution to their NRA60 pension via Capita.

[RobertT]

Yep, another half baked load of rubbish that gives the casual user no real insight into their expected "total" pension. Anyone in longer than 20 years using this calculator would have a heart attack as it misses the biggest contribution to their NRA60 pension via Capita.

I agree!

Personally I think there's only two useful things with this calculator. Which is the ability to see how much the RMPP DBCBS and section C supplement will reduce if taken early. Both of which have been unknowns to some degree.

Until there's some joined up thinking between the RMSPS and RMPP, which are intrinsically linked, many people will be struggling to understand their pensions.

One thing that might help is the government backed Pensions Dashboard scheme which is supposed to be an online one stop shop for all the pensions you have, including from the state. But like other similar ideas, it's over run, over spent and been beset with problems.
So time will tell when or even if that happens.