Help needed locating pension.

[Happy_Chappy]

Good morning everyone,

Hopefully someone can help.

So I joined Royal Mail in June 2020 and left for greener pastures in March 2019. I contributed to a pension of some sort imminently upon starting right up to until I left.

I have however not a clue where my funds are or who is responsible for it.

A quick Google search and someone was saying that some ex Royal Mail workers are in no less than 5 different pension plans!

Any help or advice would be much appreciated. Thank you.

[RobertT]

So I joined Royal Mail in June 2020 and left for greener pastures in March 2019.

I think you've mis-typed the year you joined! Unless you actually worked for RM for a minus amount of time.

When you joined the company will determine which pension you're in!

[Happy_Chappy]

Ha! Ha! Ha!

I joined in June 2000!

Well spotted sir!

[RobertT]

I joined in June 2000!

You should be in section C and have benefits with the RMSPS(up to 2012) and the RMPP(2012 to 2019).

You should have been getting annual statements from both since you left.

They both have websites with lots of info.

v

[Happy_Chappy]

So please excuse me if I'm being silly.

Am I in two separate plans? Two different sets of funds? What's the difference/benefits if I am? Can I merge them?

I have tried to register with some Royal Mail pension sites but they keep telling me my details don't match and whatever details I give them first I'm not allowed to change per their security checks.

[Jaggs]

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

For the pensions that you'll be in that is the site that I think you are best off looking at first

[Happy_Chappy]

I've been on that site. Unless I'm being silly there's no where to register and see my pension?

I have 2 other private pensions with Aviva and Legal and General and you can login in their respective apps see real time info my pensions.

[RobertT]

So please excuse me if I'm being silly.

Am I in two separate plans? Two different sets of funds? What's the difference/benefits if I am? Can I merge them?

I have tried to register with some Royal Mail pension sites but they keep telling me my details don't match and whatever details I give them first I'm not allowed to change per their security checks.

You'll have Age60 benefits which accrued up to 2010, which are predominantly with the RMSPS and Age65 benefits which built up 2010-2019 which are mainly with the RMPP.
You have to take all Age60 at the same time and all Age65 at the same time. So when it comes to taking your pensions, you have to deal with both.

They are defined benefit schemes, which means they're based on your pay and length of service. While the other 2 schemes you mention with Aviva and L&G, are defined contribution which are pots of money with options.

I've been on that site. Unless I'm being silly there's no where to register and see my pension?

No you can't register with the RMPP site and some people seem to struggle to register with the RMSPS site too.
RM pensions aren't really up with the times as far as their online stuff is concerned, so it's best to contact them by email or phone and ask for paper statements.

[Happy_Chappy]

Thank you for all the info RobertT!

If I could just pester you with a few more (silly) questions please.

So am I in both the RMPP and the RMSPS?

Are these both defined benefits schemes?

Even though I no longer work for the company and I don't contribute to the pension, I presume it still would not be in my interest to transfer it if they are 'defined benefits'?

What is the difference between the Age60 and Age65 benefits you speak of?

[RobertT]

So am I in both the RMPP and the RMSPS?
Are these both defined benefits schemes?

It's a yes to both!

Even though I no longer work for the company and I don't contribute to the pension, I presume it still would not be in my interest to transfer it if they are 'defined benefits'?

It's not possible to transfer any RMSPS benefits to anything other than another DB pension scheme, which you will have to be an active employee member of at the time of any transfer.

It is possible to transfer your RMPP benefits to a DC scheme, but you'll be giving up your inflation proofed income for life(plus spouses pension), and you'll need the approval of an IFA(if it's value is £30k+) who says it's in your best interests to do so. The chances are they won't and even if they do, it'll cost an arm and a leg!

The transfer value of a DB pension can vary with age and the state of financial markets at the time. The only way to find out what yours in worth is to get a CETV from the RMPP. They are currently at an all time low, making any transfer even less appealing!

What is the difference between the Age60 and Age65 benefits you speak of?

Age60 benefits are what you built up until 31st March 2010. Everything up to 2008 was based on your final salary and 2008-2010 was average salary. Those benefits have a Normal Retirement Age of 60.

Age65 benefits are what you built up from 1st April 2010 to 31st March 2018 and are all average salary, plus you'll have a bit Cash Balance(2018-2019), which is a lump sum to be taken with your Age65 pension. Those benefits have an NRA of 65.

It's possible to take your benefits before NRA, but you will typically see a 5% per year reduction for each year. So if you were to take it all at 55, your Age60 would be reduced by 25% and your Age65 by 50%.
There is no benefit in deferring taking your benefits past NRA.

The minimum legal age for accessing any pension is usually 55, rising to 57 in 2028.

More details on how your pension works can be found in the 'guide to benefits', both the RMSPS and RMPP websites have their own version.

[Chelseablue]

So please excuse me if I'm being silly.

Am I in two separate plans? Two different sets of funds? What's the difference/benefits if I am? Can I merge them?

I have tried to register with some Royal Mail pension sites but they keep telling me my details don't match and whatever details I give them first I'm not allowed to change per their security checks.

Im the same tried to log in tells me i dont have an account. Then when i try to re register says that email is already in use !!! I just wanna know what i have pensionwise , so i can maybe go soon.