Pension Calculation.

[amorley]

My most recent pension statement says that as of 31st March 2008 (when the changes obviously took place to CSDB based) I had accrued 9 years and 142 days of Final Salary service. At this point I had been employed by Royal Mail continuously for exactly 16 years. At the time I was on a substantive contract of 27.5 hours as I was for some time before and afterwards.

I'm clearly getting my sums wrong somewhere because I'm getting this to be 11 years final salary service exactly. I'm arriving at that figure by taking 27.5 40ths (I believe full-time postmen were still on 40 hours at that time ?) and multiplying by 16 years.

Am I oversimplifying things, is there a more complicated process by which they arrive at the Final Service figure ?? A discrepancy of a year and a half, which I imagine will also effect any possible lump sum figure, certainly seems worth looking into.

Any advice would be very gratefully received.

Tony

[heapsy]

Mmm not sure but have to check when the full time hours changed. Can't remember when it was, but after about 2yrs and 4 months I went full time. The full time hours were 41.5 at the time, later reduced to 40. Hope this helps a little. You should have more recent statements than 2008 09 and 10? If you cannot work things out, try the pension helpline. The number is 0114 241 4545

[amorley]

Thanks Heapsy, appreciated. It seems straightforward to me that if a part-time guy did 20 hours and a full time postie 40 hours ........ it would take twice the number of years for the PT guy to build up the same pension. Pro rata being a much loved expression at Royal Mail. Working backover with my theory I get quite close to my statement's figure if I base it on 22.5 hours rather than 27.5. I doubt very much a 'slip-of-the-pen' can be blamed for the confusion though.

I've emailed the pension helpline but I'll give them a bell if I hear nothing.

Thanks again.