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Has anyone got a "Simple" system to work out just how much we're likely to get a week after we retire? I don't consider myself that thick (perhaps I am) but all these different pensions and supplements don't exactly lend themselves to easily working out just how much we're likely to get in the pocket! I know we all get different amounts but I presume there's some system to calculate it.
Perhaps the next illustration should include an "Idiots Guide", with a put figure from Box 1 into Box A and add Box 2 etc
Like all Wage Slaves, he had two crosses to bear: The people he worked for and the people he worked with! (Stephen Vizinczey.)
I share your pain, as do thousands of others too no doubt.
Now there's a thought....
They should put out An Idiot's Guide Book, like they do for Windows OS and other stuff that tells you how to operate things
Only this time do one for us.
An Idiot's Guide To: Pension Plans For Royal Mail Employees
"Better to die on your feet than live a life time on your knees"
Yes,
"Drawing a Royal Mail pension : a step by step guide"
would have been a much better idea than the
"Owning shares : a step by step guide" junk mail that we all received a few days ago.
Strange you should mention that Lizard. Spend loads of money to produce a simplistic handout that insults most Posties intelligence about something you've already got. And then repeat it all on RMTV!
Produce another handout about something that's very important to most of us, and don't really make it clear enough!
I expect the people in charge of the Pensions are brighter than those in charge of the Shares....and assume we're as bright as they are!
Like all Wage Slaves, he had two crosses to bear: The people he worked for and the people he worked with! (Stephen Vizinczey.)
Are we eligible for two lump sums one at 60 and one at 65? IM guessing so having two pension pots but the whole statement is so hard to work your head round
postmanplod69 wrote:Are we eligible for two lump sums one at 60 and one at 65? IM guessing so having two pension pots but the whole statement is so hard to work your head round
I think that's just giving you two forecasts 69 ...one for if you decide to retire at 60 and the other if you want to hang on until 65 And as they can't make you retire now I suppose you could plod on until your RM pension ties in with your Government pension....I think mines at 67 now because the bastards keep moving the Goalposts!
Like all Wage Slaves, he had two crosses to bear: The people he worked for and the people he worked with! (Stephen Vizinczey.)
Dorset Plodder wrote:Has anyone got a "Simple" system to work out just how much we're likely to get a week after we retire? I don't consider myself that thick (perhaps I am) but all these different pensions and supplements don't exactly lend themselves to easily working out just how much we're likely to get in the pocket! I know we all get different amounts but I presume there's some system to calculate it.
Perhaps the next illustration should include an "Idiots Guide", with a put figure from Box 1 into Box A and add Box 2 etc
It will depend to a large extent when you take your pension/s.
If you take your NRA60 pension at 60 then it would pay out the figures quoted plus yearly increases in line with inflation from now until you reach that age. If you carry on working at RM until 65 and then take your NRA65 pension, you will get those quoted figures. Although they are only really estimates of what you may get because nobody knows for sure how much we’ll be earning in several years time.
If you either leave RM or take your pension/s before either of those ages you will get less.
So it really does depend on the individual, but assuming you work until 65 and take both elements at the optimum ages, then figures quoted are roughly correct.
postmanplod69 wrote:Are we eligible for two lump sums one at 60 and one at 65? IM guessing so having two pension pots but the whole statement is so hard to work your head round
Yes, members of the final/average salary scheme effectively have two pensions, so can therefore take two lump sums if they wish.
I agree the way the way the Benefit Illustration is presented is very poor. I know there is a lot of information to provide but it would be better to produce a simple two sided illustration in A4 format with references to most of the caveats in a separate leaflet. Personal information on one side and core benefits on the other.
It is hard to understand and hard to scan or copy and the calculations while simple to do, rely on members understanding the individual element of both schemes which most, understandably don't.
As far as I am concerned, the inclusion of the pension supplement under both the NRA 60 and NRA 65 benefit sections only serves to confuse matters as it is only payable in limited circumstances i.e. if your NRA is before State Pension age and you choose to leave and take you benefits before then. My State Pension age is 66 and so if I retire from RM at 65 I will get two supplements estimated to be worth £1,197 which is worth knowing but I am resigned to the fact that I will probably need to work on a further year - maybe part-time.
RM Pensions would be better showing just your NRA 60 and NRA 65 pensions individually and then showing the sum of the two, so that members would have an idea of what they are likely to receive in total by NRA 65, albeit some revaluations will take place due to inflation. They could then have a separate panel that shows the supplements, as additions, if members were to take their benefits and leave before State Pension Age.
I had to produce a simple spreadsheet to perform my own pension calculations to check the core illustration benefits are correct and got my own to agree to the exact pound.
There is a Royal Mail Pension forum just above the chat topic, I myself posted a query about the illustration which was answered by Robert T who seems to know his stuff. I also spoke to the pension helpline who made the illustration appear much clearer but no doubt next year I'll be querying it again due to the poor design.
but all these different pensions and supplements don't exactly lend themselves to easily working out just how much we're likely to get in the pocket! 
I know we all get different amounts but I presume there's some system to calculate it.
