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2017 Benefit Illustration
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FAB
- Posts: 234
- Joined: 06 May 2017, 22:57
- Gender: Male
2017 Benefit Illustration
See in that recent Your News letter from the RMPP that they say they will no longer be showing the estimated benefits at 60 or 65. I can understand them not showing the 65 part. But surely even with the closure the 60 part will largely go unchanged. Apart from being locked into the 2017/18 wage for the Final Salary part.
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RobertT
- EX ROYAL MAIL
- Posts: 6645
- Joined: 09 Sep 2007, 14:26
- Gender: Male
2017 Benefit Illustration
The DC proposal booklet said that Section B members would continue to have the final salary element of their pension linked to pay. While for Section C members it would be increased with inflation.
And as discussions are still ongoing and there is currently nothing 100% decided, they probably have to be careful how much info they include.
Personally I’ve never understood why the statements include the NRA60 pension and the total pension, but leave it to you to work out the accrued NRA65 pension to date yourself. OK it’s simple to do, but surely it wouldn’t be too hard to include another box on the statement saying your NRA65 pension is worth £x today?
Going forward I would hope the annual statements will be easier to understand, with the scheme being closed to future accruals.
And as discussions are still ongoing and there is currently nothing 100% decided, they probably have to be careful how much info they include.
Personally I’ve never understood why the statements include the NRA60 pension and the total pension, but leave it to you to work out the accrued NRA65 pension to date yourself. OK it’s simple to do, but surely it wouldn’t be too hard to include another box on the statement saying your NRA65 pension is worth £x today?
Going forward I would hope the annual statements will be easier to understand, with the scheme being closed to future accruals.
Links to all RM pension related websites are here
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Lefantum
- Posts: 29
- Joined: 07 Jun 2007, 12:15
2017 Benefit Illustration
Very Confusing. I was led to believe our NRA60 was linked to final salary when we decide to take it. Now i see Roberts post. Saying Fixed at 2017/18 Final salary year. Looking forward into the future and Royal Mails intention to take away all Pensionable allowances. I guess having our final salary pensionable pay fixed at 2017/18 pensionable pay is probably the best option. If you work nights and have legacy or ex PHG pensionable payments.