Personal illustration

Post by **postie2007** » 19 Oct 2018, 19:18

In the latest personal pension illustration only the total pension value is quoted how do you work out NR60 and NR65 figures?
TIA

Post by **RobertT** » 20 Oct 2018, 13:32

I don't know what yours looks like, but my section C statement includes:

Final salary pension value at 31/3/18.
CSDB pension earned during the previous year(2017/18).
CSDB pension up to 31/3/17
and
Total pension amount.
Plus the supplement/s.

To find out a rough ballpark figure for your NRA60 and NRA65 amounts, you'll need to do a bit of maths:

Total pension – final salary pension = CSDB pension

CSDB pension / 10 x 2 + final salary pension = NRA60

What's left over = NRA65

And the same maths for the supplements.

It won't be 100% accurate, but should be within a few £'s per week!

Post by **wacko74** » 20 Oct 2018, 15:09

One slight anomaly I've noticed I've noticed with mine on page 6...

Date you joined the plan - 19/2/2001

Service to 31 March 2008 - 5 years 238 days

Total Final Salary Service - 5 years 238 days

Why is there 18 months missing between my start date and 31 March 2008?

Post by **postie2007** » 20 Oct 2018, 16:24

Thank you Robert for your advice that makes it a lot easier to understand.

Post by **RobertT** » 20 Oct 2018, 17:23

wacko74 wrote:One slight anomaly I've noticed I've noticed with mine on page 6...

Date you joined the plan - 19/2/2001

Service to 31 March 2008 - 5 years 238 days

Total Final Salary Service - 5 years 238 days

Why is there 18 months missing between my start date and 31 March 2008?

Did you work part time between 2001 and 2008? If so your pension will have accrued on a pro-rata basis.

Sputters2017 · Post by **Sputters2017** » 20 Oct 2018, 17:44

I started in 1986 and thro the eary 90s .but the pension is only showing service to march 2008 7 years 266 days . The pension was in the poss or something like that. I have also done 18 years since 2000 .does anyone know why i am not getting a forcast for the 80s/90s .all the years are full time . Thanks

Post by **wacko74** » 20 Oct 2018, 18:50

RobertT wrote:
wacko74 wrote:One slight anomaly I've noticed I've noticed with mine on page 6...

Date you joined the plan - 19/2/2001

Service to 31 March 2008 - 5 years 238 days

Total Final Salary Service - 5 years 238 days

Why is there 18 months missing between my start date and 31 March 2008?
Did you work part time between 2001 and 2008? If so your pension will have accrued on a pro-rata basis.

Thanks, yes I was part time, that must explain it.

Post by **celtic1967** » 20 Oct 2018, 19:30

Thanks for posting the calculation Robert, very useful.
Am I correct thinking that with the old pension(s) closed in March that these figures are now fixed apart from inflation increases and the only additional income will be from the DC plan in whatever form it is implemented ?

Post by **RobertT** » 20 Oct 2018, 20:16

Sputters2017 wrote:I started in 1986 and thro the eary 90s .but the pension is only showing service to march 2008 7 years 266 days . The pension was in the poss or something like that. I have also done 18 years since 2000 .does anyone know why i am not getting a forcast for the 80s/90s .all the years are full time . Thanks

POSSS was the old name for section B of the RMPP and stood for Post Office Staff Superannuation Scheme and ran for those who joined RM(or the pension) from 1st December 1971 to 31st March 1987.

Therefore you should have two pensions for your two stints at RM – one for your section B pension and one for your section C.

If I was you, I would contact Capita and/or the PSC, to make sure they have all your details and know you have two pensions.

Post by **RobertT** » 20 Oct 2018, 20:17

celtic1967 wrote:Thanks for posting the calculation Robert, very useful.
Am I correct thinking that with the old pension(s) closed in March that these figures are now fixed apart from inflation increases and the only additional income will be from the DC plan in whatever form it is implemented ?

As long as you continue working your current hours your pension will basically stay the same, with the addition of inflation.

If you change your hours by going part time for example, then the final salary element will go down. Although as has been mentioned on another thread recently, you benefits are often worked out on a best year in the last three basis. So depending on when you reduce your hours in relation to taking your pension, you may not be affected.

Members of the RMPP are currently building up a pot of cash by paying into the transitional DBCBS, which can be used to fund some or all of the tax free lump sum when we take our pensions.

See your plan guide for more info.

We may get a further un-guaranteed pension via the CDC scheme when or if that it implemented.

Post by **celtic1967** » 20 Oct 2018, 20:23

Thanks Robert !

Sputters2017 · Post by **Sputters2017** » 21 Oct 2018, 10:33

RobertT wrote:
Sputters2017 wrote:I started in 1986 and thro the eary 90s .but the pension is only showing service to march 2008 7 years 266 days . The pension was in the poss or something like that. I have also done 18 years since 2000 .does anyone know why i am not getting a forcast for the 80s/90s .all the years are full time . Thanks
POSSS was the old name for section B of the RMPP and stood for Post Office Staff Superannuation Scheme and ran for those who joined RM(or the pension) from 1st December 1971 to 31st March 1987.

Therefore you should have two pensions for your two stints at RM – one for your section B pension and one for your section C.

If I was you, I would contact Capita and/or the PSC, to make sure they have all your details and know you have two pensions.

thanks robert will call them next week

thegreatestfreddy · Post by **thegreatestfreddy** » 22 Oct 2018, 17:59

RobertT wrote:
celtic1967 wrote:Thanks for posting the calculation Robert, very useful.
Am I correct thinking that with the old pension(s) closed in March that these figures are now fixed apart from inflation increases and the only additional income will be from the DC plan in whatever form it is implemented ?
As long as you continue working your current hours your pension will basically stay the same, with the addition of inflation.

If you change your hours by going part time for example, then the final salary element will go down. Although as has been mentioned on another thread recently, you benefits are often worked out on a best year in the last three basis. So depending on when you reduce your hours in relation to taking your pension, you may not be affected.

Members of the RMPP are currently building up a pot of cash by paying into the transitional DBCBS, which can be used to fund some or all of the tax free lump sum when we take our pensions.

See your plan guide for more info.

We may get a further un-guaranteed pension via the CDC scheme when or if that it implemented.

Just to clarify Robert ...
If you reduce your hours before taking your age 65 CSDB benefits those CSDB benefits as per your 2018 illustration will not be affected ?... obviously presumably the DBCBS would though as that cash pot would be added too in that case on a pro rate basis ??

thegreatestfreddy · Post by **thegreatestfreddy** » 22 Oct 2018, 18:01

... meant pro rata!

Post by **RobertT** » 22 Oct 2018, 19:31

thegreatestfreddy wrote:Just to clarify Robert ...
If you reduce your hours before taking your age 65 CSDB benefits those CSDB benefits as per your 2018 illustration will not be affected ?... obviously presumably the DBCBS would though as that cash pot would be added too in that case on a pro rate basis ??

Sorry, I didn't make it clear how the CSDB benefits would be affected by reducing your hours.

I refer you to page 7 of your illustration where it says:

Difference between pensionable salary and CSDB pensionable salary

If your basic pay rate increases due to promotion to a higher pay grade group, this will only affect your CSDB pensionable salary – your pensionable salary will remain the same.
If your basic pay rate reduces however, both your CSDB pensionable salary and your pensionable salary will reduce.

I take that to mean your CSDB benefits will reduce as well as your final salary benefits if you reduce your hours.

The DBCBS and working part time is mentioned in the plan guide, but it isn't particularly clear what happens if you reduce your hours:

What if i work part time?

The contributions you pay towards your cash balance benefit(and those from your employer) are based on the actual pay you receive. To put it another way, if you work half the hours of a full time employee, your contributions(and the cash balance benefit) will be half the amount of theirs.

If in doubt on either point, I suggest an email to the PSC.