Just a roughly idea

[thebigone]

Been at royalmail 25 years I’m 54 now,looking at getting my pension waiting on all my paper work,.when first started p/t was on 25 hours been full time 20 years stArted 1999,I pay ££2.88 into avg 5 years nothing else too add to pension any rough guess how much lump sum would be heard so many different amounts
I would prob take the lump sums,rather than the monthly amounts?
I know get around £360 month

[barcajr]

To get a good estimate of the lump sum you'll receive, multiply the your annual pension amount that's on your pension statement by twenty times, then take twenty five percent of the figure to give you the lump sum, but then reduce the amount of the lump sum by twenty five percent because your taking your pension at 55, to give you the final amount. While not an exact figure it'll give you a good idea to what to expect

[RobertT]

To get a good estimate of the lump sum you'll receive, multiply the your annual pension amount that's on your pension statement by twenty times, then take twenty five percent of the figure to give you the lump sum, but then reduce the amount of the lump sum by twenty five percent because your taking your pension at 55, to give you the final amount. While not an exact figure it'll give you a good idea to what to expect

Yes, that will give you a decent ballpark figure. But remember that it's a 5% reduction per year before NRA, so taking NRA65 benefits at 55 will see a 50% reduction.

[thebigone]

Iv not got any paperwork anual pension amount
What about off my weekly payslip x 52 ?

[RobertT]

You should have got your RMPP illustration a few weeks ago, that's the one with the squirrel!
The RMSPS illustrations are due in the near future – I got mine today.

Did you get them last year, or in other previous years. If not, is there a reason?
Such as, have you moved house and they don't know your new address.

You annual illustrations are your first port of call for finding out what you're entitled to!

Asking for rough figures on internet forums isn't really the way to go, because everyone's pension benefits will depend on their RM work history and pensionable pay, which can vary wildly based on the exact job you do.

Contact info for the RMPP and RMSPS are on their websites:

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

[thebigone]

Just rang royalmail pension,from 1999-2008 pension
They told me lump sum off £13,000
But Iv spoke too several people at work there’s £19.000
Started same time as me on same money
How much does the other 2 pensions make?
There’s was around £30.000 taken everything
No extra side pensions
We started same time,went from full time too part time same dates,both 55 years old

[RobertT]

If you want to know how much pension & lump sum you're likely to get, you can apply for a quote. It will be more accurate than phoning up and expecting exact figures on the spot.
You can do that from shortly before your 55th birthday and anytime afterwards.

It sounds like you'll have pension up to 2018 aswell, plus the DBCBS.

You might find that many people in RM have wildly different pension benefits tucked away based on their choices throughout their time in the job.

Some people will have opted out of the RMPP/RMSPS along the way and have since been put in the RMDCP(basically just a savings account). Which might explain why someone has taken £30k and no pension.
Some will also have AVC's, etc that you might not know about.
Some might have transferred a pension in from a previous employer.

Concentrate on what you have!

[freespeech]

To get a good estimate of the lump sum you'll receive, multiply the your annual pension amount that's on your pension statement by twenty times, then take twenty five percent of the figure to give you the lump sum, but then reduce the amount of the lump sum by twenty five percent because your taking your pension at 55, to give you the final amount. While not an exact figure it'll give you a good idea to what to expect

Yes, that will give you a decent ballpark figure. But remember that it's a 5% reduction per year before NRA, so taking NRA65 benefits at 55 will see a 50% reduction.

.....but also 10 years of pension so not a 50% loss overall. Depends how long you live I suppose.

[RobertT]

Yes, it's a very old argument......

Personally I see my pension as a major source of my income in retirement and want it to be as high as possible. Therefore I don't plan to take any early.

Others want to live for today and take it as soon as possible.

Everyone's different and you live and die by your own choices.

[pieoftheday]

Yes, it's a very old argument......

Personally I see my pension as a major source of my income in retirement and want it to be as high as possible. Therefore I don't plan to take any early.

Others want to live for today and take it as soon as possible.

Everyone's different and you live and die by your own choices.

Take the money RobertT take the money!!! Of course you do what's best for you, I've seen so many passing at 50yrs in my time it just makes sense to me.

[thebigone]

Yes your right mate take the money my brother passed at 55