Taking all my pension (death in service)

[thebigone]

When I take my pensions,I join the new one if possible
Can someone tell me how much the death in service pays?

[scoobydo79]

I can’t see how anyone can know the answer to this for You?

[RobertT]

When I take my pensions,I join the new one if possible
Can someone tell me how much the death in service pays?

The proposed new CDC scheme will pay 4x pensionable pay, plus the lump sum you've built up.

If you choose to go into Nest instead, you'll get 4x basic pay.

If you don't sign up to either, it's 2x basic pay.

The above was taken from this link: https://www.myroyalmail.com/collective-plan/benefits

For info on the current RMPP death in service arrangements, see the guide to benefits: https://www.royalmailpensionplan.co.uk/ ... v3.3-1.pdf

And for the RMDCP, see the plan guide: https://adviser.scottishwidows.co.uk/as ... 0353sw.pdf

[thebigone]

Cheers for that ,I knew someone could answer that

[scoobydo79]

Lol I stand corrected. My apologies and there is no denying Robert knows His stuff!!

[thebigone]

Sorry to be a pain Iv got learning disabilities
Struggling too understand things,just rang up the pension
Who looks up to 2012 scheme,they said the death in service payable upto 5 years when take pension,they said 5x payable pension,what does that actually mean?
Is it basic pay?
They don’t exsplain enough
Will this be over £30,000?
As my health is not the best
Your lads know your stuff and I appreciate all your advice

[RobertT]

What you get from the RMSPS and RMPP will be different, so consult both sets of details.

RMSPS info is here: https://www.royalmailsps.co.uk/support/useful-documents
Just look at the 'guide to death benefits' for the section you're in. From your previous posts, it sounds like you're in section C.

Payable pension is the amount of pension you're receiving at the time of your death.

Look at the link in my previous post for RMPP death benefits.

Income tax is not payable on death in service payments as far as I'm aware. Nor is Inheritance Tax.
But I assume any spouses pension would be classed as income and taxed under normal PAYE rules.

What is the relevance of £30k?

[thebigone]

Too make sure my wife gets looked after financially when Iv gone
a mate died when working royalmail his family got £90,000
Was not sure if I take pension early 55
She would not get anything the reason because cashed all my pensions in