NRA 65 pension dropped suddenly

[garymalcolm]

My wife is a bit anal and kept all my pension statements which had turned out to be quite fortunate. Back in 2018 my NRA65 pension was 1.5k with a 5k lump sum. My next statement this had dropped to £640 with a lump sum of 1.9k. I queried it at the time and was told they had discovered a problem with some pensions and it would be dealt with. Fast forward to this year and the letter with the statement said all figures were now correct however mine is still showing the lower amount. My wife found all my P60s and calculated the first figure as being the correct one, (I left in 2015). I am waiting for them to get back to me but I type this really as a warning not to take their figures for granted.

Whilst I'm here does anyone know if this pension as it's quite small can be taken as a lump sum rather than a pension?

[Jack1960]

Have you has both statements this year?

[RobertT]

My wife is a bit anal and kept all my pension statements which had turned out to be quite fortunate. Back in 2018 my NRA65 pension was 1.5k with a 5k lump sum. My next statement this had dropped to £640 with a lump sum of 1.9k. I queried it at the time and was told they had discovered a problem with some pensions and it would be dealt with. Fast forward to this year and the letter with the statement said all figures were now correct however mine is still showing the lower amount. My wife found all my P60s and calculated the first figure as being the correct one, (I left in 2015). I am waiting for them to get back to me but I type this really as a warning not to take their figures for granted.

As has already been asked: Have you had statements from both RMSPS(pension accrued up to 2012) and RMPP(2012+)?

We started getting separate statements in 2020!

Whilst I'm here does anyone know if this pension as it's quite small can be taken as a lump sum rather than a pension?

Which pension scheme are you referring to?

The RMPP pension can be transferred to a Defined Contribution scheme and accessed as cash from there.
The RMSPS pension can only be transferred to another similar Defined Benefit scheme.

For info, see the websites:
https://www.royalmailsps.co.uk/
https://www.royalmailpensionplan.co.uk/

[garymalcolm]

As a deferred member both NRA 60 and NRA 65 are on the same statement but listed separately. I only ever receive this one statement.

[garymalcolm]

Am I understanding correctly that I should have a separate statement for 2012 - 2015? If this is the case the figures still don't add up as my deferred pension started in 2008 so should be at least 50% but the £642 figure is nowhere near.

[RobertT]

As I said, you should be getting 2 statements!

One from the RMSPS which relates to pension accrued up to 31st March 2012. And on from the RMPP, which is from 1st April 2012 onwards.

NRA60 relates to pension up to 31st March 2010, and NRA65 is 1st April 2010 to 31st March 2018.

[garymalcolm]

Thanks for the info, the 2010 would fit with the figures but I've never had a RMPP statement so I'll have to chase that. The last statement I have with the correct figures on is 2018.

Cheers.