Any help appreciated

[Wullie10]

Hi , I do apologise as you've probably been asked similar questions all the time but you guys seem quite clued up and I like many are totally confused. My problem is this. I reach 60 late next year and due to a sudden unexpected illness I will probably have to leave Royal Mail . Yes could you please give any kind of estimate what I could roughly receive based on what scant information I may have ( sorry ). Started early 1989 , bought some added years which will add up to 349 days , got a AVC worth approx £16000 . One statement says current value of pension £12,030 gives annual pension 7895 plus supplement 1374 ? As I say I'm bewildered like most when it comes to pensions. I'm only asking as I'd like some idea so I can plan ahead as I fully intended to go at 60 and just wait and see. All the best. Thanks. I fully understand its only guess work but much appreciated

[RobertT]

It sounds like you've received this years statements from the RMSPS and RMPP? So the info you have at your disposal is going to be more accurate than any guesses on this forum.

Both of those statements will have Age60 and Age65(also known as NRA60/65) figures on them. Simply add up the numbers and that's how much you'll get at those ages. If you want to take them early, just take off 5% for each year. So if you want to take Age65 at 60, take off 25%.

If you want the maximum pension, the AVC can be used to fund some of the tax free lump sum with the NRA60 and the Cash Balance with the NRA65. If you want the maximum lump sums, then you can give up some pension in return.

Both the RMPP and RMSPS have websites with useful videos and documents which may help you understand things more:

https://www.royalmailpensionplan.co.uk/ ... a-library/
https://www.royalmailsps.co.uk/support/useful-documents

[vmaxv4]

Generally the RMPP will contact you six months before your 60th birthday to provide you with your options on both NRA60 & NRA65.
In the meantime you could contact the RMPP asking them when would the likelihood of you receiving your figures.

[Wullie10]

Any way of working out the lump sum payments?

[Wullie10]

I also noticed you receive a supplement at 60 if you leave Royal Mail until state pension age which is actually higher than taking the 65 at 60.

[NorthernBoy]

I also noticed you receive a supplement at 60 if you leave Royal Mail until state pension age which is actually higher than taking the 65 at 60.

The supplement is also paid if taken before age 60, if you have left RM. I also plan to take my NRA65 at same time as my nra60 as I view them as the ‘same’ pension.

[tractorboy2]

I also noticed you receive a supplement at 60 if you leave Royal Mail until state pension age which is actually higher than taking the 65 at 60.

The supplement is also paid if taken before age 60, if you have left RM. I also plan to take my NRA65 at same time as my nra60 as I view them as the ‘same’ pension.

How do you get the supplement if you leave after taking your pension ? That's if you do.

[RobertT]

I also noticed you receive a supplement at 60 if you leave Royal Mail until state pension age which is actually higher than taking the 65 at 60.

The supplement is also paid if taken before age 60, if you have left RM. I also plan to take my NRA65 at same time as my nra60 as I view them as the ‘same’ pension.

How do you get the supplement if you leave after taking your pension ? That's if you do.

Section C members get the supplement from taking their pension/s to when they reach state pension age. But only if they've left RM employment.

If you take your pension/s while still working for RM, you'll be entitled to the supplement when you subsequently leave.

I'm not sure whether it would be paid automatically, so it's probably best to inform both RMSPS and RMPP when you do leave.