Pension at 55.

[Seanpriddy7]

Can anyone help me out with rough ideas of what I have in pension. My 2022 illustration showed
Nra 60 annual pension 5472.53
NRA 65 845.28
Csbd 2125
Csbd supplement 398
Cash balance 16758.
Pay at 31.3.2022 was 20882 don’t know if this is relevant 15788 is final pension pay. I’ve never had anything from capita I don’t think I’ve anything here
for my 2012 to 2018 pension?
I’ve been trawling here all day to try and get answers on what I may be looking at for Options at 55 but I’m completely lost. I joined RMPP on 25/03/1996 and will be 55 in may. Looking at taking max lump sum from pension and just after rough ideas what this may be. I have emailed pension service for figures but understand this can take a while.

[freespeech]

Can anyone help me out with rough ideas of what I have in pension. My 2022 illustration showed
Nra 60 annual pension 5472.53
NRA 65 845.28
Csbd 2125
Csbd supplement 398
Cash balance 16758.
Pay at 31.3.2022 was 20882 don’t know if this is relevant 15788 is final pension pay. I’ve never had anything from capita I don’t think I’ve anything here
for my 2012 to 2018 pension?
I’ve been trawling here all day to try and get answers on what I may be looking at for Options at 55 but I’m completely lost. I joined RMPP on 25/03/1996 and will be 55 in may. Looking at taking max lump sum from pension and just after rough ideas what this may be. I have emailed pension service for figures but understand this can take a while.

Your request for an estimate usually takes two to three weeks. The issue is that it doesn't include any AVC's or the cash balance so it's basically a "worse scenario".

[Seanpriddy7]

I haven’t made any extra contributions? Which I believe is the avc? I never realised it was so complicated. I have included the cash value on my original post?

[Skye2016]

Can apply 14 weeks weeks before your 55, get the ball rolling right now, rmpp are quick to pay out, rmsps, nightmare, you need to keep chasing them, phoning weekly for updates, they only seem to send stuff when you phone them, both rmpp and rmsps will talk you through filling the forms in..without prejudice, they just go through the options for you..
Robert t on here will explain how to calculate a rough idea of figures..its not too difficult..check some of the recent threads, he's explained it on them

[Seanpriddy7]

Many thanks I still feel I’m
Missing some figures somewhere but I’ve no idea lol

[NorthernBoy]

Sean,

My very rough back of a fag packet calculations for your pension is as follows

Nra 60 annual pension 5472.53……reduced to £4104

NRA 65 845.28…reduced to £422

Csbd 2125….reduced to £1062

Csbd supplement 398…reduced to £199

Cash balance 16758…..I assume stays same don’t know if reduces for taking early (?)

Total Pension = £5787
Lump sum £16758

Or max lump sum of £33000 with a reduced pension of £4975

Bear in mind these figures are without this years annual increase so you they should be around 5% higher. Just ballpark numbers for you, hope it helps.

[Seanpriddy7]

Many thanks for that stops my head whirling until my proper figures arrive.

[RobertT]

Can anyone help me out with rough ideas of what I have in pension. My 2022 illustration showed
Nra 60 annual pension 5472.53
NRA 65 845.28
Csbd 2125
Csbd supplement 398
Cash balance 16758.
Pay at 31.3.2022 was 20882 don’t know if this is relevant 15788 is final pension pay. I’ve never had anything from capita I don’t think I’ve anything here
for my 2012 to 2018 pension?
I’ve been trawling here all day to try and get answers on what I may be looking at for Options at 55 but I’m completely lost. I joined RMPP on 25/03/1996 and will be 55 in may. Looking at taking max lump sum from pension and just after rough ideas what this may be. I have emailed pension service for figures but understand this can take a while.

You should be getting 2 statements per year, usually around September/October.
The info you've provided seems to be a mixture of both RMSPS and RMPP, but it looks like some is missing?

One will be from RMSPS, which is administered by Capita in Darlington.
That will be all pension accrued up to 2012, and will include:

NRA60 – basic pension, pension supplement & pension increase amount.
NRA65 – basic CSDB pension, CSDB supplement, pension increase amount.

The other one will be from RMPP, administered by the pension service centre in Sheffield.
That will be all pension accrued from 2012 to 2018, plus the Cash Balance(DBCBS) and will include:

NRA60 - final salary addition, supplement addition.
NRA65 – basic CSDB pension, CSDB supplement
Cash balance

*Bear in mind the supplement is only paid if you leave RM and only until state pension age.

[NorthernBoy]

No problem at all.

Might be worth posting your figures when you get them to see what they actually are, will help other people with their planning.

[Seanpriddy7]

These are what I have?

[NorthernBoy]

Sean, I have assumed your cash lump sum of £16k is not reduced for taking before 65, I do not know if this is factually correct or whether it is reduced. Hopefully someone else can clarify this.

[NorthernBoy]

Are you leaving RM or are you going to carry on working?

[Seanpriddy7]

I think carry on at the moment. I can’t thank you enough for your help I’m not fussed if it’s out by a few thousand but obviously I’d prefer it not to be , just wanting an idea where I’m at with it.

[NorthernBoy]

Just remember that they will not pay the supplement if still working for the business so that will reduce your figures a bit.

But you are due a 5% increase.

[Seanpriddy7]

Can anyone help me out with rough ideas of what I have in pension. My 2022 illustration showed
Nra 60 annual pension 5472.53
NRA 65 845.28
Csbd 2125
Csbd supplement 398
Cash balance 16758.
Pay at 31.3.2022 was 20882 don’t know if this is relevant 15788 is final pension pay. I’ve never had anything from capita I don’t think I’ve anything here
for my 2012 to 2018 pension?
I’ve been trawling here all day to try and get answers on what I may be looking at for Options at 55 but I’m completely lost. I joined RMPP on 25/03/1996 and will be 55 in may. Looking at taking max lump sum from pension and just after rough ideas what this may be. I have emailed pension service for figures but understand this can take a while.

You should be getting 2 statements per year, usually around September/October.
The info you've provided seems to be a mixture of both RMSPS and RMPP, but it looks like some is missing?

One will be from RMSPS, which is administered by Capita in Darlington.
That will be all pension accrued up to 2012, and will include:

NRA60 – basic pension, pension supplement & pension increase amount.
NRA65 – basic CSDB pension, CSDB supplement, pension increase amount.

The other one will be from RMPP, administered by the pension service centre in Sheffield.
That will be all pension accrued from 2012 to 2018, plus the Cash Balance(DBCBS) and will include:

NRA60 - final salary addition, supplement addition.
NRA65 – basic CSDB pension, CSDB supplement
Cash balance

*Bear in mind the supplement is only paid if you leave RM and only until state pension age.

Apologies Robert I hadn't seen this reply. I'm even more confused now than before! Let's start again, my royal mail pension plan statement last year show age 60 final salary addition £86, age 65 csdb 2125, age 65 csbd 398 and age 65 cash balance 16758.
.then my rmps shows nra60 value 5472.53 pension for surviving partner 2256.41, nra 65 value 845.29 and surviving partner 348.84.
Today's letter is from rmps and shows age 60 86.80 a year plus 578.64 cash amount.
Age 65 1171.45 year and 7809.67 cash amount.
Do I need to apply somewhere else for more details? I presumed when I asked royal mail for the figures it would be for everything but this that's come today is nowhere near what I expected? I am extremely confused.