Pension Quotes

[freespeech]

I'm aware that any quote received before NRA doesn't include your DBCBS fund or any AVC's but does anyone know whether the quote you receive as part of the formal process a few months before NRA (ie NOT paid early) does include them?

[vmaxv4]

I'm aware that any quote received before NRA doesn't include your DBCBS fund or any AVC's but does anyone know whether the quote you receive as part of the formal process a few months before NRA (ie NOT paid early) does include them?

Simple answer is NO.
Your first set of figures from both the RMPP & RMSPS do not include the DBCBS.
Only when you return the forms with the intent of taking your pension will they then include those figures.
Ps.. Not sure about AVC’s

[freespeech]

I'm aware that any quote received before NRA doesn't include your DBCBS fund or any AVC's but does anyone know whether the quote you receive as part of the formal process a few months before NRA (ie NOT paid early) does include them?

Simple answer is NO.
Your first set of figures from both the RMPP & RMSPS do not include the DBCBS.
Only when you return the forms with the intent of taking your pension will they then include those figures.
Ps.. Not sure about AVC’s

It's outrageous. My AVC's and cash balance is now up to £70k and not including that in any estimates is a waste of time.

[vmaxv4]

I'm aware that any quote received before NRA doesn't include your DBCBS fund or any AVC's but does anyone know whether the quote you receive as part of the formal process a few months before NRA (ie NOT paid early) does include them?

Simple answer is NO.
Your first set of figures from both the RMPP & RMSPS do not include the DBCBS.
Only when you return the forms with the intent of taking your pension will they then include those figures.
Ps.. Not sure about AVC’s

It's outrageous. My AVC's and cash balance is now up to £70k and not including that in any estimates is a waste of time.

That’s why I’ve been whining on about foreveeeeer

[vmaxv4]

Bear with me..
Mate of mine for donkeys received his NRA65 quotes recently before his birthday in July.
Asked if I would have a look at them with his wife (Ex RM).
While having a chit chat of how she was doing since leaving RM the discussion came around to my mate staying on till he was 66..
His wife had already sorted the figures out into monthly pay & lump sum so good so far
I then asked for his RMPP (squirrel) illustration “suspecting they were both oblivious to DCBCS” sure enough they hadn’t a clue.. So after finding all the bumf I needed he was short by 27k & that’s not including this year’s figures.
So my mate’s wife immediately said that he will be looking to retire at 65 & NOT 66.
That’s just 1 case of where all the information is critical.

[RobertT]

It's outrageous. My AVC's and cash balance is now up to £70k and not including that in any estimates is a waste of time.

There can be quite a few different options when taking your benefits. So although I think AVC's and the DBCBS ideally should be included in the first quotes, I can understand why they're not. They can't cater for every scenario.

It's possible to come up with reasonably accurate figures using the information at your disposal. But ultimately it's up to the individual to do a bit of legwork themselves.

My AVC's and DBCBS also total a large sum of money, in my case it's in 6 figures! But I know within a few hundred pounds how much tax free cash I should get at 60 and 65. As well as how much excess I'll have to transfer out between those ages.
But I have a clear idea of what I want to take and when!

[Belgium]

It's outrageous. My AVC's and cash balance is now up to £70k and not including that in any estimates is a waste of time.

There can be quite a few different options when taking your benefits. So although I think AVC's and the DBCBS ideally should be included in the first quotes, I can understand why they're not. They can't cater for every scenario.

It's possible to come up with reasonably accurate figures using the information at your disposal. But ultimately it's up to the individual to do a bit of legwork themselves.

My AVC's and DBCBS also total a large sum of money, in my case it's in 6 figures! But I know within a few hundred pounds how much tax free cash I should get at 60 and 65. As well as how much excess I'll have to transfer out between those ages.
But I have a clear idea of what I want to take and when!

Robert i appreciate that it may be up to the individual to do a bit of leg work, but should that really be the case, i like many other people find the whole pension scenario very confusing, i have been here for 43 years and am in numerous different schemes and i have to admit i dont no where to start in working it all out, i naively thought it was just a case of when you reached 60 i would be sent a quote and that would be that

[mags999]

Does anyone know approx what we have accrued in the dcbs fund over the last 5 or 6years based on an delivery postmen's wage as it will be frozen and taken as a separate pension I assume
cheers

[Belgium]

This is maybe for Robert, i am 59 and have 43 years service in, i am going to retire at 60 and take my pension, will i get sent all my pension quotes for everything that's owed me or will i have to do a bit of digging and chasing if so what for ??

[RobertT]

This is maybe for Robert, i am 59 and have 43 years service in, i am going to retire at 60 and take my pension, will i get sent all my pension quotes for everything that's owed me or will i have to do a bit of digging and chasing if so what for ??

You will be sent initial quotes, which contain different options, such as max pension/reduced lump sum or reduced pension/max lump sum.
You chose which option you want and they'll send updated quotes based on your decision, which will also include the DBCBS and any AVC's you have.

You will get quotes from both RMPP, which is for pension accrued from 1st April 2012, and from RMSPS which is for before that date.

If you want to work out your own figures before you get your quotes, then you'll have to do a bit of homework and legwork.

[RobertT]

Does anyone know approx what we have accrued in the dcbs fund over the last 5 or 6years based on an delivery postmen's wage as it will be frozen and taken as a separate pension I assume
cheers

The DBCBS has been running for just over 5 years, as it began on 1st April 2018.

The value will depend which section of the pension scheme you're in to some degree, as well as pensionable allowances, etc.

But assuming you've been in the scheme from day one, if you take the figure on your last RMPP statement(dated 31st March 2022), divide it by 4 and then multiply the answer by 5, that should give you a decent ballpark figure of what it's worth as of 31st March 2023.

To work out how much is going in each week, just divide the figure on your wage slip by 6, and then multiply the answer by 19.6.

The DBCBS for section A, B and C members isn't a pension as such, it's a lump sum designed to take predominantly with your NRA65 benefits, although some can be taken with NRA60.
It can also be transferred out to a personal pension.

For section F members, it's a lump sum to be taken at the NRA of 65 with 25% being tax free, reduced if taken before. Or else transferred out to a personal pension.

[mags999]

Cheers Robert think I'm in section b good to know what we may expect to receive wonder if its reduced if you take it early thanks again

[RobertT]

Cheers Robert think I'm in section b good to know what we may expect to receive wonder if its reduced if you take it early thanks again

The RMPP website says it is reduced, but comments on this forum suggest it isn't by much, if at all.

[Belgium]

This is maybe for Robert, i am 59 and have 43 years service in, i am going to retire at 60 and take my pension, will i get sent all my pension quotes for everything that's owed me or will i have to do a bit of digging and chasing if so what for ??

You will be sent initial quotes, which contain different options, such as max pension/reduced lump sum or reduced pension/max lump sum.
You chose which option you want and they'll send updated quotes based on your decision, which will also include the DBCBS and any AVC's you have.

You will get quotes from both RMPP, which is for pension accrued from 1st April 2012, and from RMSPS which is for before that date.

If you want to work out your own figures before you get your quotes, then you'll have to do a bit of homework and legwork.

Thanks Robert