IHR and my pension

[redrum54321]

Hi. I am 58 years old, and have worked for RM for 27 years. I am still in the pension scheme. I have recently been diagnosed with a long term condition which will make me unable to work again. I have gone on to the Pensions Website, and read what it says about ill health retirements:

"If you retire through ill health, as long as you aren’t yet taking your Age65 benefits, you’ll get benefits equal to:
•The pension you’ve already built up
•An extra pension. This is based on the size of your Additional Service Credit, and gives you a proportion of the CSDB
pensionable salary you earned in the year up to your retirement.

You may also be entitled to a Pension Supplement. This is an extra payment that boosts your pension until you reach your State
Pension Age."

From reading this I take it that I should get my pension (without the usual 5% per year cut), an additional pension (I have no idea what this is) and possibly my Pension Supplement, but it does not say what makes me entitled!

I spoke to a WAM in my office, and he said that the 34 week lump sum is only payable when I leave under IHR with the prospect of working again. But, if there is no possibility of that then I will receive my pension, but not the lump sum.

I am fine with that part, but just wanted to know if someone could explain what I am entitled to for my pension?

Thanks a lot.

[RobertT]

You only get ‘IHR with immediate payment of pension’ if RM/OH Assist/your doctor deem that you are no longer able to work again.

As for how much you’ll get, that is separated into 2 different parts:
1. The actual pension you’ve built up to the date you leave
2. An additional service credit is then added onto your actual service which is worked out as:

An enhancement to increase your pensionable service up to 20 years or an additional 6 years' reckonable service (whichever is higher), or if less,
the reckonable service you could have completed between the date you actually retired and age 65; and 75% of the reckonable service you could have completed between the date you actually retired and age 65.

My info comes from here: http://www.royalmailpensionplan.co.uk/s ... 8.12_0.pdf" onclick="window.open(this.href);return false;

[redrum54321]

You only get ‘IHR with immediate payment of pension’ if RM/OH Assist/your doctor deem that you are no longer able to work again.

As for how much you’ll get, that is separated into 2 different parts:
1. The actual pension you’ve built up to the date you leave
2. An additional service credit is then added onto your actual service which is worked out as:

An enhancement to increase your pensionable service up to 20 years or an additional 6 years' reckonable service (whichever is higher), or if less,
the reckonable service you could have completed between the date you actually retired and age 65; and 75% of the reckonable service you could have completed between the date you actually retired and age 65.

My info comes from here: http://www.royalmailpensionplan.co.uk/s ... 8.12_0.pdf" onclick="window.open(this.href);return false;

Thanks so much. I have never seen that info before, and it explains everything. Your help has been invaluable.

[RobertT]

Thanks so much. I have never seen that info before, and it explains everything. Your help has been invaluable.