NRA 65 Benefits

[vmaxv4]

HI
Would it be possible to have taken your NRA 60 benefits at 55 & find out from this years illustration that the remaining NRA 65 benefits are now worth more if you had NOT taken their pension early?

Any thoughts.

[RobertT]

HI
Would it be possible to have taken your NRA 60 benefits at 55 & find out from this years illustration that the remaining NRA 65 benefits are now worth more if you had NOT taken their pension early?

Any thoughts.

I’m not sure I really understand your question, some more detail would help!

Your NRA60 pension relates to your service up to 31st March 2010, while your NRA65 is from that date onwards, they are effectively different schemes. The fact that you took your NRA60 early should have no bearing on your NRA65.

[vmaxv4]

A friend at work had not received his 2016 illustration, so I told him to contact pensions. He was sent a basic print out & asked me to check it against mine.
He has taken his NRA 60 at 55 in June this year. His figures against NRA 60 are full of zero's as you would expect but here's the rub!!.
We are both on Section 'B' with identical jobs, Shifts, Etc & weekly pension contributions.
He has got less seniority & is a over a year younger.
I have NOT taken any of my pension, My 2016 increases are in line with previous years illustrations.
So why would his NRA 65 Benefits be more (considerably more) on Lump Sum & pension..

[RobertT]

The NRA65 figures are only estimated and relate to your potential service from 1st April 2010 to your 65th birthday. So seniority up to that date doesn’t come into it.

As he is younger, he will have more potential pension at 65. Although with only a year or so difference in age, it shouldn’t be drastically more – I would guestimate around £400 per year. His lump sum would also be more, but again shouldn’t be considerably higher than yours. What sort of figures are you talking about?

Also, did your previous years’ statements differ in any way? As it might be that his ‘print out’ is actually wrong.

You must bear in mind that it seems likely the RMPP will close in 2018, so any potential service relating to after then won’t count towards your NRA65 pension anyway. So how do your actual NRA65 pensions accrued to date compare? Theoretically they should be the same.

[vmaxv4]

Thanks Robert for your advice.. maybe he needs clarification on the figures..