How do they calculate NRA65 if you retire early?

[fly-catchers]

I reach 60 in January 2018 and wonder how they would calculate the NRA 65 bit if I decided to go before the RMPP may or may not close in March of that year? Would they assume it would have continued to 2023 or as they know it will be closing sometime in 2018 give you a different quote?

[RobertT]

I reach 60 in January 2018 and wonder how they would calculate the NRA 65 bit if I decided to go before the RMPP may or may not close in March of that year? Would they assume it would have continued to 2023 or as they know it will be closing sometime in 2018 give you a different quote?

They would base it on how much service you actually have at the time. So if you go in Jan 2018 as you say you would have approximately 7 years 10 months of NRA65 pension, as it started in 2010.

It is not difficult work out roughly what pension you might get using the info on your annual statement:

1) On page 4 it gives you a total pension figure and on page 2 it gives you a NRA60 figure. Simply subtract one from the other and you have your NRA65 figure to date(31/3/16).

2) You then either divide that by 6 to give an average per year amount, and work out what another 1 year & 10 months equals.
Or use the ‘CSDB pension at 31/3/16’ figures and multiply that by 1 year and 10 months.

Then obviously add your two answers together.

Both methods should give you a good ballpark figure of what your NRA65 pension is likely to be in Jan 2018. And if you’re planning on taking it at 60, then take off 25%.