Pension Illustration Today

[Decky Boy]

RobertT thanks for your post above and this link http://www.thisismoney.co.uk/money/news ... -Mail.html" onclick="window.open(this.href);return false;

[RobertT]

Can someone advise me how to work out my Nra 60 and 65 using this illustration so I can work out roughly what I'd get if retiring at 55. Thanks for the advice thus far.

You can’t easily work out what you’ll get at 55 using the figures on this illustration because 3 different figures are used:

1. The total value of your DB pension(NRA60 & NRA65 added together), as of 31/3/2016.
2. What you might get at 60 assuming you carry on working for RM until then.
3. What you might get at 65 assuming you carry on working for RM until then.

You will need to use your annual statement, the last one of which you would have got about 12 months ago. On that it tells you your ‘total pension’ which should be the same as the figure on this illustration, plus it also tells you your NRA60 amount.
It doesn’t actually tell you the NRA65 amount. But just subtract NRA60 from ‘total pension’ and you’ll get the answer. Then make your 5% per year reductions.

Our latest annual statements are due very soon – we were told it would be September!
They will be based on our pension value up to 31/3/2017 and so will be more accurate than last years. They will also reflect the closure to future accrual of the RMPP from 31st March 2018.

[RobertT]

RobertT thanks for your post above and this link http://www.thisismoney.co.uk/money/news ... -Mail.html" onclick="window.open(this.href);return false;

No problem.

[TheStrangler]

Thanks for the advice. I actually thought this WAS the annual statement , thought it would have all come together.

[rambo1]

Look at page 7 "Your actual DC pension amounts will depend on the investment returns actually achieved on contributions held in your personal fund before retirement.The investment returns are not guaranteed and may differ significantly from those assumed."


BASTARDS


Up the pinks

Can you self manage your pension pot as I reckon I could probably do a better job than the clowns doing it now will do. Don't fancy getting to 55 (yes I'm getting out early) and them saying, er, yeah ,we invested it very poorly, you actually have less than you've paid in, sorry. We did warn you though.

[rambo1]

Well i stand to lose £95k from what i would of got, (37 year old with 20 years service) i think Royal Mail has made the calculation that anyone with 30 years in will vote no as they aren't affected as much, but are there enough of them to swing the vote ?

If that's the case I think Royal Mail have calculated wrongly.All the staff in my office with 30 years in are steaming mad about any loss & are all voting yes.


Up the pinks!

That's the thing, Royal mail go on about people talking the maximum lump sum so if you've got 30 years in then you can take that as full pension and use the remaining 10 years plus to save for your lump sum in the new scheme. But if you don't want to use the maximum lump sum then you lose out big time.

Exactly. They really want you to take the max lump sum and cut their future liabilities if you live a long life. My illustration shows me that if I take max pension, I would have to live to 100 before I saw the difference back, if I were to take the max lump sum. It's a (forced) no brainer. I would prefer to not take the lump sum, it's hard enough getting a good return on investment now in our low interest rate society. I have no mortgage to pay off so the lump sum would just be invested.

[k979aaa]

Can someone advise me how to work out my Nra 60 and 65 using this illustration so I can work out roughly what I'd get if retiring at 55. Thanks for the advice thus far.

50% LESS THAN 65 IS A GOOD ESTIMATE AT 55

[RobertT]

Can someone advise me how to work out my Nra 60 and 65 using this illustration so I can work out roughly what I'd get if retiring at 55. Thanks for the advice thus far.

50% LESS THAN 65 IS A GOOD ESTIMATE AT 55

Not really!
He wants to take his pension at 55, so by using a figure of what he might get by working until 65 is unlikely to give anywhere near an accurate amount.

[NWpostie]

I got my pension illustration based on the new scheme after retiring at 60 , I stand to pose £4,000 a year from my pension. I'm fuming when none of this was out fault to begin with, if we hadn't took the pension payment holiday we would have been in a more secure position even with a DB scheme, I would have been very confortable on that, instead I'm looking at pension poverty !

I voted YES to the strike long before I got my illustration as I knew they would shaft us anyway.

[TheTrolleyMan]

I got my pension illustration based on the new scheme after retiring at 60 , I stand to pose £4,000 a year from my pension. I'm fuming when none of this was out fault to begin with, if we hadn't took the pension payment holiday we would have been in a more secure position even with a DB scheme, I would have been very confortable on that, instead I'm looking at pension poverty !

I voted YES to the strike long before I got my illustration as I knew they would shaft us anyway.

Don't forget that after the last pension " consultation " the trustees agreed to the changes and the CWU sat on their ar**s and didn't challenge those changes !

[mark.cup]

Just received mine today and as I thought I am basically shafted on every scenario they've used to try and fiddle things and the one that really sums thing up for me is table B.

Taking all your benefits as pension at 65 £5800 a year worse off times that by their average 20 year retirement equals £116000 look on the bright side only takes 1.72 posties to be robbed on the same scale to cover our great leaders annual pension allowance

Another point the same scenario also highlights the difference between the original offer they now agree is terrible and the new all singing all dancing super duper mega pension new proposal just over £300 a year!

So in summary the original and the new offer are a total joke

[antcpfc]

Not sure if I am reading it right.
Before £11833
Original £10982
New £11152

Does this mean I lose £681.

[claretandblue]

Not sure if I am reading it right.
Before £11833
Original £10982
New £11152

Does this mean I lose £681.

681 x 20 = 13620 if these are the figures with no lump sum

[antcpfc]

Not sure if I am reading it right.
Before £11833
Original £10982
New £11152

Does this mean I lose £681.

681 x 20 = 13620 if these are the figures with no lump sum

Yes they are.Just the basic three times pension lump.
Cheers.

[nataddick]

Got my Personal Illustration yesterday - less than impressed as it shows my benefits at age 60 as being my age 65 benefits reduced to reflect that they are taken at age 60. I am 62 and have already taken my NRA 60 ! I have at least 5 pals that have received illustrations on the same basis showing a 0% change. Total crap data prepared by morons.

As Robert mentions above, the only meaningful illustration for me is the impending annual one prepared by the Trustees as at 31 March 2017. I understand that this will ONLY show what has been accrued, as at that date, as the basis for any scheme from 1 April 2018 is stilll to be decided. Whether it will show the CSDB block for the final year remains to be seen but as a ball park figure, I will add another block at the same rate as the previous year. All blocks are revalued until retirement. Thereafter, we are crystal ball gazing !

Personally, I think RM have got the basis of the Personal Illustrations totally wrong. What I believe members wanted to see is :-

1. What they would have got at 60 and 65 under the existing RMPP.
2. What they would get at 60 and 65 under the proposed DB Cash Balance scheme.
3. What they would get at age 60 and 65 under the alternative but not widely publicised DC scheme option, under which it is claimed and I agree some members, could be better off.

The references to the previous proposal are no longer relevant as they have been rejected by the CWU and have been superseded by RM’s latest offering.