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Making the assumption that the October2017 backpay award (if agreed) will make its way into our pay packets sometime in April 2018 it would be foolish of me to retire before then for very obvious reasons (maybe as many as 500).
Now it also begs another question relating to NRA60. In its simplified form I know this NRA60 element is based on basically the best year (from the previous 3 years) on or before the last day of reckonable service. So taking my particular example: If my 60th birthday is April 3rd 2018 but I decide to stay on until say 21st April 2018 would my last day of reckonable service for this NRA60 component be based on 21st April (the actual leaving date) or on my 60th birthday date of April 3rd (when NRA60 is due to start)?
I know a phone call to Chesterfield will be taking place on Monday but any thoughts in the meantime?
The quote you have had for taking your NRA60 will be based on taking it on your 60th birthday. If you decide to carry on working afterwards, you will be entitled to any pay rise & back pay during that time, but they will not increase your pension because you’ve already taken it! As far as your NRA60 pension is concerned, 3 April will be your last day of reckonable service.
I assume the only way for your NRA60 pension to take the pay rise & back pay into account is for you to postpone taking it until after you’ve received those payments.
The quote you have had for taking your NRA60 will be based on taking it on your 60th birthday. If you decide to carry on working afterwards, you will be entitled to any pay rise & back pay during that time, but they will not increase your pension because you’ve already taken it! As far as your NRA60 pension is concerned, 3 April will be your last day of reckonable service.
I know that I am only a few weeks away from my NRA60 (and NRA65 with deductions) quote. I have already realised that it will be in my financial interest to continue working past 60 until such times as any back-pay is forthcoming.
RobertT wrote:I assume the only way for your NRA60 pension to take the pay rise & back pay into account is for you to postpone taking it until after you’ve received those payments.
And that is the very question I may be asking when I call Chesterfield. In all likelihood even just postponing taking NRA60 for a few weeks or maybe 1 month (If I can) may prove beneficial in my particular circumstances. Will be trying to crunch my own numbers on Sunday as to the likely effect of such a postponement if indeed I can do this so as to include any possible back-dated pay amount.
The quote you have had for taking your NRA60 will be based on taking it on your 60th birthday. If you decide to carry on working afterwards, you will be entitled to any pay rise & back pay during that time, but they will not increase your pension because you’ve already taken it! As far as your NRA60 pension is concerned, 3 April will be your last day of reckonable service.
I assume the only way for your NRA60 pension to take the pay rise & back pay into account is for you to postpone taking it until after you’ve received those payments.
Judging from the letter from the Pension Centre the amount they calculate your pension is using provisional pay details so they ensure your first payment is made as close to your due date as possible. There is them a revision process of about 12 weeks from the first payment date when they will receive your final earnings figure from the payroll unit. These are rechecked and if there is any difference you will receive details of the new amount you will receive. So there is a possible chance that any payrise will feed through to the pension. I hope so anyway as mine started last week! When I did ask the Pension Centre some weeks back with some other questions they did suggest that if a pay rise was agreeded it would affect your final salary part. But even so seeing is believing!!
