example who pays my pension

[rogersh]

"Who pays my pension?

Your pension may be paid in two parts, depending on your circumstances.
Your pension benefits come from two different schemes. One is the Royal Mail Statutory Pension
Scheme (RMSPS), which was set up by the Government in April 2012, and is responsible for paying
the benefits you earned before that date. The other is the Royal Mail Pension Plan (RMPP), which
covers any benefits you earned after that.


On 1 April 2010, the age you’d normally start taking your pension benefits increased from 60 to 65`. As
a result, you get two separate benefits from your pension:

Your Age60 benefits
The benefits you earned before 1 April 2010. You’d normally start taking these benefits when you turn 60.

Your Age65 benefits
The benefits you earned from 1 April 2010. You’d normally start taking these benefits when you turn 65."


On reading the above would I be correct in stating the following example;
Start date at RM 2000
Age 60 in 2018
Age 65 in 2023

Would receive benefits at age 60 accrued from 2000 to 2010 in RMSPS.
Would receive benefits at age 65 accrued from 2010 to 2012 in RMSPS plus benefits accrued from 2012 to 2018 earned in RMPP

[RobertT]

On reading the above would I be correct in stating the following example;
Start date at RM 2000
Age 60 in 2018
Age 65 in 2023

Would receive benefits at age 60 accrued from 2000 to 2010 in RMSPS.
Would receive benefits at age 65 accrued from 2010 to 2012 in RMSPS plus benefits accrued from 2012 to 2018 earned in RMPP

Yes, you are correct!

Plus your 'Cash Balance' could be assigned to either NRA60 or NRA65, but would be reduced if taken before those ages.

[rogersh]

Thank you Robert for the response. I see information on cash balance is on page 12 of the guide to benefits link you posted which i have printed off for a colleague.

I do not represent the example given but like to make sure my limited understanding of RM pension is correct when asked if i know. I have referred others to this forum for information.

[fly-catchers]

At NRA60 my pension is broken into two payments. The biggest from the RMSPS and the smaller amount from RMPP. This covers the Final salary up to 2008 and the two years of CARE up to 2010. Even my Bonusplan AVC was split up into two payments from RMSPS & RMPP. I had assumed you would only encounter RMPP for the 6 years of CARE from 2013 with RMSPS covering 2011/12. But not so..