Pension Query

ice · Post by **ice** » 02 Oct 2020, 19:12

Hi.....confused by value benefits, I know they are only approx but why such substantial differences.. eg...my 65 benefits final pensionable pay £14,000 or current value which is £800.00 per year, which one would i get ?
thanks in advance

mr hil. · Post by **mr hil.** » 02 Oct 2020, 20:27

£14000 is the pensionable pay used to calculate your pension which would pay you £800 per year. Basically you only have about three and a half years worth of contributions based on the old 1/60th of pensionable for each year of service.

edit...if you are a section c member

ice · Post by **ice** » 02 Oct 2020, 21:03

Thanks for reply, I have paid in for 25 years and all i get a year is £800.00 ?

Woody Guthrie · Post by **Woody Guthrie** » 02 Oct 2020, 21:06

You have to add your NRA60 and NRA65 together.

ice · Post by **ice** » 02 Oct 2020, 21:23

Hi...I have taken my 60 pension ( its' not alot )

Woody Guthrie · Post by **Woody Guthrie** » 02 Oct 2020, 21:56

ice wrote:Hi...I have taken my 60 pension ( its' not alot )

You only accrued benefits in the RMSPS NRA65 from 2008 when the final salary link ended to 2012 when the RMSPS closed.

Woody Guthrie · Post by **Woody Guthrie** » 02 Oct 2020, 22:04

Most of us have four parts to our pension now.

RMSPS NRA60: What we paid into prior to 2008.
RMSPS NRA65:What we paid into between 2008 and 2012.
RMPP NRA65:What we paid into between 2012 and 2018.
RMPP DBCBS What we pay into now.
The future ????

The statement we received today only covers the first two in red.

Post by **RobertT** » 03 Oct 2020, 04:01

Woody Guthrie wrote:Most of us have four parts to our pension now.

RMSPS NRA60: What we paid into prior to 2008.
RMSPS NRA65:What we paid into between 2008 and 2012.
RMPP NRA65:What we paid into between 2012 and 2018.
RMPP DBCBS What we pay into now.
The future ????

The statement we received today only covers the first two in red.

RMSPS are responsible for pension accrued up to 31st March 2012.
RMPP are responsible for pension accrued from 1st April 2012-31st March 2018 , plus the DBCBS.

Final salary pension is up to 31st March 2008
CSDB pension is from 1st April 2008-31st March 2018.
DBCBS is from 1st April 2018.

NRA60 is all service up to 31st March 2010.
NRA65 is all service from 1st April 2010, including the DBCBS.

Therefore the RMSPS illustration should include(I haven't had mine yet):
Final salary pension up to 31st March 2008 + 4 years worth of CSDB pension up to 31st March 2012. But only service up to 31st March 2010 relates to NRA60, the other 2 years is NRA65.

The RMPP illustration should include:
CSDB pension from 1st April 2012-31st March 2018, plus the DBCBS, which is the remainder of NRA65.

Hawkey99 · Post by **Hawkey99** » 03 Oct 2020, 12:05

It must be due to having 2 statements but......

I have just received my RMSPS statement which says my NRA 65 benefits are £1137

However I received my RMSPS NRA 65 estimate recently which said my pension would be £963.

Cant understand why the difference if both are RMSPS pensions ??

ice · Post by **ice** » 03 Oct 2020, 17:06

Thanks for the info and replies...I can't understand difference either. I was thinking, how am I supposed to live on £800.00 a year. Although that's what it seems as I assume it wont be the 16,000.

Hawkey99 · Post by **Hawkey99** » 03 Oct 2020, 20:30

Can anybody comment on my previous question ?

Many thanks

renrag40 · Post by **renrag40** » 03 Oct 2020, 21:01

How old are Hawkey?
The pension statement we have just received will be assuming you take your pension at the nra date. If you are taking it earlier it would be subject to a 5% reduction for each year you take it early.

postperson46 · Post by **postperson46** » 04 Oct 2020, 09:33

Has anyone registered with the royal mail statutory pension scheme? I'm having trouble registering..

Post by **NorthernBoy** » 04 Oct 2020, 09:59

postperson46 wrote:Has anyone registered with the royal mail statutory pension scheme? I'm having trouble registering..

Same here, can’t register. If you take a look at the 2 websites the RMPP one is far better and is getting investment whereas the capita one is In need of updating.

rks · Post by **rks** » 04 Oct 2020, 10:46

Anyone know why total service is showing about years short than it should?