Pension Increase Amount?

[fly-catchers]

Still puzzling over this figure. Got my NRA60 in 2018 so I only have the NRA65 listed now. Haven't got the RMPP illustration (same as everyone else!). But trying to work out where this Pension Increase Amount fits in. I expected that it was the RPI increase but its much more than that. Would have preferred that the RMSPS had not added the supplement onto the Basic Annual pension before adding this amount on. But it seems to be about 22.5%

[renrag40]

Still puzzling over this figure. Got my NRA60 in 2018 so I only have the NRA65 listed now. Haven't got the RMPP illustration (same as everyone else!). But trying to work out where this Pension Increase Amount fits in. I expected that it was the RPI increase but its much more than that. Would have preferred that the RMSPS had not added the supplement onto the Basic Annual pension before adding this amount on. But it seems to be about 22.5%

I think you might find it is the yearly increases in pensionable pay for 2012 and 2013 plus RPI increases from 2014 to 2020.

[RobertT]

I agree with that!

The increases are shown as a separate amount rather than being included in the pensionable pay figure, which you may have noticed is a lot lower than last years.

[stephen500]

I agree with that!

The increases are shown as a separate amount rather than being included in the pensionable pay figure, which you may have noticed is a lot lower than last years.

But it does say the final pensionable pay shown is from when that scheme ended.

[RobertT]

I agree with that!

The increases are shown as a separate amount rather than being included in the pensionable pay figure, which you may have noticed is a lot lower than last years.

But it does say the final pensionable pay shown is from when that scheme ended.

Yes it does, but there are people on here who don't understand their pension at all, so seeing an illustration that's different to previous ones, will confuse them.

It's says we'll be getting 2 statements aswell, but how many have questioned why their NRA65 is so low?

[stephen500]

I agree with that!

The increases are shown as a separate amount rather than being included in the pensionable pay figure, which you may have noticed is a lot lower than last years.

But it does say the final pensionable pay shown is from when that scheme ended.

Yes it does, but there are people on here who don't understand their pension at all, so seeing an illustration that's different to previous ones, will confuse them.

It's says we'll be getting 2 statements aswell, but how many have questioned why their NRA65 is so low?

Mine is nearly spot on, allowing for adding taking mine in Nov and 26% loss for taking NRA65 five years and two months early.
But that is only mine.

[derricksmyth]

Can anyone explain to me why the death in service benefit is now not shown on the paper statement, and when i went into the new Pensions Portal it is only showing around £45K ?

This seems to have halved from a few years ago, or am i mistaken?

[freespeech]

I agree with that!

The increases are shown as a separate amount rather than being included in the pensionable pay figure, which you may have noticed is a lot lower than last years.

But it does say the final pensionable pay shown is from when that scheme ended.

Yes it does, but there are people on here who don't understand their pension at all, so seeing an illustration that's different to previous ones, will confuse them.

It's says we'll be getting 2 statements aswell, but how many have questioned why their NRA65 is so low?

I agree......but, as ever, our situations are all different. In my case my NRA60 is low even though I've had the Capita statement as a lot of the increases due following a promotion within the same job family are within the statement I'm due to get from RM.

[RobertT]

Can anyone explain to me why the death in service benefit is now not shown on the paper statement, and when i went into the new Pensions Portal it is only showing around £45K ?

This seems to have halved from a few years ago, or am i mistaken?

I've got no idea why the death in service payment isn't on the RMSPS statement, perhaps you could ask Capita?

The reason the RMSPS portal shows a lower figure, is because the RMSPS only applies to pension benefits accrued up to 31st March 2012. Wait until you have your RMPP statement(2012 onwards) and add the two amounts together.

[stephen500]

Can anyone explain to me why the death in service benefit is now not shown on the paper statement, and when i went into the new Pensions Portal it is only showing around £45K ?

This seems to have halved from a few years ago, or am i mistaken?

I've got no idea why the death in service payment isn't on the RMSPS statement, perhaps you could ask Capita?

The reason the RMSPS portal shows a lower figure, is because the RMSPS only applies to pension benefits accrued up to 31st March 2012. Wait until you have your RMPP statement(2012 onwards) and add the two amounts together.

I just spoke to Captia and they really don't know why death in service is not showing and will look into it.
However, here is my thoughts...Perhaps RMPP is responsible for all our "death in service" benefits. (however see NB below)
The slide below tells us we will get a lump sum (if we die in service) of 4 times our pensionable pay.
It does not say 4 times our annual pension in the RMPP or even the RMSPS scheme, just SIMPLY 4 times our PENSIONABLE PAY.
My pensionable pay is £29000 and 4 times my PENSIONABLE PAY is £116,000 which was my death in services showing on last years joint illustration.
I suspect the Death in service will show as normal on the RMPP illustration due soon.
On top of the lump sum due (4 times pensionable pay), whilst we are in the transistion Cash balance scheme, I am sure we also get an extra 2 x our pensionable PAY on top of the 4 times and the value of your cash balance, mine was £13000
NB Just spoke to RMPP and they think it is still spilt between both schemes and is still 4 times pensionable pay for both scheme, although RMPP cannot speak for Capita.
I suggested both RMSPS and RMPP will get a lot of phone calls about this and perhaps they should explain this better.
My comments were noted! All of what I write above could be rubbish and is only my opinion. It does state in several places on the RMSPS site 5 times our annual rate and in other places, that this is "capped" at four times our pensionable pay.
Overall confusing.

death.jpg

https://www.royalmailpensionplan.co.uk/ ... er-you-die
I only have 2 months to claim my death in service as I am leaving!
I found this slide for Section C (capped at 4 times pensionable pay)

sect c.jpg

[Hawkey99]

If you have taken all of your pensions is the Death in benefit still 4 times salary.??

[RobertT]

If you have taken all of your pensions is the Death in benefit still 4 times salary.??

No, the death in service benefits are reduced, see the RMPP 'flexible pension guide' for confirmation. There are no figures mentioned, but I think it's reduced to 2x pay?

[stephen500]

If you have taken all of your pensions is the Death in benefit still 4 times salary.??

No, the death in service benefits are reduced, see the RMPP 'flexible pension guide' for confirmation. There are no figures mentioned, but I think it's reduced to 2x pay?

Sorry Robert T, I was going to write some thing but had not read your post properly first. Apologies.

[stephen500]

Further to our discussion on the "death in service" lump sum. and for those STILL IN the pension scheme.
I have seen an RMPP illustration that arrived today and the death in service still remains at 4 times your pensionable pay and another 2 times your pensionable pay, I think, whilst we remain in this temp cash balance scheme. You also add to that your cash balance built up so far.
The actual amount is not shown as the responsibilty for paying it is spread over both schemes.

nutshell 1.jpg

nutshell2.jpg

If you have left NRA60, your death in service will be less.
If you leave both schemes, I do not know if Royal Mail offer any stand alone death in service.
But when CDC comes in (perhaps in 2021). You could join this and benefit from 4 x pensionable pay as a death in service lump sum)

[Hawkey99]

Bit confused now.....

Are we saying if you have taken both pensions and are still working for royal mail you get 2 times salary or 6 times salary if death in service occurs ??