RMPP Ilustration

[vmaxv4]

RMPP illustration being delivered from today .

[Steve_claret]

Got mine this morning. When I add both statements together my NRA65 is pretty much what I was expecting. Not sure about the Cash Balance figure as I took a small amount with my NRA60 but it is roughly double last years so sounds OK with the 3.7% annual increase.

[NWpostie]

I got mine and trying to make a head and tail of it.

[max49]

My partner and I received our 2nd statements today. Mine seems about right but my partner appears to have "lost" £600 from his annual 65 pension, we have added the amounts from the 2 statements. Does anyone else have a discrepancy?

[heapsy]

I don't understand them. A complete mess tbh.

[Aquarius]

I don't understand them A complete mess tbh.

I agree - it's now harder to undertsand between both statements
At least the old statements you got a final total figure which was easy to understand and compare to previous years.
I tried and could not get it - i must be thick as mince.

It seems you need a Phd to figure all this - especially if you are retiring or taking your pension early.

Not even including AVC's and the new CDC scheme when that starts.

Personally i think the whole pension thing is a mess

[RobertT]

I don't understand them A complete mess tbh.

I agree - it's now harder to undertsand between both statements
At least the old statements you got a final total figure which was easy to understand and compare to previous years.
I tried and could not get it - i must be thick as mince.

It seems you need a Phd to figure all this - especially if you are retiring or taking your pension early.

Not even including AVC's and the new CDC scheme when that starts.

Personally i think the whole pension thing is a mess

It is a mess, particularly if wanting to work out the maximum lump sum, taking benefits early or factoring in the DBCBS and AVC's.

But the general consensus was that most people wanted the main benefits to be shown in NRA60 and NRA65 form, and that's what we've got!
OK the NRA65 benefits are on two different pieces of paper and we have to add them together to get a total. But that's not much of a hardship, is it?

[Steve_claret]

I don't understand them A complete mess tbh.

I agree - it's now harder to undertsand between both statements
At least the old statements you got a final total figure which was easy to understand and compare to previous years.
I tried and could not get it - i must be thick as mince.

Cant argue that our pensions are a mess with 2 different administrators now but you say the old statements gave you a final total figure which was easy to understand. I beg to differ. The statement we got last year certainly didn't tell you what you would get at NRA60 and NRA65. I claimed my NRA60 earlier this year and nowhere on last years statement did it tell me what I was due as I had to work it out for myself to ensure the quotes I received from RMSPS and RMPP where in the same ballpark which thankfully they were.

[freespeech]

I don't understand them A complete mess tbh.

I agree - it's now harder to undertsand between both statements
At least the old statements you got a final total figure which was easy to understand and compare to previous years.
I tried and could not get it - i must be thick as mince.

Cant argue that our pensions are a mess with 2 different administrators now but you say the old statements gave you a final total figure which was easy to understand. I beg to differ. The statement we got last year certainly didn't tell you what you would get at NRA60 and NRA65. I claimed my NRA60 earlier this year and nowhere on last years statement did it tell me what I was due as I had to work it out for myself to ensure the quotes I received from RMSPS and RMPP where in the same ballpark which thankfully they were.

Yes, the last "single" statement that showed a breakdown of NRA60 and NRA65 was 2016.

[RobertT]

Having now received both my RMSPS and RMPP statements and taking all the additional info they provide on board, personally I think overall they're much better.

Yes, ideally it should all be on one statement, and we have to do a bit of maths ourselves to find out exactly what our NRA60 and NRA65 figures are. But it is what it is and a few simple sums shouldn't really be a problem for anyone.

Plus the numbers all add up more or less as I expected, which is the main thing.

More info on the statement can be found in a video here: https://www.royalmailpensionplan.co.uk/ ... ia-library" onclick="window.open(this.href);return false;

[Aquarius]

Having now received both my RMSPS and RMPP statements and taking all the additional info they provide on board, personally I think overall they're much better.

Yes, ideally it should all be on one statement, and we have to do a bit of maths ourselves to find out exactly what our NRA60 and NRA65 figures are. But it is what it is and a few simple sums shouldn't really be a problem for anyone.

Plus the numbers all add up more or less as I expected, which is the main thing.

More info on the statement can be found in a video here: https://www.royalmailpensionplan.co.uk/ ... ia-library" onclick="window.open(this.href);return false;

I really must be thick as mince then !! - always was useless at maths.

The thing is you and other posters here are much more clued up on pensions than most posties (myself included) - although it's incumbent on us to try and understand the basics.

I just think the average postie likes to have easy to follow,concise information in front of them.

I get that breaking down the NRA 60/65 figures was part of the reason to change the layout etc etc - i just found the previous statements easier to follow and understand.

Anyway ho hum it's changed and no doubt will change again sometime in the future as the pensions become more convoluted.

[RobertT]

Once the CDC scheme is introduced, we'll have 3 illustrations every year.

And the thing with CDC is that our pensions aren't guaranteed to increase with inflation each year(like the RMSPS & RMPP) - they can go down!

[vmaxv4]

Once the CDC scheme is introduced, we'll have 3 illustrations every year.

And the thing with CDC is that our pensions aren't guaranteed to increase with inflation each year(like the RMSPS & RMPP) - they can go down!

As the CDC passes through the legislative process & more & more questions arise I hope that the above from Robert T is “ Pinned” so everyone is aware of guarantees we all except when taking our pension are not there in the future!.
Just imagine an illustration when you’re figures from the previous year have actually gone down (And it’s not down to administrative error) hmm..

[postie2007]

Hi all
Received both statements do I use figures in green section on RMSPS do work out pension pot or use figures in the black box as my starting figure.
60 benefits
Basic 586.82 supp 135.97 pension increase 161.91 value 884.70
65 benefits
Basic 506.22 supp 113.71 pension increase 138.86 value 758.79

RMPP
60 FS addition £1

65 benefits
CSDB 1876 Supp 375 cash bal 7368

My main concern is that I will have too much in my AVC fund which is forcast to be 25K at my preferred retirement date aged 60 in 2 years time.

TIA

[RobertT]

Hi all
Received both statements do I use figures in green section on RMSPS do work out pension pot or use figures in the black box as my starting figure.
60 benefits
Basic 586.82 supp 135.97 pension increase 161.91 value 884.70
65 benefits
Basic 506.22 supp 113.71 pension increase 138.86 value 758.79

RMPP
60 FS addition £1

65 benefits
CSDB 1876 Supp 375 cash bal 7368

My main concern is that I will have too much in my AVC fund which is forcast to be 25K at my preferred retirement date aged 60 in 2 years time.

TIA

Yes, use the figures in the green boxes on your RMSPS illustration. But remember, the supplement is only paid if you leave RM and until state pension age.

A quick rough calculation would suggest a minimal amount of tax to pay. Probably £200-£300.