Pension Mess

[stephen500]

I now finally get it. That two years of the CSDB 2008 to 2010 is added to the NRA60 pension RMPP and 2 years to RMSPS NRA65 , leaving 6 years with NRA65 (RMPP)

[61Gary]

I am in the same boat
My NRA 65 pension and lump sum have both reduced from my 2019 statement. I left in 2016 and the NRA65 has always increased by the CPI .
Last years CPI figure was 1.7%. so it should have gone up. My NRA60 has though increased , though it’s the smallest increase since 2016.
I have emailed the pension helpline and wait with baited breath on their reply.
Total mess ....

[Steve_claret]

I now finally get it. That two years of the CSDB 2008 to 2010 is added to the NRA60 pension RMPP and 2 years to RMSPS NRA65 , leaving 6 years with NRA65 (RMPP)

No, 2 years CSDB are added to the RMSPS NRA60 pension not the RMPP NRA60. That leaves 2 years for RMSPS NRA65 and 6 years for RMPP NRA65.

[stephen500]

I now finally get it. That two years of the CSDB 2008 to 2010 is added to the NRA60 pension RMPP and 2 years to RMSPS NRA65 , leaving 6 years with NRA65 (RMPP)

No, 2 years CSDB are added to the RMSPS NRA60 pension not the RMPP NRA60. That leaves 2 years for RMSPS NRA65 and 6 years for RMPP NRA65.

Sorry, that is what I meant to write!

[NorthernBoy]

I am in the same boat
My NRA 65 pension and lump sum have both reduced from my 2019 statement. I left in 2016 and the NRA65 has always increased by the CPI .
Last years CPI figure was 1.7%. so it should have gone up. My NRA60 has though increased , though it’s the smallest increase since 2016.
I have emailed the pension helpline and wait with baited breath on their reply.
Total mess ....

I take it you’ve had both statements, what the % increase on the NRA60 from last year? Should be around the 1.7% sept cpi figure.

Thanks

[Aquarius]

Jesus Christ !

My head hurts reading some of these posts - remember the film Scanners - yep i feel like that !

I am reading all these posts in this thread and other threads - posties trying to work this out and that out - this number and that number.

All we want are simple,concise and easy to understand numbers to plan for our future - be it soon or x amount of time in the future.

I will say again what an absolute convoluted mess this all is now.

[stephen500]

Jesus Christ !

My head hurts reading some of these posts - remember the film Scanners - yep i feel like that !

I am reading all these posts in this thread and other threads - posties trying to work this out and that out - this number and that number.

All we want are simple,concise and easy to understand numbers to plan for our future - be it soon or x amount of time in the future.

I will say again what an absolute convoluted mess this all is now.

Part of the problem, is many people want different things.
I get people ask this..
What if I take my NRA60 at 57 along with my NRA65 and am in section C.
How much do I lose to take a lump sum?
What if I leave my NRA 65 to 65 and take my NRA 60 at 59.
With a myriad of other questions for individual cirmumstances.
So lots of figures and formulas, percentages are used for different people and their objectives, which makes it appear confusing.
The pension plans should have a spread sheet you can enter the date you want to retire and lump sum options, it would make it a lot easier.

[tractorboy2]

Jesus Christ !

My head hurts reading some of these posts - remember the film Scanners - yep i feel like that !

I am reading all these posts in this thread and other threads - posties trying to work this out and that out - this number and that number.

All we want are simple,concise and easy to understand numbers to plan for our future - be it soon or x amount of time in the future.

I will say again what an absolute convoluted mess this all is now.

Part of the problem, is many people want different things.
I get people ask this..
What if I take my NRA60 at 57 along with my NRA65 and am in section C.
How much do I lose to take a lump sum?
What if I leave my NRA 65 to 65 and take my NRA 60 at 59.
With a myriad of other questions for individual cirmumstances.


So lots of figures and formulas, percentages are used for different people and their objectives, which makes it appear confusing.
The pension plans should have a spread sheet you can enter the date you want to retire and lump sum options, it would make it a lot easier.

I second this. The spreadsheet in another thread just gives the lump sum payment , but that doesn't take account of taking anything early.
And how accurate is the Annual pension x 20 / 4 for the lump sum if it errs on the low side , that would be preferable especially if you have fine margins.
What is the actual commutation rate ?

[61Gary]

I am in the same boat
My NRA 65 pension and lump sum have both reduced from my 2019 statement. I left in 2016 and the NRA65 has always increased by the CPI .
Last years CPI figure was 1.7%. so it should have gone up. My NRA60 has though increased , though it’s the smallest increase since 2016.
I have emailed the pension helpline and wait with baited breath on their reply.
Total mess ....

I take it you’ve had both statements, what the % increase on the NRA60 from last year? Should be around the 1.7% sept cpi figure.

Thanks

Yes ive had both statements , the CPI should be the same for both NRA’s l believe .

[Steve_claret]

I second this. The spreadsheet in another thread just gives the lump sum payment , but that doesn't take account of taking anything early.
And how accurate is the Annual pension x 20 / 4 for the lump sum if it errs on the low side , that would be preferable especially if you have fine margins.
What is the actual commutation rate ?

I emailed the PSC to ask them about commutation rates about 12 months before taking my NRA60 and they were very non-committal just saying that they constantly change and vary. As most people opt for the max tax free cash then it is in the pension companies interest to make the rate a low as possible. I think ours are about 20:1 which is actually pretty good value within the industry as some rates can go down to 15:1 or even lower.

[NorthernBoy]

I am in the same boat
My NRA 65 pension and lump sum have both reduced from my 2019 statement. I left in 2016 and the NRA65 has always increased by the CPI .
Last years CPI figure was 1.7%. so it should have gone up. My NRA60 has though increased , though it’s the smallest increase since 2016.
I have emailed the pension helpline and wait with baited breath on their reply.
Total mess ....

Gary,

just checked mine and am the same NRA65 down on last year, NRA60 up slightly and less than 1.7%. I am convinced deferred members statements are wrong and they will have to redo them all. What a farce.

[Steve_claret]

I am in the same boat
My NRA 65 pension and lump sum have both reduced from my 2019 statement. I left in 2016 and the NRA65 has always increased by the CPI .
Last years CPI figure was 1.7%. so it should have gone up. My NRA60 has though increased , though it’s the smallest increase since 2016.
I have emailed the pension helpline and wait with baited breath on their reply.
Total mess ....

The statements last year didn't show NRA65. Well at least mine didn't anyhow but I am still an active member. Are you confusing all CSDB blocks as being NRA65?

[61Gary]

I am in the same boat
My NRA 65 pension and lump sum have both reduced from my 2019 statement. I left in 2016 and the NRA65 has always increased by the CPI .
Last years CPI figure was 1.7%. so it should have gone up. My NRA60 has though increased , though it’s the smallest increase since 2016.
I have emailed the pension helpline and wait with baited breath on their reply.
Total mess ....

The statements last year didn't show NRA65. Well at least mine didn't anyhow but I am still an active member. Are you confusing all CSDB blocks as being NRA65?

I left in 2016 , so my statement is slightly different from a active member. Mine is split in three :
Pension
Lump Sum
In death pension.
So they have definitely messed up my NRA figures .

[freespeech]

Jesus Christ !

My head hurts reading some of these posts - remember the film Scanners - yep i feel like that !

I am reading all these posts in this thread and other threads - posties trying to work this out and that out - this number and that number.

All we want are simple,concise and easy to understand numbers to plan for our future - be it soon or x amount of time in the future.

I will say again what an absolute convoluted mess this all is now.

Part of the problem, is many people want different things.
I get people ask this..
What if I take my NRA60 at 57 along with my NRA65 and am in section C.
How much do I lose to take a lump sum?
What if I leave my NRA 65 to 65 and take my NRA 60 at 59.
With a myriad of other questions for individual cirmumstances.
So lots of figures and formulas, percentages are used for different people and their objectives, which makes it appear confusing.
The pension plans should have a spread sheet you can enter the date you want to retire and lump sum options, it would make it a lot easier.

In my view the biggest issue is with the pension estimates (not the statements), which do not include the AVC's or the cash benefit. I know you can see their value (elsewhere) but you can't really see where they can be used until you commit to taking the pension. Mine are now over £20k so it's not a small amount.

[stephen500]

Jesus Christ !

My head hurts reading some of these posts - remember the film Scanners - yep i feel like that !

I am reading all these posts in this thread and other threads - posties trying to work this out and that out - this number and that number.

All we want are simple,concise and easy to understand numbers to plan for our future - be it soon or x amount of time in the future.

I will say again what an absolute convoluted mess this all is now.

Part of the problem, is many people want different things.
I get people ask this..
What if I take my NRA60 at 57 along with my NRA65 and am in section C.
How much do I lose to take a lump sum?
What if I leave my NRA 65 to 65 and take my NRA 60 at 59.
With a myriad of other questions for individual cirmumstances.
So lots of figures and formulas, percentages are used for different people and their objectives, which makes it appear confusing.
The pension plans should have a spread sheet you can enter the date you want to retire and lump sum options, it would make it a lot easier.

In my view the biggest issue is with the pension estimates (not the statements), which do not include the AVC's or the cash benefit. I know you can see their value (elsewhere) but you can't really see where they can be used until you commit to taking the pension. Mine are now over £20k so it's not a small amount.

If you are section B, this will give you an idea
I chose option 2A.
Section C. You can reduce your pension by 25% for your max 25% tax free allowance and then take DBCBS with 25% tax free and 75% taxable at your tax rate.
If you are a 40% tax rate payer, may I suggest taking your pension a couple of weeks into a new tax year and then leaving the service as that way, you should pay just 20%.

RMPP pension with DBCBS 4.jpg

Just replace your pension figure with mine and try ratios.