Can someone confirm if our 2020 statements include the latest pension increase.
Also do the RMPP and RMSPSP have exactly the same % increases for a section C.
Finally can someone clarify exactly what the pension rises were in 2019 and 2020. I thought I knew but having second thoughts....
Many thanks
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Pension Statement and increases
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Hawkey99
- Posts: 568
- Joined: 23 Oct 2011, 11:19
- Gender: Male
Pension Statement and increases
Also on the RMPP benefit booklet it says Section C increases each year are using RPI.
On the latest statement from RMPP it says your pension is increased by CPI.
Which one is correct please ?
Also do you get a pension supplement with your RMPP NRA 60 ?
On the latest statement from RMPP it says your pension is increased by CPI.
Which one is correct please ?
Also do you get a pension supplement with your RMPP NRA 60 ?
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fly-catchers
- EX ROYAL MAIL
- Posts: 573
- Joined: 05 Oct 2008, 16:38
- Gender: Male
Pension Statement and increases
The latest statements includes the increase from September 2019 which was 2.4% RPI for sections B/C if you are still working at RM. It is also 2.4% for section C if you are receiving the pension. And 1.7% CPI for section B if receiving the pension. Section C pension increases are also CPI if its its deferred and you are no longer working for RM. Once you start receiving it, it goes back to RPI
Next years increases are 1.1% RPI and 0.5% CPI.
2019 increases based on September 2018 were 3.3% RPI and 2.5% CPI. HTH!
Next years increases are 1.1% RPI and 0.5% CPI.
2019 increases based on September 2018 were 3.3% RPI and 2.5% CPI. HTH!
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RobertT
- EX ROYAL MAIL
- Posts: 6645
- Joined: 09 Sep 2007, 14:26
- Gender: Male
Pension Statement and increases
I agree with everything in flycatchers' post. As ever with RM pensions there are various permutations depending on exact circumstances!
RM use inflation rates from the previous September, so if you're unsure of the rates, just Google them!
The DBCBS increased by 3.7%, which is a rate decided by RM and is aimed to be 'in excess of CPI'.
As your statements say, you get a supplement with both your NRA60 and NRA65 benefits, but only if you've left RM and only until state pension age.
Whether you get it if you leave RM after taking your benefits, to be honest I'm not 100% sure but I would hope you do!
Anyone?
Some people will presumably get a supplement specifically attached to their 'RMPP NRA60' benefits as there's a box on the RMPP statement for that. But personally I haven't accrued any.
Most if not all NRA60 supplement will be on your RMSPS statement.
RM use inflation rates from the previous September, so if you're unsure of the rates, just Google them!
I've just had a quick scan and I can see no reference to either CPI or RPI on the latest annual statement(although I may have missed it) – just the fact that my RMPP section C pension increased by 2.4%, which we know was the rate of RPI in September 2019.Hawkey99 wrote:Also on the RMPP benefit booklet it says Section C increases each year are using RPI.
On the latest statement from RMPP it says your pension is increased by CPI.
Which one is correct please ?
Also do you get a pension supplement with your RMPP NRA 60 ?
The DBCBS increased by 3.7%, which is a rate decided by RM and is aimed to be 'in excess of CPI'.
As your statements say, you get a supplement with both your NRA60 and NRA65 benefits, but only if you've left RM and only until state pension age.
Whether you get it if you leave RM after taking your benefits, to be honest I'm not 100% sure but I would hope you do!
Anyone?
Some people will presumably get a supplement specifically attached to their 'RMPP NRA60' benefits as there's a box on the RMPP statement for that. But personally I haven't accrued any.
Most if not all NRA60 supplement will be on your RMSPS statement.
Links to all RM pension related websites are here