Lifetime allowance

[antcpfc]

I am hopeless at paperwork and would be grateful for any advice. My RMSPS and RMPP are due at the same time .
On the lifetime allowance form it says to fill in part e if any other benefits are due at the same time. Do I need to do this or will they just check with each other.
Thanks for any info.

[FAB]

You only need to list any others pension - private or another company you might have worked for. Not the RMSPS or RMPP.

[antcpfc]

Thank you.

[stephen500]

I am hopeless at paperwork and would be grateful for any advice. My RMSPS and RMPP are due at the same time .
On the lifetime allowance form it says to fill in part e if any other benefits are due at the same time. Do I need to do this or will they just check with each other.
Thanks for any info.

Right RMSPS said they did not need me to fill in my life time allowance form.
Apart from RMPP I had no other pensions.
So for the RMSPS LTA form, I just filled this form in and selected "no" for every thing.

Rmsps retirement B 4.jpg

But for RMPP I was told by them, that I had to provide my use of the life time allowance for what I would be getting from RMSPS, as RMPP had no way of knowing what RMSPS paid as they were not linked to the same systems, however RMSPS know what RMPP are paying.
When you get your RMSPS quote, once you have decided on your options, it will tell you under the option, what percentage of your LTA that option is. See slides 3 and 4.

Rmsps retirement B 4.jpg

pen3 a.jpg

pen 4 a.jpg

So to give RMPP my use of the LTA for RMSPS, I added
Lump sums of £63,848,87 + £3464.59 = £ 67312.46 total RMSPS lump sums (NRA 60 and 65)
Pensions (RMSPS) of £519.54 + £9577.33 = total annual (rmsps) pensions £10,096.87
% of LTA. = 23.79% + 1.29% = total % of lta used for RMSPS = 25.08%
Current fund value (I was slight out) is the yearly pension x 20 + lump sum
£10,096.87 x 20 + £67312.46 = £269,249.86
It does not matter if you are slightly wrong.
(The LTA is £1,073,100 (around a million pounds) and as a postman, even with both pensions combined, you will go nowhere near that.
My RMSPS was 25.08% and my RMPP was 5.09%, so I only used around 30% of my LTA)
Place these figures in RMPP LTA form below (see the 2 slides above and you do not need to incude any of your RMPP pension or RMPP lump sum.)

rmpp lta.jpg

[stephen500]

You only need to list any others pension - private or another company you might have worked for. Not the RMSPS or RMPP.

Not what I was told. see my answer above.

[tractorboy2]

On the LTA form above , shouldn't the answer to the question

I have other pension benefits....be yes , as the RMPP age60 are paid at the same time ?

[barrycpost]

How many years of service are these figures calculated on.I intend to retire next April and will have 22 years service .

[RobertT]

How many years of service are these figures calculated on.I intend to retire next April and will have 22 years service .

If memory serves me correctly, Stephen500 had about 40 years service so was in section A/B. I think he also had ex PHG allowance and possibly other pensionable allowances?

[barrycpost]

OK Thanks for that. The figures do look like he has twice as many years service as i have.

[tractorboy2]

On the LTA form above , shouldn't the answer to the question

I have other pension benefits....be yes , as the RMPP age60 are paid at the same time ?

As no one has an answer to this , I will copy what stephen500 did. My RMPP age60 benefits is rather small so as to be negligible.

[RobertT]

On the LTA form above , shouldn't the answer to the question

I have other pension benefits....be yes , as the RMPP age60 are paid at the same time ?

As no one has an answer to this , I will copy what stephen500 did. My RMPP age60 benefits is rather small so as to be negligible.

The media library on the RMPP website has a video all about filling in the LTA form. It does say to include RMSPS benefits: https://www.royalmailpensionplan.co.uk/ ... ia-library

I don't think the RMSPS website has corresponding info, or if it does I can't find it.

[tractorboy2]

On the LTA form above , shouldn't the answer to the question

I have other pension benefits....be yes , as the RMPP age60 are paid at the same time ?

As no one has an answer to this , I will copy what stephen500 did. My RMPP age60 benefits is rather small so as to be negligible.

The media library on the RMPP website has a video all about filling in the LTA form. It does say to include RMSPS benefits: https://www.royalmailpensionplan.co.uk/ ... ia-library

I don't think the RMSPS website has corresponding info, or if it does I can't find it.

Yes I know about the RMPP one , I filled that out incorrectly , but no one from RMPP contacted me about it (put what I would get per year , instead of multiplying that by 20).

So it was just about the form you receive from RMSPS , as uploaded onto here by stephen500 above , it didn't seem to be an issue for him answering no , so that is what I will do. Perhaps they just refer to any external pensions you may receive (outside of Royal Mail).

[SeanMc]

You should answer no if you have no other pensions outside of RM. If you have other pensions outside RM answer yes and give the details.

[tractorboy2]

You should answer no if you have no other pensions outside of RM. If you have other pensions outside RM answer yes and give the details.

Thanks. My thought above is correct ie external pension benefits.