Confused

[elteleltel]

So I've dug out all my statements back to 2002 .
In the early years my 60 benefits were around 5k per annum
On 2008 the benefits then show 60 and 65 benefits .
In 2010 with the CSDB blocks mentioned the numbers seemed to drop .
In 2019 I'm back to total pension of just under 5k .

I'm not planning on taking any benefits until 60 but I'd like to know if the Total Pension to 31st March 2019 is 60 or 65 .
With the new CDC scheme coming its only going to be more difficult to see the actual amount .
I'm definitely confused , is it worth writing to the Plan administrator to get more info .
Cheers

[RobertT]

The pension you accrued up to 31st March 2010 has an NRA of 60, that includes all your final salary pension up to 31st March 2008 and the first 2 years of CSDB.

The pension accrued from 1st April 2010 to 31st March 2018 has an NRA of 65.

From 1st April 2018 to whenever the CDC scheme starts you're building up a lump sum via the DBCBS, to take predominantly with your NRA65 benefits.

Many previous statements actually had a forecast of what you could get at age 60/65 based on you working and being a member of the RMPP until those ages, but that stopped in 2015 or 2016(I can't remember of hand). We now get statements of how much our pensions are worth on statement date(31st March).

You should have got 2 statements around September/October 2020, one from RMSPS and one from RMPP. Both will have NRA60 and NRA65 figures on them. So just add them up to get your NRA60 and NRA65 totals.

As CDC will be completely separate and have an NRA of 67, we will almost certainly get a third statement each year from them.

More info on the RMSPS and RMPP can be found on their websites:

https://www.royalmailsps.co.uk/
https://www.royalmailpensionplan.co.uk/

[elteleltel]

Thank you .

[heapsy]

Tbh the pension statements are a bit of a shambles. They could, and should be much clearer. I'm disappointed that the CWU haven't challenged RM on this, but then again, not surprised one bit.

[RobertT]

The fact we now get 2 statements and we have to add a few figures up to get our NRA60 & NRA65 totals isn't ideal. But that aside, personally I think the new statements are far more informative than we've had for years!

[elteleltel]

The format changes regularly too which doesn't help to make easy comparisons .
Thanks

[Steve_claret]

Give me the new 2 statement format over the previous single version any day of the week. At least the new format gives you separate NRA60 & NRA65 figures which the previous version never did even though you do have to add them together.