My Age60 Quotes

[tractorboy2]

These are the quotes I received last week for my NRA60 benefits

RMPP Option 1 £324.67 a year Option 2 £253.79 a year plus a lump sum of £1.691.93

RMSPS Option 1 £8,489.81 a year Option 2 £6,394.86 a year plus a lump sum of £42,632.36
If I retired I would get a supplement of £1,480.32 a year.

The quote is lower than the 2020 illustration by around £71 , but the Supplement is around £180 more , which I don't understand.

[priority102]

Hi, how many years service service is that for please?

[RobertT]

The only explanation I can give is that both the RMSPS and RMPP annual illustrations say they are estimates of what your pension is worth.

So when you get your actual pension quotes, Capita and the PSC should have worked out exact figures, based on your specific circumstances.

If in doubt I suggest querying it with them.

[tractorboy2]

Hi, how many years service service is that for please?

31 in September

[tractorboy2]

The only explanation I can give is that both the RMSPS and RMPP annual illustrations say they are estimates of what your pension is worth.

So when you get your actual pension quotes, Capita and the PSC should have worked out exact figures, based on your specific circumstances.

If in doubt I suggest querying it with them.

These are only estimates , hopefully when I get my actual options they will be accurate.

[RobertT]

The only explanation I can give is that both the RMSPS and RMPP annual illustrations say they are estimates of what your pension is worth.

So when you get your actual pension quotes, Capita and the PSC should have worked out exact figures, based on your specific circumstances.

If in doubt I suggest querying it with them.

These are only estimates , hopefully when I get my actual options they will be accurate.

When you think about it, there's no way you can be sure they will be accurate. Because if both the annual illustration and your recent quote figures are estimates, you've got no other accurate figures to compare them to.

[tractorboy2]

The only explanation I can give is that both the RMSPS and RMPP annual illustrations say they are estimates of what your pension is worth.

So when you get your actual pension quotes, Capita and the PSC should have worked out exact figures, based on your specific circumstances.

If in doubt I suggest querying it with them.

These are only estimates , hopefully when I get my actual options they will be accurate.

When you think about it, there's no way you can be sure they will be accurate. Because if both the annual illustration and your recent quote figures are estimates, you've got no other accurate figures to compare them to.

This is true , therefore if they claim they have over payed , they shouldn't be able to reclaim it , as any recipient wouldn't know they were in fact being payed too much.

[NorthernBoy]

I see that the overall lump sum conversion rate is around 20.4.

Are these figures based on actually taking on your 60th birthday or earlier?

Thanks

[tractorboy2]

I see that the overall lump sum conversion rate is around 20.4.

Are these figures based on actually taking on your 60th birthday or earlier?

Thanks

On 60th Birthday.

[tpost]

The only explanation I can give is that both the RMSPS and RMPP annual illustrations say they are estimates of what your pension is worth.

So when you get your actual pension quotes, Capita and the PSC should have worked out exact figures, based on your specific circumstances.

If in doubt I suggest querying it with them.

I recently sent my final quote forms back to take my NRA60 benefits and the initial quote and final quotes were the same. They are a bit behind with paying me so it will be interesting to see how accurate the quotes are. A guy in work took his pension recently and a few weeks later he received £800 extra as they had under calculated his final payment.

[Steve_claret]

I recently sent my final quote forms back to take my NRA60 benefits and the initial quote and final quotes were the same. They are a bit behind with paying me so it will be interesting to see how accurate the quotes are. A guy in work took his pension recently and a few weeks later he received £800 extra as they had under calculated his final payment.

They will hold back 25% of your first pension payment plus any arrears to cover the tax element. If you won't be paying tax on your pension then you will get it all back once it has been sorted but if you are still working you will more than likely pay 20% BR on your pension and then receive the balance.

[tractorboy2]

When they send you your NRA60 options form , do they also send option for NRA65 ? Or do you have to request this ?

[tpost]

When they send you your NRA60 options form , do they also send option for NRA65 ? Or do you have to request this ?

I’m nearly 57 so I requested a quote which included both NRA 60 and 65 but have decided to take my NRA60 only and leave my NRA65 in for now. My final quote included my AVCs as well but I’m not taking them and looking to transfer them out to another pension plan.

[RobertT]

I’m nearly 57 so I requested a quote which included both NRA 60 and 65 but have decided to take my NRA60 only and leave my NRA65 in for now. My final quote included my AVCs as well but I’m not taking them and looking to transfer them out to another pension plan.

Something to think about when transferring out AVC's, is the tax situation.

It's always going to vary from person to person to some degree, but generally speaking if you take your AVC's with your main benefits, more of your cash is likely to be tax free, and possibly all of it.

As soon as you transfer out, only 25% of your cash is guaranteed to be tax free with the remainder being classed as income and coming under normal PAYE rules.

[tpost]

I’m nearly 57 so I requested a quote which included both NRA 60 and 65 but have decided to take my NRA60 only and leave my NRA65 in for now. My final quote included my AVCs as well but I’m not taking them and looking to transfer them out to another pension plan.

Something to think about when transferring out AVC's, is the tax situation.

It's always going to vary from person to person to some degree, but generally speaking if you take your AVC's with your main benefits, more of your cash is likely to be tax free, and possibly all of it.

As soon as you transfer out, only 25% of your cash is guaranteed to be tax free with the remainder being classed as income and coming under normal PAYE rules.

I was quoted in the options as 25% of the AVC tax free and the rest paid as monthly pension. As I will continue to work with RM that will be taxed at 20% so either I leave it until I take the NRA 65 benefits or transfer it out. I would rather have taken the AVC as a lump sum and pay the tax on it but pension admin said no it is paid as in the options or I can transfer it out.