Capita statement ?

[Meloned1]

Hello folks I’m pretty sure I haven’t received a statement from capita at all ? I’ve got the one from Royal Mail with the squirrel,Has anyone received one ? Would anyone know how to contact capita to get one many thanks for your help on this matter regards meloned

[BenacreNick]

Hey Meloned.

The Capita statement is quite dark in colour and has a red post box on the front. It represents the RM statutory pension scheme and is dated April 2021.

Contact details.

Enquiries@rmsps.co.uk

Po box 551
Darlington
Dl1 9tx

0333 2220078

[BenacreNick]

I personally find it a little confusing that we have so many pension schemes and administrators.

[Meloned1]

Many thanks for this information I buzz them Monday, you are percent correct with it being confusing , is it done like this on purpose ? Cheers meloned

[RobertT]

We first received separate statements from RMSPS and RMPP in 2020, so you should have had two from RMSPS up to this point in time.

2022 statements from both RMSPS and RMPP are due at the end of September.

[BenacreNick]

Hey Robert.

One big pension pot would be easier to understand.

Of the top of my head we have :-

RM pension before 2008.
RM interim pension 2008-2012.
RM pension 2012 onwards.
RM consultation for new pension coming soon.
AVC pension.
‐‐--------‐‐
State pension
2nd state pension
Personal pension

Quite confusing for when the day comes to cash in

[RobertT]

We used to get 1 annual RM pension statement. But the Cabinet Office decided the RMSPS should be run by a separate company(Capita) a few years ago, hence the 2 statements.
But as all you have to do is add up a few numbers, it's not too hard to work out what your pension entitlement is.

What we actually have is:

Final salary up to 2008.
Career average salary 2008-2018.
DBCBS 2018-present.
RMSPS up to 2012.
RMPP from 2012-present.
NRA60 up to 2010.
NRA65 2010-2018 + most of the DBCBS.
Some will also have AVC's, which could be Addplan, Flexiplan or Bonusplan.

For those who joined RM after 1st April 2008:

The RMDCP.
Those who've been in that for at least 5 years have the choice to join the DBCBS(section F) instead.

There will be some who've either taken all their NRA60/65 or joined and then opted out of them at some point and they will potentially have the RMDCP as well.

We're all soon to have the choice of:

CDC or Nest.

Plus, we'll all have state pension and some will also have private pensions and pensions from other employers too.

[Meloned1]

Thanks RobertT again good info as only having 2 statements from capita as I’ve obviously been looking for more than that cheers again!

[BenacreNick]

Robert, thanks for correcting me, but I think you summed up my point very nicely. How confusing is your list of pensions for ordinary folk ?

[roadrunner bill]

Ive got 19 years .. in my final salary, does overtime contribute to the final salary..

[RobertT]

Robert, thanks for correcting me, but I think you summed up my point very nicely. How confusing is your list of pensions for ordinary folk ?

Yes it is!

I've read stories of IFA's who don't understand RM pensions, so it's always going to be hard for the members.

The government are currently working on their Pensions Dashboard idea which is supposed to put all info in one place, which might help?

Although I personally have a feeling it's going to be one of those white elephants, they spend a lot of money on and never works properly.

[RobertT]

Ive got 19 years .. in my final salary, does overtime contribute to the final salary..

You pay contributions of 6% of pensionable pay into your pension. If your overtime was pensionable, your contributions would increase accordingly. Which they don't!

So the answer is no I'm afraid!

Only part time members of the RMDCP will potentially have overtime that is pensionable, and then only overtime up to full time hours.

[roadrunner bill]

Ive got 19 years .. in my final salary, does overtime contribute to the final salary..

You pay contributions of 6% of pensionable pay into your pension. If your overtime was pensionable, your contributions would increase accordingly. Which they don't!

So the answer is no I'm afraid!

Only part time members of the RMDCP will potentially have overtime that is pensionable, and then only overtime up to full time hours.

Thank you for your info , much appreciated.... I'm just hoping my pension will be good enough to retire on.. 33 years so far from 1989..

[Hyrrokkin]

I personally find it a little confusing that we have so many pension schemes and administrators.

You are not the only one...far too overcomplicated and convoluted to understand half the time

[RobertT]

I personally find it a little confusing that we have so many pension schemes and administrators.

You are not the only one...far too overcomplicated and convoluted to understand half the time

The RMSPS contract is up for renewal in 2024.

Realistically, the only way we'll have statements that have the info we want in proper easy to read NRA60/NRA65 format, is if the PSC in Sheffield wins that contract.

I don't know if they're likely to bid, but they lost the contract a few years ago because Capita agreed to do it for £1.3 Million per year less.

*Don't forget, we'll have another pension scheme to deal with in the not too distant future.