Pension 21 years of the NRA60 pension at 55 years old

[97gaz]

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[RobertT]

Just out of curiosity how much of a lump sum would I get for 21 years of the nra60 pension at 55 years old ?

Without knowing what your pensionable pay is, it's a very difficult question to answer, but if you take 5% off for each year you want to take your pension early you should be in the right ballpark. Those figures can be found on your last annual statement.

On a separate note, if you started in 2000 and transferred in 13 years, you should actually have more like 23 years of NRA60 pension. Because although the final salary scheme closed in 2008, the NRA60 element includes the first two years of the CARE scheme too.

[Fatboyslim]

Tell you what - the pension is really going down the pan. Every year I used to study my forecast and see it reducing...

Bumped into an ex colleague a couple of weeks ago. He left 20 years ago with 13 years service. Took pension at 55 (two years ago) 480pcm 45K lump sum. I did 35 years left 2 years ago 720pcm 55K lump sum. Shows how rubbish it is now.

Some on here might think it's the best thing since sliced bread. I think we are all having our legs lifted... Cannot see it improving either?

[arnold cheshire]

Tell you what - the pension is really going down the pan. Every year I used to study my forecast and see it reducing...

Bumped into an ex colleague a couple of weeks ago. He left 20 years ago with 13 years service. Took pension at 55 (two years ago) 480pcm 45K lump sum. I did 35 years left 2 years ago 720pcm 55K lump sum. Shows how rubbish it is now.

Some on here might think it's the best thing since sliced bread. I think we are all having our legs lifted... Cannot see it improving either?

Can you explain more please?

[RobertT]

Tell you what - the pension is really going down the pan. Every year I used to study my forecast and see it reducing...

Bumped into an ex colleague a couple of weeks ago. He left 20 years ago with 13 years service. Took pension at 55 (two years ago) 480pcm 45K lump sum. I did 35 years left 2 years ago 720pcm 55K lump sum. Shows how rubbish it is now.

With all the various changes to the pension scheme over the years, then yes there's been a reduction in forecasted benefits.
I've never seen the benefits I've accrued reduce, but the forecast for future pension will obviously be affected.

Section B wasn't as good as section A, and C wasn't as good as B. We now have a scheme that just provides a lump sum.
Then there was the final salary scheme closing and being replaced by the CARE/CSDB scheme and the increase in NRA from 60 to 65 from 2010.
And also the changes made in 2014.

Each change has seen a reduction in future pension benefits and has been communicated to the scheme membership, so shouldn't really come as a major surprise.

Some on here might think it's the best thing since sliced bread. I think we are all having our legs lifted... Cannot see it improving either?

I took an interest in my pension about 25 years ago and realised then the RMPP on it's own wasn't going to be enough to do what I want. So the fact it won't pay out a particularly large income is nothing new to me!

I don't think the RMPP is the best thing since sliced bread, but I do know what I stand to take out far outweighs what I've put in. In my case I'll get my money back(taking tax relief and PSE into account) within 3-4 years of drawing my NRA60 benefits(at 60), with the rest being 'profit' for the rest of my life.
And I know that because I've been sad enough to keep a record of my contributions over the last 30+ years!

On it's own the RMPP probably isn't going to provide an adequate income for most posties to live on, although everyone's circumstances are going to be different. But it's still damn good value for money.

[Fatboyslim]

Tell you what - the pension is really going down the pan. Every year I used to study my forecast and see it reducing...

Bumped into an ex colleague a couple of weeks ago. He left 20 years ago with 13 years service. Took pension at 55 (two years ago) 480pcm 45K lump sum. I did 35 years left 2 years ago 720pcm 55K lump sum. Shows how rubbish it is now.

Some on here might think it's the best thing since sliced bread. I think we are all having our legs lifted... Cannot see it improving either?

Can you explain more please?

Dunno what more to say. I had nearly three times service. Same job. Yet mine isn’t even twice his. Just after I finished. I sorted all my paperwork out. Including about 20+ years of pension forecasts. Virtually every single one reduced the forecast. Year on year. I’m happy. Missus took early retirement too. No debts. Nothing. Dunno how a single person could live on this though. We were fortunate as the figures stacked up. We always used to compare pension statements at work. We all agreed - the forecast decreased year on year. Fact.

If you want more specific stuff. Please PM me.

[arnold cheshire]

Tell you what - the pension is really going down the pan. Every year I used to study my forecast and see it reducing...

Bumped into an ex colleague a couple of weeks ago. He left 20 years ago with 13 years service. Took pension at 55 (two years ago) 480pcm 45K lump sum. I did 35 years left 2 years ago 720pcm 55K lump sum. Shows how rubbish it is now.

Some on here might think it's the best thing since sliced bread. I think we are all having our legs lifted... Cannot see it improving either?

Can you explain more please?

Dunno what more to say. I had nearly three times service. Same job. Yet mine isn’t even twice his. Just after I finished. I sorted all my paperwork out. Including about 20+ years of pension forecasts. Virtually every single one reduced the forecast. Year on year. I’m happy. Missus took early retirement too. No debts. Nothing. Dunno how a single person could live on this though. We were fortunate as the figures stacked up. We always used to compare pension statements at work. We all agreed - the forecast decreased year on year. Fact.

If you want more specific stuff. Please PM me.

ok thanks

[Fatboyslim]

In hindsight. We did same driving jobs in different MLO’s though. He started in 86 til 99. I did 81 to 2017. Same pension scheme. It goes to prove in every pay agreement allowances are given up. All these are pensionable. Saturday premium. NDA etc. Anyone remember double time overtime. It did exist after 13 hours. All these reductions make a difference.

I worked with a lad who was trained FA with qualifications may I add. He worked in the industry. He said we were getting seen off every year. He knew his stuff. My pension is disproportionate worse from two colleagues who are the same age.

Incidentally he has a dream job. Never looked back.

[RobertT]

In hindsight. We did same driving jobs in different MLO’s though. He started in 86 til 99. I did 81 to 2017. Same pension scheme. It goes to prove in every pay agreement allowances are given up. All these are pensionable. Saturday premium. NDA etc. Anyone remember double time overtime. It did exist after 13 hours. All these reductions make a difference.

I worked with a lad who was trained FA with qualifications may I add. He worked in the industry. He said we were getting seen off every year. He knew his stuff. My pension is disproportionate worse from two colleagues who are the same age.

Incidentally he has a dream job. Never looked back.

I wouldn't disagree with the reduction of our pensions over time because of the various allowances being taken away etc, although as far I can remember overtime has never been pensionable.

However going by the dates you've given, both you and your mate had section B pensions(originally POSSS). His was all final salary and with an NRA of 60, while yours was split between final salary & CARE and NRA60 & NRA65. So not only is the CARE scheme worse but you would have given up a higher proportion of your pension when you took it early, due to the increased NRA.

[Fatboyslim]

My pensions are paid as two seperate entities. 60 & 65. Totally independent. I receive separates P60’s too.

So, I’ll just concentrate on my ‘B’...

My ‘B’ was worth approximately 25/26 years. For that I receive 600pcm. He receives 480 for 13 years. Sorry, but that is utter rubbish. That’s my point. Your funds will never decrease. Your forecasts certainly do.

I’m going by an ex colleague who was FCA registered IFA. He chucked it due to stress and wanted an easier life at RM. It was he that highlighted what was going on. He knew his stuff. And was suitably qualified to offer an opinion. He highlighted what was going on. I’ve seen it numerous times. Some hard fought for allowance has been swallowed up in some pay deal. He used to go through our statements. All voluntary of course.

When I left only 50% of my NDA was pensionable. Who on earth thought that was a good deal. I certainly didn’t. All these erosions of allowances make a difference.

I was always under the impression overtime was pensionable. Some of our drivers used to do more Sundays than the Pope to boost their pensions. From double time to now it’s a set figure. Not relating to percentages. So no more 1.25 1.5 1.75 Double on weekends. It all makes a huge difference.

My points highlights on it is reducing over the years. This is a classic case.

[RobertT]

And if you read my posts, you'll know I'm not disagreeing with you!

I'm only guessing, but perhaps the difference is also due to the amount of lump sum you each took?

[Fatboyslim]

We occasionally bump into each other at a motorbike cafe. He lives in another city. But, as a driver we used to visit MLO’s.

Oddly enough - we both took max lump sums too. Our only extravagances - we both treat ourselves to a new motorbike...!

[nelly21]

In that case yes I have 23 years worth of nra60 pension ,thanks you've been helpful

[garry6677]

I got £13240 lump sum for 14 years service and £2524 per year at 55 hope that helps

[arnold cheshire]

I got £13240 lump sum for 14 years service and £2524 per year at 55 hope that helps

Was that nra60?