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I think you've repeated RMSPS twice for NRA65. My statement makes no reference to CSDB - it just repeats the same headings as NRA60.
Yes it says 'basic annual pension' on the RMSPS statement, but the NRA65 element of your RMSPS benefits is for the years 2010-2012, so that is CSDB pension!
The CSDB scheme started in 2008 and closed in 2018.
RMSPS pay out years 2008-2012 of CSDB, RMPP pay 2012-2018.
NRA60 is for years 2008-2010 of CSDB(plus everything beforehand), NRA65 is 2010-2018(plus DBCBS).
It's almost impossible to understand,
I joined in 1998, so have 10 years final salary, plus another 2 years of NRA 60.
Then i have 8 years of CSDB NRA 65.
Then i have 3 years of cash balance.
Now i will build up in the new pension until NRA 67.
Is there a limit for how many years you can build up in the new scheme ? didn't it used to be 40 years ? I've already got 23 years, but i'm 26 years away from NRA 67.
I joined in 1998, so have 10 years final salary, plus another 2 years of NRA 60.
Then i have 8 years of CSDB NRA 65.
Then i have 3 years of cash balance.
Now i will build up in the new pension until NRA 67.
Is there a limit for how many years you can build up in the new scheme ? didn't it used to be 40 years ? I've already got 23 years, but i'm 26 years away from NRA 67.
You say it's almost impossible to understand, but you seem to know exactly what pension you've got!
The old final salary scheme had a limit of 40 years worth of membership, which gave you the maximum allowable pension of 40/80ths of pensionable pay for section A/B members and 40/60ths for section C.
That limit was increased to 45 years quite a long time ago – probably when the final salary scheme closed in 2008. Although I'm not 100% sure without checking.
The new collective scheme is separate from everything you've already accrued and I've never seen anything mentioned about there being a limit to time spent as a member.
The info I've read says, you can be in the scheme as long as you're employed by RM, including after the NRA of 67.
I joined in 1998, so have 10 years final salary, plus another 2 years of NRA 60.
Then i have 8 years of CSDB NRA 65.
Then i have 3 years of cash balance.
Now i will build up in the new pension until NRA 67.
Is there a limit for how many years you can build up in the new scheme ? didn't it used to be 40 years ? I've already got 23 years, but i'm 26 years away from NRA 67.
You say it's almost impossible to understand, but you seem to know exactly what pension you've got!
The old final salary scheme had a limit of 40 years worth of membership, which gave you the maximum allowable pension of 40/80ths of pensionable pay for section A/B members and 40/60ths for section C.
That limit was increased to 45 years quite a long time ago – probably when the final salary scheme closed in 2008. Although I'm not 100% sure without checking.
The new collective scheme is separate from everything you've already accrued and I've never seen anything mentioned about there being a limit to time spent as a member.
The info I've read says, you can be in the scheme as long as you're employed by RM, including after the NRA of 67.
I only understood it by looking at your previous post
I've got mine and its pretty much what I expected to get, roughly £1,300 a month ish, that's before any lump which I would imagine reduce my annual pension, my AVC is expected to pay toward that and I plan to use the lump sum divided over 7 years to bridge the gap until my state pension kicks in.
With 6 years to go I have more time to save up and in tandem with my AVC and I assume with CDC AVC as well.
Roughly £15600? What is that for RMPP or both statements.....NRA60 only or both?
Both however I have not accounted for 25% deduction for NRA65 assuming I take them at 60 and not taking a lump sum....
I have an AVC to take into account, also I am saving up cash set aside on a stand alone account, interest rates are rubbish at the moment.
This is all just estimates,
Six of Nine loves Seven of Nine, together in Electric Dreams.
I've just recieved my RMSPS statement and i understand most of it ( i think). The pension supplement is only payable if i leave royal mail and until state retirement age. But what is the pension increase amount? and if it is just the increase from previous years why is it shown seperate? Is this amount permanent or can it decrease?? Can someone explain please?
I've just recieved my RMSPS statement and i understand most of it ( i think). The pension supplement is only payable if i leave royal mail and until state retirement age. But what is the pension increase amount? and if it is just the increase from previous years why is it shown seperate? Is this amount permanent or can it decrease?? Can someone explain please?
The pension increase amount is how much your pension has grown with inflation over the years.
I don't really know why it's now shown as a separate amount, but it does provide more info than before!
Your benefits are as good as guaranteed(in my opinion nothing is 100%) and it won't go down, and will continue to increase with inflation until you take it and into retirement.
Don't forget to also add on your RMPP benefits – you should have got that statement recently.
The question I have is when you take your NRA60 benefits and continue to work for RM, when you do the lump sum calculations for NRA60 do you include the pension supplement part x20 into the figures????
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The question I have is when you take your NRA60 benefits and continue to work for RM, when you do the lump sum calculations for NRA60 do you include the pension supplement part x20 into the figures????
Based on the experience of others on this forum the answer to that is no.
I've just recieved my RMSPS statement and i understand most of it ( i think). The pension supplement is only payable if i leave royal mail and until state retirement age. But what is the pension increase amount? and if it is just the increase from previous years why is it shown seperate? Is this amount permanent or can it decrease?? Can someone explain please?
The pension increase amount is how much your pension has grown with inflation over the years.
I don't really know why it's now shown as a separate amount, but it does provide more info than before!
Your benefits are as good as guaranteed(in my opinion nothing is 100%) and it won't go down, and will continue to increase with inflation until you take it and into retirement.
Don't forget to also add on your RMPP benefits – you should have got that statement recently.
The pension increase amount also includes any increases on promotion if you stay in the same job family. For some, including me, that is significant (nearly £4k).
I've just recieved my RMSPS statement and i understand most of it ( i think). The pension supplement is only payable if i leave royal mail and until state retirement age. But what is the pension increase amount? and if it is just the increase from previous years why is it shown seperate? Is this amount permanent or can it decrease?? Can someone explain please?
The pension increase amount is how much your pension has grown with inflation over the years.
I don't really know why it's now shown as a separate amount, but it does provide more info than before!
Your benefits are as good as guaranteed(in my opinion nothing is 100%) and it won't go down, and will continue to increase with inflation until you take it and into retirement.
Don't forget to also add on your RMPP benefits – you should have got that statement recently.
The pension increase amount also includes any increases on promotion if you stay in the same job family. For some, including me, that is significant (nearly £4k).
So theoretically that could go back down if you were to be ‘demoted’ or drop down a grade? It being variable this way would explain why it’s seperated
Ok Robert. Not including supplements and inflation I get state retirement age (67 in my case if I get there) at £163 per week. Does that sound about right? Seems a bit poor really.
I've just recieved my RMSPS statement and i understand most of it ( i think). The pension supplement is only payable if i leave royal mail and until state retirement age. But what is the pension increase amount? and if it is just the increase from previous years why is it shown seperate? Is this amount permanent or can it decrease?? Can someone explain please?
The pension increase amount is how much your pension has grown with inflation over the years.
I don't really know why it's now shown as a separate amount, but it does provide more info than before!
Your benefits are as good as guaranteed(in my opinion nothing is 100%) and it won't go down, and will continue to increase with inflation until you take it and into retirement.
Don't forget to also add on your RMPP benefits – you should have got that statement recently.
The pension increase amount also includes any increases on promotion if you stay in the same job family. For some, including me, that is significant (nearly £4k).
So theoretically that could go back down if you were to be ‘demoted’ or drop down a grade? It being variable this way would explain why it’s seperated
No, I don't think so as the scheme is now closed. The actual pay rate I get is the same as last year but the pension increase changes each year. Next year will be interesting for me as I have just had a promotion outside of the job family. From what I understand you pick up the pay increments on progression within the grade NOT each years pay rise. It's been very difficult to track as the statements are inconsistent every year.
Ok Robert. Not including supplements and inflation I get state retirement age (67 in my case if I get there) at £163 per week. Does that sound about right? Seems a bit poor really.
Everyone will be a bit different due to time in the job, pensionable allowances, etc so it's very difficult to be accurate. But comparing yours to mine, it's probably about right.
But to put it into context, if you wanted to buy annuites(via a DC scheme) at 60 and 65 offering similar benefits to your RM NRA60/65 pensions, so that's an index linked pension for life and spouses benefits on your death, you'd need a pot worth over £300k.
You'll also get something from the new collective scheme when that starts and assuming you qualify for the full state pension, that currently pays out another £180 per week.
