Just wondered what our future pension statement may look like
NRA 60
NRA 65
DC Scheme payment.
Looks like it could be even more complicated.
Would the NRA 60 & NRA 65 be paid at the hours you worked and grade you were when the scheme closed.
Ideally thinking I would like to drop down to 3 days a week for a while before retiring.
Any thoughts ???
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How will new statement look
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RobertT
- EX ROYAL MAIL
- Posts: 6645
- Joined: 09 Sep 2007, 14:26
- Gender: Male
How will new statement look
The NRA60 will be much the same as now, it will continue to increase with inflation.
The NRA65 will stop in 2018 and what you’ve accrued up to then will increase with inflation.
There were measures introduced in 2014 to allow those who go up a pay scale to also have their pensions increased accordingly, whether that continues we don’t know yet.
The DC part will probably be much the same as your Flexiplan or Bonusplan statements, or other DC pension you may have from a previous employer for example. It will show the value of your pot on a given date and the amount of pension you ‘might’ get at your chosen retirement age.
Personally I would say the RMPP part of the statements would be easier to understand, although the longer away from retirement you are the less accurate the DC statement is likely to be in terms of your expected pension.
If you go part time after 2018 your preserved RMPP benefits shouldn’t really change, but obviously if you’re earning less then they’ll be lower contributions going into the RMDCP and so a smaller pot when you come to retirement.
The NRA65 will stop in 2018 and what you’ve accrued up to then will increase with inflation.
There were measures introduced in 2014 to allow those who go up a pay scale to also have their pensions increased accordingly, whether that continues we don’t know yet.
The DC part will probably be much the same as your Flexiplan or Bonusplan statements, or other DC pension you may have from a previous employer for example. It will show the value of your pot on a given date and the amount of pension you ‘might’ get at your chosen retirement age.
Personally I would say the RMPP part of the statements would be easier to understand, although the longer away from retirement you are the less accurate the DC statement is likely to be in terms of your expected pension.
If you go part time after 2018 your preserved RMPP benefits shouldn’t really change, but obviously if you’re earning less then they’ll be lower contributions going into the RMDCP and so a smaller pot when you come to retirement.
Links to all RM pension related websites are here