Pension Spreadsheet

Post by **freespeech** » 02 May 2020, 17:20

Any of you bright people on here know of a spreadsheet where you enter your yearly pension statement details and it tells you your likely lump sum and pension amounts? Given the great advice on this site surely it can't be too far away?

Post by **RobertT** » 02 May 2020, 19:10

Realistically, because the RM pension is so convoluted due to the various changes over the years, the only way they'll be a calculator is if RM provide one.

But as has been explained a number of times on these forums, it's not too difficult to work out rough figures using the numbers on the annual illustrations, especially as we're no longer accruing any more pension - just a lump sum.

Post by **stephen500** » 02 May 2020, 22:40

freespeech wrote:Any of you bright people on here know of a spreadsheet where you enter your yearly pension statement details and it tells you your likely lump sum and pension amounts? Given the great advice on this site surely it can't be too far away?

First you have to start off with what is your pensionable pay? What schemes are you in? Section B or C of the RMSPS or CSDB or both, or are you a newbie with Zurich or just in a Cash balance scheme?
Put down, if you don't mind sharing your details, as many variables as you can think off.
Scheme
Pensionable pay
Length of service
How long till expected retirment and when you want to take your pension.
Or you could give some basic details and ask Robert T and others here for a formula to work it out.
If you are over 55 and write for a quote to RMSPS or RMPP remember the quote you get back, will be dated for taking it soon after your quote.
Ie if you ask for an NRA60 and NRA quote at 55, your quote would be 25% less for NRA60 and 50% less for NRA65 than if you waited till you are actually near your retirement date.
The closer to your retirement date, if you plan to go at 60 or 65, the more accurate your figures.
I class myself as reasonable intelligent, but I don't mind admitting for one moment, pension calculations have tied me up in knots and only now after years of reading others comments and seeing my friends quotes , do I feel as if I now have a reasonable idea of what I am going to get.