Age 60 benefits estimate almost halved from 3 years ago

[Flashman_]

I have just asked for an early payment of pensions estimate. I was originally thinking about this in 2021 and the estimate for the age 60 benefits was almost twice what they have given me now.
I am talking about the RMPP scheme, not the one from Capita, which has not arrived yet. However if that is mirrored in what has happened here, I would appear to now have a pension not worth the paper its written on.
The only difference between then and now is that I have gone from a 24 hour duty to a 37 hour, which I have been on since 2022
Can somebody please help and explain why this should be?

[TheTrolleyMan]

I recently found a pension statement from 13 years ago and my 2024 figures are the same as back then !

[Flashman_]

Yes I noticed that it hardly goes up if at all, but that is the annual statement which is based on taking it when its due and those benefits are frozen because those schemes are closed I think. However as I would be taking it early, that figure should be reduced by 5% per year. I feel the new estimate should be 15% more than the estimate from 3 years ago, not almost half.

[RobertT]

I have just asked for an early payment of pensions estimate. I was originally thinking about this in 2021 and the estimate for the age 60 benefits was almost twice what they have given me now.
I am talking about the RMPP scheme, not the one from Capita, which has not arrived yet. However if that is mirrored in what has happened here, I would appear to now have a pension not worth the paper its written on.
The only difference between then and now is that I have gone from a 24 hour duty to a 37 hour, which I have been on since 2022
Can somebody please help and explain why this should be?

It's another reason that makes RM pensions stupidly complicated!

The RMSPS/Capita pay the vast majority and sometimes all, of your NRA60 benefits, the RMPP will pay any remainder.

Basically, the RMPP will only pay some of it if your final salary pay has increased by more than inflation since 2012.

There is some info on page 2 of your annual statement and it's also mentioned in the 'understanding your annual illustration' video on the RMPP website.
Otherwise, perhaps the PSC helpline might offer a more in depth explanation?

[RobertT]

I recently found a pension statement from 13 years ago and my 2024 figures are the same as back then !

Statements used to be based on you working until 65, but that changed in around 2015/16 I think. Since then, they've been based on your actual entitlement on statement date.

[Hyrrokkin]

Yes I noticed that it hardly goes up if at all, but that is the annual statement which is based on taking it when its due and those benefits are frozen because those schemes are closed I think. However as I would be taking it early, that figure should be reduced by 5% per year. I feel the new estimate should be 15% more than the estimate from 3 years ago, not almost half.

They are not frozen