Got my statement today

[NWpostie]

Got my statement today NRA60 looks ok it shows an annual pension to give you some idea of what you're getting and an NRA65 which is quite small, at least I have two large AVCs to fund my lump sum and to tide me over up to 67 I'm not planning to claim it early, it would be a lot better had we maintained the final salary scheme right up to 60.

Not looking forward to dealing with Capita.

Do these figures look correct or better than expected ? This is after 22 years in final salary then moved over to the career average ?

[heapsy]

Looks ok. Yours is a bit higher than mine, which reflects about 12 months ish, of extra service to me. Would have been nice if we'd carried on until 60 with the same pension, but not to be. Just curious, do you have any AVCs? I've got about £59k with the NRA 60.

[NWpostie]

Looks ok. Yours is a bit higher than mine, which reflects about 12 months ish, of extra service to me. Would have been nice if we'd carried on until 60 with the same pension, but not to be. Just curious, do you have any AVCs? I've got about £59k with the NRA 60.

Yes similar amount in my AVCs Flexiplan is £59k Bonus plan £11k, plus my bank savings which should cover my lump sum, I have about 2 ½ to go before my 60.

I'm tempted to take the NRA65 at the same time.

The biggest concern is the tax factor.

[RobertT]

Yes similar amount in my AVCs Flexiplan is £59k Bonus plan £11k, plus my bank savings which should cover my lump sum, I have about 2 ½ to go before my 60.

I'm tempted to take the NRA65 at the same time.

The biggest concern is the tax factor.

Based on those figures, you should be able to take all your AVC's tax free with Age60.

Therefore your main tax concern is probably how much you pay when taking Age65/DBCBS.

[NWpostie]

Yes similar amount in my AVCs Flexiplan is £59k Bonus plan £11k, plus my bank savings which should cover my lump sum, I have about 2 ½ to go before my 60.

I'm tempted to take the NRA65 at the same time.

The biggest concern is the tax factor.

Based on those figures, you should be able to take all your AVC's tax free with Age60.

Therefore your main tax concern is probably how much you pay when taking Age65/DBCBS.

Cheers that's reassuring

I did a quick crunching of numbers
I took 10% away from the £13030 as a contingency for variation and tax.


Giving me a figure of £11,727 plus my Flexiplan and Bonusplan added together making £70,000 divided over 8 years in case the state pension age gets moved back which gives me £8,750 a year.

Add that together
£11,727 NRA60
+
£8,750 AVC
=£20,477 a year

Divided by 12 months = £1,706
Divided by 52 weeks = £393

What do you think ?


Assuming this is correct, I could live comfortably without claiming NRA65, one reason I was thinking of claiming it early is I would have to fight Capita again which I'm not looking forward to going by what other members on here have mentioned.

[RobertT]

What do you think ?

£400 a week is a decent income considering you won't be working any more. Plus you've presumably got some interest/investment growth on that AVC cash coming your way over those 7/8 years.
Not to mention Age65, the DBCBS and state pension.

It sounds like you're well prepared for your life of leisure.

[Hitcher]

I joined RM in 2005 and don't understand all these NRA60/NRA65 pensions!

As I'm 60 next year I guess I better start finding out, any good guides anywhere?

[RobertT]

I joined RM in 2025 and don't understand all these NRA60/NRA65 pensions!

As I'm 60 next year I guess I better start finding out, any good guides anywhere?

2005?

Lots of info via the pension websites stickie, which I conveniently link to below.

vvv

[milly]

I don't wish to be a party pooper but I would suggest playing about with this calculator before considering retirement.

https://www.wesleyan.co.uk/savings-and- ... calculator

It's probably best to try and estimate your own personal inflation rate rather than the government's made up inflation figures.
By the time Labour are finished, retirement is only going to be the preserve of the wealthy.

[Hitcher]

I joined RM in 2025 and don't understand all these NRA60/NRA65 pensions!

As I'm 60 next year I guess I better start finding out, any good guides anywhere?

2005?

Lots of info via the pension websites stickie, which I conveniently link to below.

vvv

Yeah, typo. And thanks.

[boyne07]

Why would my statement differ from yours 22/23 years service and full time year dot but no AVC’s or bonusplan

[renrag40]

He work nights and you work earlies.
He may have reserve rights which are pensionable and you don't.
He may be a manager and you an OPG.
All the above would have his contributions being higher than yours.

[NWpostie]

Why would my statement differ from yours 22/23 years service and full time year dot but no AVC’s or bonusplan

It's probably down to pensionable allowances.

If I were you I would be chucking as much money you can spare into the CDC AVC now while remaining within PSE and if you're happy with a certain level of risk, I would set the investment option to growth, if you're feeling cautious I would set it to mixed investments.

Had you opted for Flexiplan and Bonusplan while it was still available you would have been in a much better financial position today, it's not too late as you have a second chance with the CDC AVC and opted into the lump sum booster it's a no brainer.

[heapsy]

For those worried about the size of their NRA 60 pot, there us another option. You could invest in a Stocks & Shares ISA with a view to taking that as your lump sum, or an addition to it. I know it isn't the same, but if the bigger pension is more important, it's an option. Something like Vanguard Lifestrategy 100 or Blackrock Consensus 100. These are multi index trackers funds. They are passive funds which track multiple indices, so are less volatile. Just a thought.

[freespeech]

Yes similar amount in my AVCs Flexiplan is £59k Bonus plan £11k, plus my bank savings which should cover my lump sum, I have about 2 ½ to go before my 60.

I'm tempted to take the NRA65 at the same time.

The biggest concern is the tax factor.

Based on those figures, you should be able to take all your AVC's tax free with Age60.

Therefore your main tax concern is probably how much you pay when taking Age65/DBCBS.

Cheers that's reassuring

I did a quick crunching of numbers
I took 10% away from the £13030 as a contingency for variation and tax.


Giving me a figure of £11,727 plus my Flexiplan and Bonusplan added together making £70,000 divided over 8 years in case the state pension age gets moved back which gives me £8,750 a year.

Add that together
£11,727 NRA60
+
£8,750 AVC
=£20,477 a year

Divided by 12 months = £1,706
Divided by 52 weeks = £393

What do you think ?


Assuming this is correct, I could live comfortably without claiming NRA65, one reason I was thinking of claiming it early is I would have to fight Capita again which I'm not looking forward to going by what other members on here have mentioned.

Also assuming you are correct £20477 is £362 per week after tax (no NI due from pension income).