Error on pension illustration 2012 may be wide spread

[stephen500]

I just got my illustration for 2012 and I think i have spotted an error that may be very widespread.
My pension and death in service benefit showed decreases this year.
My death in service benifit dropped by £5000 and my pension went down.
However I have not changed any hours, nor have I had any of my allowances changed.
Yet my pensionable allowances dropped by about £1500.
How can this be, when My wages increased?
Well this appears to be the answer and pensions are getting back in touch with me to confirm if this is correct.
In 2011/12 P60 it states that I have 2 employments, last and this employment.
However I have never worked for any one other then Royal Mail.
So what does this mean?
Well it appears to coincide with the introduction of PSP.
The last employment seems to be my employment with Royal mail before PSP and the next employment (2011/12) is post PSP both show on the same P60.
It appears that for some reason the computer data sent to pensions has missed the allowances either before or after PSP.
The allowances missed if added to my pension and death in service benefit then appear to be correct and a little bit more is added due to wage increase.
So if your pension has gone down, and your P60 shows your wages spilt into last and next employment due to PSP.
Then query with wages if this is the case.
I will let you know what pensions have said, when they come back to me.

[POSTMAN]

Interesting,keep us informed.Thanks.

[darrybuncan]

i have just received my pension illustration for 2012.i checked back to 2009 to see what it was worth then.PENSION=£6788 OR TAKE LUMP SUM WORTH=£39,620/PENSION + SUPPLEMENT AFTER TAKING LUMP SUM=£5943.the same illustration for 2012.LSW=£28734/PENSION £5828/P+S=£5462.that is some drop in 3 years.a lump sum worth £11,000 less.% wise it is out of sync with the other amounts.i thought the stock market has round about the same level in 2009 as it is at present.can anybody explain why our pension has capitutated so much in 3 years.i had 20 years up to 2008 ringfenced in final salary service.if these figures are indicitive of whats going to happen to our pension each year,it makes me think would i contribute to such a scheme if i was a younger aged member of staff.

[mallard63]

Could anyone explain please as to why the Maximum Lump Sum payable under NRA 60 benefits has reduced by 15% compared to last years illustration?
All other figures re Yearly Pension payable, supplements etc appear broadly the same but it is the Lump Sum figure that stands out like a sore thumb. The NRA65 Lump Sum hasnt fluctuated like this!
Thanks

[stephen500]

Pensions rang today to confirm, as we thought, there was an error on the illustration caused by the change over to the new pay system. That said this may have happened to others who changed over in the Region at the same time.
So if your pension has gone down, for no good reason.
Remember, my hours had not changed , so therefore my allowances should have all been the same.
Then ring the pensions hotline and HR and asks what pensionable allowances are showing.
If yours has gone down as above, then ask them to put it right and give a new illustration.
They are doing a new one for me, and my pension will return to what it should have been.

[stephen500]

Btw, not withstanding the error I just highlighted, all pensions will look to have gone down from the OLD illustrations as the company does not forecast ahead like it used to do.

[stephen500]

See pensions forum..possible it hitch to do with new pay system

[24601]

I'll be 60 next year and my lump sum has dropped from nearly £42000 to £35000 in a year.Surely that can't be right !!!!

[watdeadlyone]

Glad to see others notice this. Mine has dropped by £6000

[Lincox]

Its reducing with the annual decline in mail

[taxi4leighton]

i think that is for pension up to 2008
you then have from 2008 until you are 60
which is based on average salary rather than final salary
i think overall the difference will be small
posties i feel sorry for are the young ones

[mallard63]

Looks like a long wait on the phone to the Pension People! It is typical of them to produce the usual dis-information in the normal form of trustee reports and a question leaflet that is of no use to most BUT leave out the reasons as to the biggest single change that appears on the statements for years.
I for one will be most enlightened as to their explanation for the huge decrease in maximum lump sum and the omission to print this reason, which would have saved many of us the need to make a phone call

[stephen500]

PLEASE READ MY POST ON THE PENSIONS FORUM . The reason for the huge error my be the shift to the new pay system. My P60 was divided into 2 employments, I have only ever worked for Royal mail.The computers couldn't cope with the new pay numbers. So allowances for me weree missing from Nov to end March, around £1600 in allowances. So they are sending me a new illustration corrected.

[TrueBlueTerrier]

PLEASE READ MY POST ON THE PENSIONS FORUM . The reason for the huge error my be the shift to the new pay system. My P60 was divided into 2 employments, I have only ever worked for Royal mail.The computers couldn't cope with the new pay numbers. So allowances for me weree missing from Nov to end March, around £1600 in allowances. So they are sending me a new illustration corrected.

Indeed merged into that thread for ease of reference - also made it a sticky to try and get members attentions.

[DGP1]

So, do we each have to complain or are they going to do the whole thing again?