i have ten yrs service as 24hr postie
i know the difference between a db pension and the rm dc scheme ......so i opted out.
Have always had no real money and figured id just try and survive on gov pension when that time arrived.
Thing is i think im going to be IHR soon im 58 and have developed inflammatory arthritis thru pounding the streets
i suppose i can expet 34 weeks and abit of pilon can i.?
The DC scheme is far inferior to the DB pension but by opting out you've missed out on tax relief, NI relief(PSE) and employer contributions. Which over 10 years will have built up to be a reasonable sum of money, even with only a 24 hour contract. And at age 58 you would have been able to access that money under pension flexibility rules too!
Assuming you qualify for the full state pension when you come to claim it, you'll currently get £164.34 per week. But depending on your work/NI record over the years you may not get that much. Although you may be entitled to other state benefits?
If you're 58 now then I'm guessing your state pension age will be somewhere between 66 &67. You can find out exactly when it is here
To find out how much state pension you've accrued to date and other tax/NIC's info, get yourself a Personal Tax Account
I don't think not being in any RM pension affects your ability to to get 'IHR with lump sum'. So all you will get from RM is the 34 weeks pay, plus I think either either 9 or 12 weeks PILON, depending on length of service.