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Pension 21 years of the NRA60 pension at 55 years old

13 May 2019, 17:11

Just out of curiosity how much of a lump sum would I get for 21 years of the nra60 pension at 55 years old ?

Pension

13 May 2019, 17:29

I would post your question in the news forum section - Royal Mail Pension. Robert T is usually helpful in all pension matters.

Pension

13 May 2019, 17:30

OK thanks

Pension

13 May 2019, 19:00

nelly21 wrote:Just out of curiosity how much lump sum would I get for 21 years of nra60 pension taken at 55 years old ?

Max tax free would be 25% of your total pension pot. Taking it 5 yrs early, you would have it reduced by 25% of what it would be if you left (defered) it till you were 60. What the actual sum would be, I couldn't say. Is it 21 yrs full time equivalent?

Pension

13 May 2019, 19:06

I transferred my other pension to royal mail they gave me 13 years worth plus 8 years in royal mail pension to 2008 full time contract

Pension

13 May 2019, 19:15

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Last edited by 97gaz on 14 Dec 2019, 02:07, edited 1 time in total.

Pension

13 May 2019, 19:50

Thanks

Pension

13 May 2019, 21:58

30-35k lump sum & 18k annually, that's not what my estimate says for 21 years

Pension

13 May 2019, 22:12

grchpo wrote:30-35k lump sum & 18k annually, that's not what my estimate says for 21 years


£350 a month not week

Pension

14 May 2019, 02:21

I've got 8 years nra60 pension plus I put a pension I had elsewhere into royal mail pension in 2001 they gave me 13 years worth of pension for that.I've been in the pension since 2000 and I have almost 20 years service and still work for royal mail

Pension

14 May 2019, 06:54

Oops, sorry my mistake re £350 per month. Now thats more like my estimate

Pension 21 years of the NRA60 pension at 55 years old

14 May 2019, 15:36

Thanks

Pension 21 years of the NRA60 pension at 55 years old

14 May 2019, 19:12

£350 a month is not a lot.

Pension 21 years of the NRA60 pension at 55 years old

16 May 2019, 17:13

NWpostie wrote:£350 a month is not a lot.

Plus your state pension and lump sum

Pension 21 years of the NRA60 pension at 55 years old

17 May 2019, 09:04

NWpostie wrote:£350 a month is not a lot.


It is if you've been working part time and earning something similar. Everyone's needs are different.

Pension 21 years of the NRA60 pension at 55 years old

17 May 2019, 21:56

[
Last edited by 97gaz on 14 Dec 2019, 02:07, edited 1 time in total.

Pension 21 years of the NRA60 pension at 55 years old

18 May 2019, 10:49

nelly21 wrote:Just out of curiosity how much of a lump sum would I get for 21 years of the nra60 pension at 55 years old ?

Without knowing what your pensionable pay is, it's a very difficult question to answer, but if you take 5% off for each year you want to take your pension early you should be in the right ballpark. Those figures can be found on your last annual statement.

On a separate note, if you started in 2000 and transferred in 13 years, you should actually have more like 23 years of NRA60 pension. Because although the final salary scheme closed in 2008, the NRA60 element includes the first two years of the CARE scheme too.

Pension 21 years of the NRA60 pension at 55 years old

18 May 2019, 16:06

Tell you what - the pension is really going down the pan. Every year I used to study my forecast and see it reducing...

Bumped into an ex colleague a couple of weeks ago. He left 20 years ago with 13 years service. Took pension at 55 (two years ago) 480pcm 45K lump sum. I did 35 years left 2 years ago 720pcm 55K lump sum. Shows how rubbish it is now.

Some on here might think it's the best thing since sliced bread. I think we are all having our legs lifted... Cannot see it improving either?

Pension 21 years of the NRA60 pension at 55 years old

18 May 2019, 19:47

Fatboyslim wrote:Tell you what - the pension is really going down the pan. Every year I used to study my forecast and see it reducing...

Bumped into an ex colleague a couple of weeks ago. He left 20 years ago with 13 years service. Took pension at 55 (two years ago) 480pcm 45K lump sum. I did 35 years left 2 years ago 720pcm 55K lump sum. Shows how rubbish it is now.

Some on here might think it's the best thing since sliced bread. I think we are all having our legs lifted... Cannot see it improving either?

Can you explain more please?

Pension 21 years of the NRA60 pension at 55 years old

18 May 2019, 19:59

Fatboyslim wrote:Tell you what - the pension is really going down the pan. Every year I used to study my forecast and see it reducing...

Bumped into an ex colleague a couple of weeks ago. He left 20 years ago with 13 years service. Took pension at 55 (two years ago) 480pcm 45K lump sum. I did 35 years left 2 years ago 720pcm 55K lump sum. Shows how rubbish it is now.

With all the various changes to the pension scheme over the years, then yes there's been a reduction in forecasted benefits.
I've never seen the benefits I've accrued reduce, but the forecast for future pension will obviously be affected.

Section B wasn't as good as section A, and C wasn't as good as B. We now have a scheme that just provides a lump sum.
Then there was the final salary scheme closing and being replaced by the CARE/CSDB scheme and the increase in NRA from 60 to 65 from 2010.
And also the changes made in 2014.

Each change has seen a reduction in future pension benefits and has been communicated to the scheme membership, so shouldn't really come as a major surprise.

Some on here might think it's the best thing since sliced bread. I think we are all having our legs lifted... Cannot see it improving either?

I took an interest in my pension about 25 years ago and realised then the RMPP on it's own wasn't going to be enough to do what I want. So the fact it won't pay out a particularly large income is nothing new to me!

I don't think the RMPP is the best thing since sliced bread, but I do know what I stand to take out far outweighs what I've put in. In my case I'll get my money back(taking tax relief and PSE into account) within 3-4 years of drawing my NRA60 benefits(at 60), with the rest being 'profit' for the rest of my life.
And I know that because I've been sad enough to keep a record of my contributions over the last 30+ years!

On it's own the RMPP probably isn't going to provide an adequate income for most posties to live on, although everyone's circumstances are going to be different. But it's still damn good value for money.

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