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Cristal ball

04 Jul 2019, 10:03

What kind of pension are people expecting/hoping for when taking pension in the future taking length of service into account?? I’d have done 42yrs at 60,I’m looking for £40,000 lump sum,£600 a month,is this realistic???

Cristal ball

04 Jul 2019, 10:27

There's no real answer to this, too many variables such as pensionable allowances, overtime etc.
But just to give you an idea, I took my pension at 55 so a reduced figure. I've always done early turn and a fair amount of overtime. I had 24 years in.
Lump sum £42000
Annual pension approx £7200.
Hope this helps.

Edited for a typo.

Cristal ball

04 Jul 2019, 13:56

If you have NRA60 & NRA65 benefits you don't need a crystal ball to know what you've accrued up to March 2018, because your annual statement will give you a good ballpark figure.

Most will now be building up a lump sum via the DBCBS. Equally it's not too difficult to calculate how much has gone in so far based on the amount you pay in weekly. Your contribution is 6%, RM's is 13.6%.

Then you may have some CDC pension when that is implemented. Again you can work out what you should get from the literature provided.


If on the other hand you began your RM career after 1st April 2008, you'll be in the DC scheme(possibly since joined the DBCBS), and you'll just have a pot of money with options.
You can find online tools that tell you what sort of income you can get via a annuity, but in practice the younger you are, the less accurate they're going to be. You also have the choice to draw down some or all of your cash.

So it depends on the individual to a large degree. Some will have pensionable allowance that others don't or may have been saving extra via AVC's or a personal pension. Or a pension from a previous job.

What is more important in my opinion is whether you can afford to live on what you're going to get, rather than the actual amounts, which is obviously going to vary from person to person too.

Cristal ball

04 Jul 2019, 17:15

Thanks for the replies,personally I and I expect many others find pensions a mine field and don’t really understand all the variables,I was hoping people who have and are about to take pensions would post some figures so people could maybe relate to those a little easier,I have savings and property I rent out which I can manage,pensions on the other hand????

Cristal ball

04 Jul 2019, 18:44

IF you did have a starting pension of £600 per month, your lump sum would be around £48,000. Although I would have thought maybe you would have a higher pension and greater lump sum after 42 years. Remember, the pension was split in 2008, that might make some difference to my figures. A few years ago, a former colleague of mine, section C retired. He got £34,500 and around £100 per week. Didn't join the NRA65 pension, and didn't pay extra into the NRA60.

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