ANNOUNCEMENT : ALL OF ROYAL MAIL'S EMPLOYMENT POLICIES (AGREEMENTS) AT A GLANCE (UPDATED 2017)... HERE
02 Aug 2019, 20:22
I am currently in the process of claiming my pension. One of the forms to complete is the LifetimeAllowance Declaration.
On it it ask you to list all other pension schemes you have benefits in including personal pensions, stake holder pensions, free standing AVC schemes and pensions with other current or past employers.
My question is does that include Flexiplan and Bonus plan AVCs. A bit confused by the free standing bit.....
02 Aug 2019, 23:19
I would have thought the answer was yes. They form part of your pension. Most people don't need to worry. The life time allowance is something like £1m, or maybe more. Unlikely that anyone would go over that working for RM.https://www.moneyadviceservice.org.uk/e ... -allowance
03 Aug 2019, 05:21
Free standing AVC's are essentially the same as personal pensions and are largely obsolete these days.
Flexiplan and Bonusplan are 'in-house' AVC's and form part of your RM pension provision, usually used to fund your tax free lump sum.
Therefore, as it doesn't explicitly ask you to list your in-house AVC's, I would say they already know about them and will factor them into the lifetime allowance calculation.
Maybe someone who's already been through the process will be able to confirm, or else contact the PSC for clarification.
03 Aug 2019, 05:59
My friends Flexiplan was included by RM. And he only had to list a private pension he was also paying into.
03 Aug 2019, 15:52
If you are claiming your NRA 60 pension you do not need to include the Flexiplan or Bonusplan in your declaration. Only pensions outside of Royal Mail need to be declared.
However when claiming my NRA 65 pension, I did have to declare my Royal Mail NRA 60 pension on the form. Keep the lifetime allowance certificate you receive when you get your NRA 60 pension in order to put the correct figures on your NRA 65 pension when the time comes.
As heapsy says, the allowance is very high and we don't come anywhere near it...!