14 Oct 2019, 17:51
14 Oct 2019, 20:31
15 Oct 2019, 05:00
15 Oct 2019, 16:27
18 Oct 2019, 09:08
RobertT wrote:Your DBCBS pot will be added to your 'total pot value' to which you can take a maximum of 25% as tax free cash.
Some or all of your lump sum will be made up of your DBCBS pot, meaning you don't have to give up so much or any pension to get that lump sum. In practice you're likely to get both a bigger lump sum and a bigger pension if you take a maximum of 25% tax free cash.
However, the DBCBS has an NRA of 65 and is attached to your RMPP benefits. So it only provides a lump sum in relation to the benefits you built up between 1st April 2012 and 31st March 2018. If it equals more than 25% of those benefits, you'll pay tax on anything over. I'm sure the pensions people will advise on that at the time.
I refer you to your plan guide and the recent letter(dated August 2019) regarding how our pension works, for more info!
18 Oct 2019, 10:06
Thailand1 wrote:Hi Robert where’s the ref to the plan guide stated above?
25 Oct 2019, 00:03
25 Oct 2019, 01:08
25 Oct 2019, 13:10
25 Oct 2019, 15:14
25 Oct 2019, 15:37
25 Oct 2019, 16:10
posteee wrote:Rober T - that helps again thanks.
So the 1/80th element pension and 3/80ths lump sum starts and & when parliament agrees it.
So what happens to the cash element we have built up in between ?
And does that 3/80ths lump sum replace any other lump sum in any of the previous pension/s. Or can 25% of the total pension valuation still be taken as a lump sum too or instead ?
Sorry, still don't fully understand. Things becoming more clear, but still a bit like looking through a frosted window.
Appreciate your help though !!
27 Oct 2019, 00:33
GRS wrote:Just chucking a question out there......... judging by how many questions and queries are put on this page how many people actually understand the pension scheme or in fact even know which schemes they are in. I think it’s a bloody disgrace that the whole set up is so complicated for people to understand. Every time RM,CWU or Pension administrators send out any info all they succeed in doing is muddying the waters further. It’s terrible that people who’ve paid in for twenty, thirty,forty plus years don’t know how much they will receive upon retirement or even when to retire.
27 Oct 2019, 07:38
27 Oct 2019, 09:13
RobertT wrote:Looking back at old illustrations, they used to provide NRA60 and NRA65 figures from 2010 to 2016, aswell as separate final salary and CSDB figures.
But the NRA65 figures were just an estimate of what you could get if you stayed with RM until that age, and more pertinently if the scheme had stayed open to future accrual.
In practice the scheme closed!
I would agree, there is no reason why the newer version of the illustrations shouldn't be in NRA60 & NRA65 form, anything else is just confusing people for no reason.
But it's not too difficult to work out ballpark figures for NRA60 & NRA65 using your most recent illustration and a bit of simple maths.
To do it more accurately you'll need illustrations from 2009 & 2010 and the rates of inflation since.
27 Oct 2019, 09:55
heapsy wrote:Well I must admit, I'm struggling to get an idea of my figures, even though I understand completely how my pension works.