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Impact on NRA65 staying at work

06 Mar 2020, 12:55

I'm trying to establish how continuing to work with RM will impact the NRA65 benefits. If someone was to take their NRA60 benefits at 60 and retire how do the NRA65 benefits "grow" in the five years to payment and would they grow more if still employed?

Impact on NRA65 staying at work

06 Mar 2020, 14:24

Both Section A/B & C would increase by RPI up to 5% each year if you remain employed by RM until you reach 65. If you leave before 65 they change to CPI before payment. In payment at 65 Section B remains at CPI but Section C members it goes back to RPI capped at 5%.

Impact on NRA65 staying at work

07 Mar 2020, 12:10

freespeech wrote:I'm trying to establish how continuing to work with RM will impact the NRA65 benefits. If someone was to take their NRA60 benefits at 60 and retire how do the NRA65 benefits "grow" in the five years to payment and would they grow more if still employed?


The Career Salary scheme closed to future accrual in April 2018 and since then any pension payments deducted from pay were put towards your cash balance which you can take as a lump sum at 65. If you continue working after taking your 60 pension then your pension payments will continue to go into your cash balance until the new pension scheme gets approval. If continuing to work have you considered also paying into AVC's if not already doing so to boost your NRA65 pension?

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