ANNOUNCEMENT : ALL OF ROYAL MAIL'S EMPLOYMENT POLICIES (AGREEMENTS) AT A GLANCE (Updated 2021)... HERE

ANNOUNCEMENT : PLEASE BE AWARE WE ARE NOT ON FACEBOOK AT ALL!

Cash balance

Royal Mail pension news and discussion.Please note the advise given in this forum is unofficial, please use the links we have for a more detailed response or see an independent financial adviser.
thebigone
Posts: 153
Joined: 29 Apr 2009, 17:13
Gender: Male

Cash balance

Post by thebigone »

Iv had 2 parts off my pension waiting on cash balance
Rang them today they said Iv got £9,900 in cash balance
1st £2000 tax free can someone tell me how much after tax?
Is it at normal tax rate ?
Top
RobertT
EX ROYAL MAIL
Posts: 6644
Joined: 09 Sep 2007, 14:26
Gender: Male

Re: Cash balance

Post by RobertT »

Assuming your total taxable income is less than £50,270 in this financial year, you'll pay tax at 20%.

In your case, you'll lose about £1,600.
Links to all RM pension related websites are here
Top
thebigone
Posts: 153
Joined: 29 Apr 2009, 17:13
Gender: Male

Re: Cash balance

Post by thebigone »

Most people at work who took the cash balance got around £7400
Mine seems too be slightly more
Same wages same job?
Top
thebigone
Posts: 153
Joined: 29 Apr 2009, 17:13
Gender: Male

Re: Cash balance

Post by thebigone »

Most people at work who took the cash balance got around £7400
Mine seems too be slightly more
Same wages same job?after tax
Top
Kevin.r.smith
Posts: 44
Joined: 19 Aug 2014, 07:20
Gender: Male

Re: Cash balance

Post by Kevin.r.smith »

Does anyone know how much the rise is for the cash balance this year 2023
Top
RobertT
EX ROYAL MAIL
Posts: 6644
Joined: 09 Sep 2007, 14:26
Gender: Male

Re: Cash balance

Post by RobertT »

Kevin.r.smith wrote: ↑
16 May 2023, 09:16
 Does anyone know how much the rise is for the cash balance this year 2023
The stated aim is to increase it by at least CPI and upto a max of CPI + 4%.

We're now a month and half after the due date and nothings been announced, as far as I'm aware.
Links to all RM pension related websites are here
Top
freespeech
MDEC
Posts: 762
Joined: 28 Jun 2007, 16:35

Re: Cash balance

Post by freespeech »

thebigone wrote: ↑
27 Feb 2023, 16:50
 Most people at work who took the cash balance got around £7400
Mine seems too be slightly more
Same wages same job?after tax
Cash balance is now in it's 5th year....how are "most people" only getting around £7400? How many hours and what wage is that on?
Top
RobertT
EX ROYAL MAIL
Posts: 6644
Joined: 09 Sep 2007, 14:26
Gender: Male

Re: Cash balance

Post by RobertT »

freespeech wrote: ↑
16 May 2023, 13:53
thebigone wrote: ↑
27 Feb 2023, 16:50
 Most people at work who took the cash balance got around £7400
Mine seems too be slightly more
Same wages same job?after tax
Cash balance is now in it's 5th year....how are "most people" only getting around £7400? How many hours and what wage is that on?
It's now in its 6th year!

I think he's already had his tax free Cash Balance amount, and the £7,400 is what's left.
Links to all RM pension related websites are here
Top
vmaxv4
Posts: 260
Joined: 09 Oct 2012, 10:49
Gender: Male

Re: Cash balance

Post by vmaxv4 »

Kevin.r.smith wrote: ↑
16 May 2023, 09:16
 Does anyone know how much the rise is for the cash balance this year 2023
IMG_1195.png
You do not have the required permissions to view the files attached to this post.
Top
Kevin.r.smith
Posts: 44
Joined: 19 Aug 2014, 07:20
Gender: Male

Re: Cash balance

Post by Kevin.r.smith »

vmaxv4 wrote: ↑
16 May 2023, 18:42
Kevin.r.smith wrote: ↑
16 May 2023, 09:16
 Does anyone know how much the rise is for the cash balance this year 2023
IMG_1195.png
Thank you
Top
RobertT
EX ROYAL MAIL
Posts: 6644
Joined: 09 Sep 2007, 14:26
Gender: Male

Re: Cash balance

Post by RobertT »

I've been checking the RMPP website every day for the last few weeks for info on the DBCBS increase.
Someone asks on here and it appears within a few hours!

Interesting......
Links to all RM pension related websites are here
Top

Return to “ROYAL MAIL PENSION”