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.
Hi hopefully Robert can advise me.
Imn leaving through IHR . I joined Royal Mail in 1998.
Imn totally confused by the pension system .
I believe I was in one from 1998 - 2012. From this one do I just get an annual pension or a lump sum too ?
From the next one is it a lump sum and pension too ?
Any help would be grateful
You'll be in section C, so your NRA60 benefits(up to 2010) won't give you a lump sum as standard, but you have the option to give up some pension to get one. Although some of your Cash Balance(DBCBS) fund can be taken with NRA60.
Your NRA65(2010-2018) is similar, although the majority of your DBCBS can be taken with that.
To confuse matters, the RMSPS relates to all pension accrued up to 2012 , while the RMPP is for 2012-2018, plus the DBCBS(2018-?).
When receiving your quotes, you'll get NRA60 and NRA65 figures from both RMSPS and RMPP, and you'll have to add them up to get the totals.
I have no personal experience of this, but it shouldn't take more than about 4 months. Although Capita, who administer the RMSPS, aren't very efficient and their side of things can take too long!
