DBCBS transfer

[mr hil.]

In my recent options letter to take my nra 60 pensions there is an option for the RMPP that allows you to use some of the DBCBS to fund the lump sum. But it also states that if you do you may not be able to transfer the remaining DBCBS out later on. Perhaps that is why you have an extra NRA60 transfer form.

[Hyrrokkin]

In my recent options letter to take my nra 60 pensions there is an option for the RMPP that allows you to use some of the DBCBS to fund the lump sum. But it also states that if you do you may not be able to transfer the remaining DBCBS out later on. Perhaps that is why you have an extra NRA60 transfer form.

You might be right - it would be helpful if there was a separate stand alone form if you just want to transfer the DBCBS only.

[RobertT]

I would guess the RMPP element of your Age60 benefits is also available to transfer out without IFA approval, as it's likely to be less than £30k in value.

Presumably there's a choice to transfer one or the other, or both?

The Age65 part will be more than £30k for most people, and an IFA would be needed to transfer that as it's a DB pension.
There's probably a different form for that.

[Hyrrokkin]

I would guess the RMPP element of your Age60 benefits is also available to transfer out without IFA approval, as it's likely to be less than £30k in value.

Presumably there's a choice to transfer one or the other, or both?

The Age65 part will be more than £30k for most people, and an IFA would be needed to transfer that as it's a DB pension.
There's probably a different form for that.

[mr hil.]

I rang the pension people after requesting a cetv for the cash balance and asked for it to be delinked from the the DB part of the pension. The guy on the phone informed me that to transfer the dbcbs I would have to opt out of the pension totally because I cannot transfer the dbcbs whilst being an active member!

I don't know if this advice is correct or if I have gone about things in the wrong way.
Does anybody know what the effects of becoming a deferred member would be?
Would I lose any benefits by opting out of the RMPP?

I thought with the recent posts on here regarding transferring out the dbcbs it would be a simple process but alas the overcomplicated Royal Mail Pensions saga have got me in turmoil once again!!

The guy on the other end of the phone was very abrupt and not helpful at all. He did say that any request to transfer had to be requested at least 12 months before NRA.

Any help would be greatly appreciated

[RobertT]

The RMPP closed 2 years ago, so the difference between being an employee member and a deferred member is how much your pension benefits are uprated each year.

Employee is RPI, deferred is CPI.
RPI is generally higher!

I've never heard of having to lose your employee member status to transfer out the Cash Balance, but that doesn't necessarily mean it's not the case.
Perhaps someone who has transferred can confirm?

I did come across a similar clause with Bonusplan, where if you wanted to stop payments you would have had to cease being a member of the RMPP and therefore not accrue any more pension or Cash Balance.

You could have also been a victim of the RMPP helpline lottery, where it can be pot luck whether you speak to someone who knows what they're talking about.

I suggest you ask the question again and see what answers you get.