How to work out your pension?

[stroller]

Hi everybody,

How can i work out how much pension and lump sum i will recieve?

[taxi4leighton]

each year you work gives you 1/80th of your pensionable salary
e.g. if you worked 40 years you would get 40/80th which is 50% of your pensionable salary
your lump sum would be 3 times your annual pension
if you teke pension before you are 60,deduct 5% for each year
if you phone Pensions they will send you out illustration

[RobertT]

Hi everybody,
How can i work out how much pension and lump sum i will recieve?

It will depend on how old you are and which specific RM scheme you are in. The advice above relates to Sections A/B of the final salary scheme, Section C is worked out on a 1/60th basis. These changed in 2008 and therefore we have no longer been able to build up any more years, instead we've been building up blocks of pension in the CARE scheme.
For more info, download the relevant brochure here:
http://royalmailpensionplan.co.uk/55/pensions-brochures" onclick="window.open(this.href);return false;

Anybody who started work for RM after April 2008 will be part of the RM defined contribution scheme (similar to a personal/stakeholder) with which you will need to buy an annuity with. What you get in terms of income will depend on how much money you have invested and what type of pension you want, i.e level, inflation linked, with death benefits, etc.

[borders]

royal mail pensions will only send you out an illustration , several months before your 55th birthday .

[stroller]

I am 52 years old and have done 31 years service anybody have a rough idea what I will get at 55?