Still Confused!

Post by **freespeech** » 03 Mar 2020, 18:08

I know the benefit statement splits out final salary/pension supplement and CSDB pension/pension supplement blocks but am I correct in thinking that the first is NRA60 benefits and the second NRA65?

If not how can I get an idea of my expected pension if I were to just take the NRA60 portion?

Thanks.

Post by **RobertT** » 03 Mar 2020, 18:57

freespeech wrote:I know the benefit statement splits out final salary/pension supplement and CSDB pension/pension supplement blocks but am I correct in thinking that the first is NRA60 benefits and the second NRA65?

No!
NRA60 relates to pension accrued up to 31st March 2010 and NRA65 is from 1st April 2010 to 31st March 2018.
Final salary is up to 31st March 2008 and CSDB is from 1st April 2008 to 31st March 2018.

If not how can I get an idea of my expected pension if I were to just take the NRA60 portion?
Thanks.

As a rough guide, if you divide your CSDB pension & supplement(2008-2018) by 10 to get the average yearly accrual, then add two of those years to your final salary figures to get your NRA60 benefits.
The remaining 8 years are your NRA65 benefits.

It won't be 100% accurate but it'll give you a reasonable idea of what you'll get.

Post by **Steve_claret** » 03 Mar 2020, 20:31

This is why the benefit statement is poor as it doesn't give you the information you really need to know. It beats me why they can't just tell you what your 60 and 65 pension is worth or is this simply too much to ask for?

Post by **freespeech** » 05 Mar 2020, 21:16

[/quote]
As a rough guide, if you divide your CSDB pension & supplement(2008-2018) by 10 to get the average yearly accrual, then add two of those years to your final salary figures to get your NRA60 benefits.
The remaining 8 years are your NRA65 benefits.

It won't be 100% accurate but it'll give you a reasonable idea of what you'll get.[/quote]

Thanks.....so basically the final salary plus 20% of the CSDB. Thats better than I thought.

Post by **Steve_claret** » 06 Mar 2020, 09:50

freespeech wrote:
Thanks.....so basically the final salary plus 20% of the CSDB. Thats better than I thought.

That's exactly how I calculated what my 60 pension was worth. The 25% lump sum came in slightly higher than what I was expecting so happy days.

antcpfc · Post by **antcpfc** » 29 Mar 2020, 13:07

I have just received my retirement benefits and options from the statutory pension scheme. The letter says I should also get one from the RMPP with regard to post 2012 benefits. I thought the NRA 60 was the one up to 2012 and the NRA 65 was post 2012.
I am completely confused but would be happy to get more than the first letter has quoted me.
Thanks in advance for any clarification.

renrag40 · Post by **renrag40** » 29 Mar 2020, 13:16

Nra60 went to nra65 April 2010.
The government is responsible for pension up to the end of March 2012. RMPP is responsible for pensions from April 2012 onwards.
It was part of the privatisation package that the government took over responsibility for the pension deficit. The newly privatised RM would start with a clean slate.

Post by **RobertT** » 29 Mar 2020, 13:37

antcpfc wrote:I have just received my retirement benefits and options from the statutory pension scheme. The letter says I should also get one from the RMPP with regard to post 2012 benefits. I thought the NRA 60 was the one up to 2012 and the NRA 65 was post 2012.
I am completely confused but would be happy to get more than the first letter has quoted me.
Thanks in advance for any clarification.

The NRA60 is up to 2010, the NRA65 is 2010 onwards.
The RMSPS is up to 2012, the RMPP is 2012 onwards including the DBCBS.

When you take your NRA60 benefits, you'll get 2 payments: one from the RMSPS and one from the RMPP, because RM are also responsible for paying the inflationary increases associated with your RMSPS benefits.

Post by **Steve_claret** » 29 Mar 2020, 15:35

RobertT wrote: When you take your NRA60 benefits, you'll get 2 payments: one from the RMSPS and one from the RMPP, because RM are also responsible for paying the inflationary increases associated with your RMSPS benefits.

The RMPP will also give you the option of taking some of your DBCBS lump sum at 60 as well. Not sure how they work out how much you can take at 60 but don't get too excited as mine was about £300. You can either take it at 60 or leave it until you take your NRA65.

GRS · Post by **GRS** » 31 Mar 2020, 20:28

Steve_claret wrote:This is why the benefit statement is poor as it doesn't give you the information you really need to know. It beats me why they can't just tell you what your 60 and 65 pension is worth or is this simply too much to ask for?

Think that is the idea. Confuse people so much that they don’t know what they’re entitled to or if they are missing out somewhere along the line or picking the wrong option of what to take and when. I think most people don’t really understand it. It’s bloody criminal!!!