How much is the average royal mail pension
The average Royal Mail pension can vary greatly depending on factors such as the individual's length of service, final salary, and the type of pension scheme they are enrolled in.
Royal Mail has two main pension schemes:
- The Royal Mail Pension Scheme (RMPS): This is a defined benefit scheme, which means that the pension is based on a formula that takes into account the individual's final salary and length of service.
- The Royal Mail Contributory Pension Scheme (CMPS): This is a defined contribution scheme, which means that the pension is based on the amount of contributions made by the individual and the employer.
According to Royal Mail's latest annual report and accounts (2020), the average annual pension payment for RMPS members is around £12,400. However, this figure can range from around £6,000 to over £20,000 per year, depending on the individual's circumstances.
For CMPS members, the average annual pension payment is around £4,500, although this can also vary depending on the individual's contributions and investment returns.
It's worth noting that these figures are averages and may not reflect the actual pension payments received by individual Royal Mail employees. Additionally, pension payments can be affected by a range of factors, including inflation, investment returns, and changes to the pension scheme rules.
Here are some approximate average pension payments for Royal Mail employees based on their length of service:
- 20-29 years of service: £8,000-£12,000 per year
- 30-39 years of service: £12,000-£18,000 per year
- 40-49 years of service: £18,000-£24,000 per year
- 50+ years of service: £24,000-£30,000 per year
Please keep in mind that these are rough estimates and actual pension payments may vary significantly.