How much pension will i get royal mail
The amount of pension you can expect to receive from Royal Mail depends on several factors, including:
- Your length of service: The longer you've worked for Royal Mail, the more you'll have contributed to your pension scheme.
- Your salary: Your pension is based on your final salary, which is the average of your salary over the last three years of your service.
- The pension scheme you're in: Royal Mail has two main pension schemes: the Royal Mail Pension Scheme (RMPS) and the Royal Mail Group Pension Scheme (RMGPS). The RMPS is a defined benefit scheme, which means that the pension is based on a formula, while the RMGPS is a defined contribution scheme, which means that the pension is based on the amount of contributions made.
- Your age: You can retire from Royal Mail at age 60, but you can also choose to retire earlier or later, depending on your circumstances.
Here are some general guidelines on what you might expect to receive from Royal Mail:
- For RMPS members:
- If you've worked for Royal Mail for 20 years or more, you can expect to receive a pension of around 1/60th of your final salary for each year of service.
- If you've worked for Royal Mail for 15-19 years, you can expect to receive a pension of around 1/70th of your final salary for each year of service.
- If you've worked for Royal Mail for 10-14 years, you can expect to receive a pension of around 1/80th of your final salary for each year of service.
- For RMGPS members:
- The amount of pension you receive will depend on the amount of contributions you've made and the investment returns on those contributions.
- As a rough guide, you might expect to receive around 1/20th to 1/30th of your final salary for each year of service.
Here's an example of how this might work:
- Let's say you've worked for Royal Mail for 25 years and your final salary is £40,000. If you're a RMPS member, you might expect to receive a pension of around £666 per year (1/60th of £40,000 for each year of service). If you're an RMGPS member, you might expect to receive a pension of around £1,000 to £1,333 per year (1/20th to 1/30th of £40,000 for each year of service).
Keep in mind that these are just rough estimates, and your actual pension will depend on a range of factors, including your individual circumstances and the performance of the pension scheme.