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lump sum payment

15 Apr 2017, 20:43

I have received my nra form very confused as to amount of lump sum I can get when I am 55

lump sum payment

16 Apr 2017, 12:02

sophieglynn wrote:I have received my nra form very confused as to amount of lump sum I can get when I am 55

I’m not too sure what an ‘nra form’ is but I assume you’re wanting to take some or all of your RM pension at 55? If so, and as we all know by now, both your NRA60 and NRA65 will be reduced by 5% for each year you take them early.

You will have the choice of either:

1. The full 25% lump sum and a reduced pension
2. No lump sum at all and maximum pension
3. Something between the two, of your choosing

Although the exact make up of your pension/lump sum entitlement may depend on which section of the RMPP you're in to some extent.

Whether it’s actually a good idea to take your pension early is a matter for debate, particularly if you're planning on continuing to work. But it is not something that should be taken lightly. Because the reductions applied will be with you for life and could mean you actually working for longer than you would have otherwise done. Or you could be seriously disadvantaging yourself later in life.

Take proper advice and I don’t mean from relatives or the shop floor – consult an IFA. They will look at your individual situation and not just say: ‘I did it so you should too’ as many people on these forums do.

At the very least see what the CWU have to say on the matter: https://www.youtube.com/watch?v=ICYgWTAD3aA

lump sum payment

16 Apr 2017, 14:49

sophieglynn wrote:I have received my nra form very confused as to amount of lump sum I can get when I am 55

RobertT wrote:
sophieglynn wrote:I have received my nra form very confused as to amount of lump sum I can get when I am 55

I’m not too sure what an ‘nra form’ is but I assume you’re wanting to take some or all of your RM pension at 55? If so, and as we all know by now, both your NRA60 and NRA65 will be reduced by 5% for each year you take them early.

You will have the choice of either:

1. The full 25% lump sum and a reduced pension
2. No lump sum at all and maximum pension
3. Something between the two, of your choosing

Although the exact make up of your pension/lump sum entitlement may depend on which section of the RMPP you're in to some extent.

Whether it’s actually a good idea to take your pension early is a matter for debate, particularly if you're planning on continuing to work. But it is not something that should be taken lightly. Because the reductions applied will be with you for life and could mean you actually working for longer than you would have otherwise done. Or you could be seriously disadvantaging yourself later in life.

Take proper advice and I don’t mean from relatives or the shop floor – consult an IFA. They will look at your individual situation and not just say: ‘I did it so you should too’ as many people on these forums do.

At the very least see what the CWU have to say on the matter: https://www.youtube.com/watch?v=ICYgWTAD3aA


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Plan B

The top section is your NRA 60 benefits payable..(WITH THE % DEDUCTIONS ALREADY APPLIED)
1.Standard benefits is your Annual pension & Pension Supplements (if any) & Lump Sum.
2. Max Lump Sum is your Annual pension & Pension Supplements (if any) & Lump Sum.
3.Max Pension. Is your Annual pension & Pension Supplements (if any) & Lump Sum.

The next section is your NRA 65 benefits payable..(WITH THE % DEDUCTIONS ALREADY APPLIED)
1.Standard benefits is your Annual pension & Pension Supplements (if any) & Lump Sum.
2. Max Lump Sum is your Annual pension & Pension Supplements (if any) & Lump Sum.
3.Max Pension. Is your Annual pension & Pension Supplements (if any) & Lump Sum.

The bottom section is your NRA 60 & 65 together benefits payable..(WITH THE % DEDUCTIONS ALREADY APPLIED)
1.Standard benefits is your Annual pension & Pension Supplements (if any) & Lump Sum.
2. Max Lump Sum is your Annual pension & Pension Supplements (if any) & Lump Sum.
3.Max Pension. Is your Annual pension & Pension Supplements (if any) & Lump Sum.

Hope this helps.
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