Pension at 55 query

[Dougie postie]

Hi

I will be 55 in January next year and I'm looking for some advice regarding taking some of my pension out at 55. I have been a postie for 37 years. I have attached my latest statements. Any ideas on how much I am likely to receive at 55 and any advice would be very much appreciated. Thanks.

[RobertT]

As a rough guide, expect a 5% reduction for each year you take your benefits before normal retirement age.

If you would like a more accurate figure why not ask for a quote, which you can do online: https://www.royalmailpensionplan.co.uk/ ... ment-form/

[Dougie postie]

Thanks Robert T

I will do that.

Am I right in thinking I can take 25% tax free at 55? Do you know roughly how much that means I would be entitled to at 55?

'Don't know how to work it out. They don't make it very clear

[RobertT]

There's a pretty good explanation of how to work out rough figures here:
viewtopic.php?p=1144821#p1144821

Although a few other posts on these forums in the past, suggest the lump sum isn't reduced by quite as much as the pension.

The calculator on the RMPP website might also be of some help, but bear in mind that it only applies to benefits accrued from 2012-2024.