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I’m on the other hand wondering what the tipping point is for auto enrolment vs opting out.
I’m only going to be in the new scheme for less than 6 months so I’ve already opted out.
Just curious to which way one would go!!
Just my observations:
I can understand people not wanting the hassle of being in the scheme for a short period, when it's only going to provide a very small pension and lump sum.
A postie on pensionable pay of £500 per week would accrue around £160 pension and £480 lump sum with 6 months membership.
But there's more to the RMCPP than that!
Going by page 56 of the RMCPP Handbook(on the website), if you're in it for between 3 & 12 months you can transfer to a personal pension and the value will include all RM contributions.
That 6 months membership now becomes worth about £2,500.
The same time in Nest would be around £1,000.
While opting out completely means roughly £560 more in your pocket.
I’m on the other hand wondering what the tipping point is for auto enrolment vs opting out.
I’m only going to be in the new scheme for less than 6 months so I’ve already opted out.
Just curious to which way one would go!!
Hi, I'm in the same boat. Planning on retiring in March 25 when I take my 65 pension.
So presumably you have filled the form in not to join the Collective Plan but in this case don't they put you in NEST or can you opt out of NEST as well - if so how?
I’m on the other hand wondering what the tipping point is for auto enrolment vs opting out.
I’m only going to be in the new scheme for less than 6 months so I’ve already opted out.
Just curious to which way one would go!!
Hi, I'm in the same boat. Planning on retiring in March 25 when I take my 65 pension.
So presumably you have filled the form in not to join the Collective Plan but in this case don't they put you in NEST or can you opt out of NEST as well - if so how?
I called a Nest agent on Monday this is what he told me once you’re Nest welcome pack arrives you have the mandatory 30 days to opt out of the NEST scheme.
I’m on the other hand wondering what the tipping point is for auto enrolment vs opting out.
I’m only going to be in the new scheme for less than 6 months so I’ve already opted out.
Just curious to which way one would go!!
Hi, I'm in the same boat. Planning on retiring in March 25 when I take my 65 pension.
So presumably you have filled the form in not to join the Collective Plan but in this case don't they put you in NEST or can you opt out of NEST as well - if so how?
I called a Nest agent on Monday this is what he told me once you’re Nest welcome pack arrives you have the mandatory 30 days to opt out of the NEST scheme.
I plan on paying the 5% & Royal Mails 4% from the start.
And because I won’t accumulate over £2000 I will be eligible for the amount minus a small management fee to take the funds as a lump sum.
Getting RM to cough up some cash before retirement.
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I’m on the other hand wondering what the tipping point is for auto enrolment vs opting out.
I’m only going to be in the new scheme for less than 6 months so I’ve already opted out.
Just curious to which way one would go!!
Hi, I'm in the same boat. Planning on retiring in March 25 when I take my 65 pension.
So presumably you have filled the form in not to join the Collective Plan but in this case don't they put you in NEST or can you opt out of NEST as well - if so how?
I called a Nest agent on Monday this is what he told me once you’re Nest welcome pack arrives you have the mandatory 30 days to opt out of the NEST scheme.
I plan on paying the 5% & Royal Mails 4% from the start.
And because I won’t accumulate over £2000 I will be eligible for the amount minus a small management fee to take the funds as a lump sum.
Getting RM to cough up some cash before retirement.
Thanks for this. I will probably do the same in that case. I am not interested in joining yet another RM pension scheme for a few months so will start paying into NEST and cash it in when I finally retire.
I’m on the other hand wondering what the tipping point is for auto enrolment vs opting out.
I’m only going to be in the new scheme for less than 6 months so I’ve already opted out.
Just curious to which way one would go!!
Hi, I'm in the same boat. Planning on retiring in March 25 when I take my 65 pension.
So presumably you have filled the form in not to join the Collective Plan but in this case don't they put you in NEST or can you opt out of NEST as well - if so how?
I called a Nest agent on Monday this is what he told me once you’re Nest welcome pack arrives you have the mandatory 30 days to opt out of the NEST scheme.
I plan on paying the 5% & Royal Mails 4% from the start.
And because I won’t accumulate over £2000 I will be eligible for the amount minus a small management fee to take the funds as a lump sum.
Getting RM to cough up some cash before retirement.
Thanks for this. I will probably do the same in that case. I am not interested in joining yet another RM pension scheme for a few months so will start paying into NEST and cash it in when I finally retire.
My birthday is 2 weeks before yourself & also planning on retiring in THIS tax year ( end of March). I’m contemplating deferring my NRA65 until after the 6th April 2025 when the new tax year starts. Therefore not being in the PAYE scheme. With my NRA65 pension & 40k+ Cash Balance avoiding paying over £50270 into emergency tax bracket & being taxed at my nominal rate.
That’s the plan
I’m on the other hand wondering what the tipping point is for auto enrolment vs opting out.
I’m only going to be in the new scheme for less than 6 months so I’ve already opted out.
Just curious to which way one would go!!
Hi, I'm in the same boat. Planning on retiring in March 25 when I take my 65 pension.
So presumably you have filled the form in not to join the Collective Plan but in this case don't they put you in NEST or can you opt out of NEST as well - if so how?
I called a Nest agent on Monday this is what he told me once you’re Nest welcome pack arrives you have the mandatory 30 days to opt out of the NEST scheme.
I’m paying AVC’s into Scottish widows and I’m reading these will stop so do I now need to reapply my contribution amount in the people app?
If you go onto the people app once open you will see a tile for the new pension, you can create a new AVC and the additional 1% lump sum boaster, credit where due, it is very easy to complete.
Really not sure whether to join this.......my plan is to leave within the next 12 months. No contributions or AVC's will give me quite a bit more take home but I can't help thinking I'll be missing the "free" RM contribution and the tax and NI savings. Will 12 months in the new scheme really be worthwhile?
Really not sure whether to join this.......my plan is to leave within the next 12 months. No contributions or AVC's will give me quite a bit more take home but I can't help thinking I'll be missing the "free" RM contribution and the tax and NI savings. Will 12 months in the new scheme really be worthwhile?
I’m paying AVC’s into Scottish widows and I’m reading these will stop so do I now need to reapply my contribution amount in the people app?
If you go onto the people app once open you will see a tile for the new pension, you can create a new AVC and the additional 1% lump sum boaster, credit where due, it is very easy to complete.
Agreed very easy, anyone who hasn’t done it, go and do it.
