Still waiting for my figures…?

[NorthernBoy]

So I applied for my NRA60 and 65 figures 2 weeks ago, but have not yet received them.

I spoke to the RMPP team and they said they are still waiting on capita to supply their respective figures.

Is this normal for it to take this long, how long have others had to wait.

Thanks

[Delbhoy]

Royal Mail were pretty quick in sorting there side of things. but had to phone capita a few times to get the finger out.

[calsae]

I contacted pensions on 6th August requesting my figures both arrived on 15th August. Now need to make a decision whether to lift both 60 & 65 early (57) section C. The other cash pension I’m definitely going to transfer out to another pension company. Then I can finally feel like I have complete closure to my time at Royal Mail…… Best decision I made leaving the toxic environment of Royal Mail behind over a year ago

[Wullie10]

My Capita quote arrived on Saturday and should get the other very soon for my 65 which I was looking to take early to escape RM . On reflection I think my pension and supplement from my 60 is enough for now to get a part time job and I'll leave my 65 until im 65. I think I'd have to take a large tax hit and it'll be a mess at least until the end of the tax year. But I agree the office is absolutely toxic and very bad for your health. My other thought is this bloody government are bound to look at grabbing a slice of your pension so is it worth taking the lot now ?? Lots to think of . Transfer out sounds like another nightmare. It would suit me if the procecess was easier. Good luck anyway.
And to answer the question it took two weeks to receive the Capita estimate which came first . I'd expect the RMPP quote to arrive within days.

[calsae]

My Capita quote arrived on Saturday and should get the other very soon for my 65 which I was looking to take early to escape RM . On reflection I think my pension and supplement from my 60 is enough for now to get a part time job and I'll leave my 65 until im 65. I think I'd have to take a large tax hit and it'll be a mess at least until the end of the tax year. But I agree the office is absolutely toxic and very bad for your health. My other thought is this bloody government are bound to look at grabbing a slice of your pension so is it worth taking the lot now ?? Lots to think of . Transfer out sounds like another nightmare. It would suit me if the procecess was easier. Good luck anyway.
And to answer the question it took two weeks to receive the Capita estimate which came first . I'd expect the RMPP quote to arrive within days.

Having spent a bit of time today looking into my quotes & trying to understand how each option impacts my pension, I think I’m right in saying that taking NRA60 with reduced pension & maximum tax free lump sum ( including my AVC ) and my NRA65 with reduced pension & maximum tax free lump sum are separate when it comes to maximum tax free lump sums. I’m considering the above and I think I can then transfer the DBCB lump sum to the workplace pension I joined at my new employers.
Maybe Robert T could confirm my understanding of the above is what he would deem to be correct obviously without any comeback on his thoughts

[RobertT]

There's no right answer to whether you should take the max pension or max lump sum. Do what's right for you and your circumstances!

Age60 and Age65 are separate schemes so you can take tax free cash from each.

My understanding of the DBCBS is that you can either use it to fund the tax free cash with Age65 benefits, with any excess being paid as a UFPLS. Or transfer the whole lot.
I don't think there's an option to take it with Age65 and then transfer the excess. Although you can do that with AVC's.

*A small amount of DBCBS may also be payable with Age60.

As long as your DBCBS is worth less than £30k, transferring it to a DC scheme should be easy. But if it's over that amount, it'll be very difficult to find an IFA willing to take it on and if you manage to, they'll probably charge the earth.

[calsae]

There's no right answer to whether you should take the max pension or max lump sum. Do what's right for you and your circumstances!

Age60 and Age65 are separate schemes so you can take tax free cash from each.

My understanding of the DBCBS is that you can either use it to fund the tax free cash with Age65 benefits, with any excess being paid as a UFPLS. Or transfer the whole lot.
I don't think there's an option to take it with Age65 and then transfer the excess. Although you can do that with AVC's.

*A small amount of DBCBS may also be payable with Age60.

As long as your DBCBS is worth less than £30k, transferring it to a DC scheme should be easy. But if it's over that amount, it'll be very difficult to find an IFA willing to take it on and if you manage to, they'll probably charge the earth.

Really appreciate your reply Robert, everything you’ve wrote is the same as what my understanding of the three pensions are. As you said there is no right or wrong answer and is determined by each individuals circumstances. Personally having left RM well over a year, I wanted to see how I’d get on with working P/T (15hrs) before making any decisions on my RM pensions. I love my job and I have a fantastic work/ life balance so intend to carry on as long as life dictates, hopefully even past state pension age. Lifting my RM NRA60 & NRA65 with maximum tax free cash reducing both pensions I believe works best with regards monthly tax implications.
The quotes don’t give any insight into how to move the DBCBS ( just under £30k) to my new provider so I will have to investigate further on how to do this.
Thanks again Robert your support of members on here has and is invaluable

[RMDEAN11]

Robert T - will it not be the case at 65 if I take the max DBCBS ( 25% pot ) and the remaining amount get UFPLS will it then trigger the MPAA for my NR67 pension ?

[RobertT]

The quotes don’t give any insight into how to move the DBCBS ( just under £30k) to my new provider so I will have to investigate further on how to do this.

The RMPP have a page on their website giving some info on transferring out:
https://www.royalmailpensionplan.co.uk/ ... rring-out/

[RobertT]

Robert T - will it not be the case at 65 if I take the max DBCBS ( 25% pot ) and the remaining amount get UFPLS will it then trigger the MPAA for my NR67 pension ?

Yes, taking a UFPLS payment from the DBCBS or AVC's will trigger the MPAA, meaning you can then only pay in £10k per year into DC pensions from then on. That amount will also include employer contributions and tax relief.

According to the RMCPP website, triggering the MPAA might affect how much you can pay into the pension element of that scheme. Which implies payments into the lump sum(inc booster) doesn't come under that, presumably because it's billed as a defined benefit?

The average postie just paying into the RMCPP isn't likely to be impacted by the MPAA!

[RMDEAN11]

Thanks

[calsae]

The quotes don’t give any insight into how to move the DBCBS ( just under £30k) to my new provider so I will have to investigate further on how to do this.

The RMPP have a page on their website giving some info on transferring out:
https://www.royalmailpensionplan.co.uk/ ... rring-out/

Thanks Robert

[NorthernBoy]

Well I have now revived my figures for taking my pension at 55. They are a bit lower than what I anticipated but not by much.

For those looking to convert pension to lump sum, the current conversion rates are as follows. (Pension Plan C)

RMPP

For both NRA 60 & 65 the rate is 27.6

RMSPS

For both NRA 60 and 65 the rate is 24.3

I am probably taking the maximum lump sum from both schemes and will transfer my AVCs to a sipp/pension scheme.

For those that have transferred their AVCs at the same time as taking their main benefits, how long did this process take and is it easy to do?

Thanks.