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The exit door is getting closer!!

08 Sep 2017, 18:51

Got my Estimate of Age 60 benefits today. The annual pension figure shown was roughly what I expected on the upper end of what I had been calculating. No mention of the supplement figure although there was an amount of £126 shown as Transfer in supplement. This on phoning up is a supplement for the pension I had transfered from another company I had worked for. Not sure why they cannot list the RM supplement though. On the paperwork I see it saids the supplement is USUALLY only payable after you leave RM Group. And its NEVER paid after your state pension age. I wonder what conditions have to met to get the supplement before you leave? The person I spoke to did not know. Also I am still unsure whether if you take the NRA 65 early whether you just lose the standard 5% per year on its supplement. They seem to suggest that was correct but also said the calculator was right as well! But using the calculator it reduces the supplement over 5 years by about 50/60%!
On 8 years worth of NRA 65 the supplement works out at about £440 payable for one year. But if reduced by 25% to £330 you would get that for 6 years so if that was correct it makes taking that part of the pension much more attractive!

As the work is now having a major effect on my knees and feet where each day is now a torture 2018 cannot come soon enough!!


The exit door is getting closer!!

08 Sep 2017, 22:30

Yes the same here re the door.

Re the supplement issue, you might find the Q&A in https://www.royalmailchat.co.uk/community/viewtopic.php?f=27&t=79099 helpful. :thumbup

The exit door is getting closer!!

16 Sep 2017, 15:57

fly-catchers wrote:Got my Estimate of Age 60 benefits today.

As the work is now having a major effect on my knees and feet where each day is now a torture 2018 cannot come soon enough!!


Glad you're close to retirement. Nowadays I think I'd rather have Health instead of Wealth in old age. I'm not too far away from 60 but I'm planning on soldiering on until the State Retirement Age (67 for me). TBH the job's not as bad as some I've done, and I've got a few mates who retired as 55 and most of them are bored shitless and looking for PT work! :shock:

Obviously things can change quickly, such as ill health or changes to the job (especially if this industrial action doesn't sort things out). Plus if I retire too early I'll have to spend too much time at home with the Missus. :sad:

The exit door is getting closer!!

18 Sep 2017, 11:26

I have no intention of "plodding on".
Plenty of body parts ache now, waiting till 67 means much more mileage and my scrapage value is low.
I want, if possible 12 years of retirement, with death penciled in for age 72 (approx), leaving at 67 would mean less quality time for this old banger.
Do what I plan to do.
I plan, instead of spending it on a nice car, to divide my max lump sum (RMSPS Section B + CARE ) by 7 and 52, giving me an extra weekly (non taxable income)
Combining that with my monthly pension should see me alright.
I am lucky to own my home and have no mortgage or rent.
So 2021, can't come quick enough.

The exit door is getting closer!!

18 Sep 2017, 17:03

stephen500 wrote:I have no intention of "plodding on".
Plenty of body parts ache now, waiting till 67 means much more mileage and my scrapage value is low.
I want, if possible 12 years of retirement, with death penciled in for age 72 (approx), leaving at 67 would mean less quality time for this old banger.


Ha Ha Know what you mean S500. :Applause Glad to see you're a man with a plan. Have you booked your flight to Switzerland ready for your 72 Birthday? With all that spare cash floating about I can see you becoming a VERY popular man.... driving around town in a flash car.....attracting all the young Gold Diggers. :thumbup

The exit door is getting closer!!

18 Sep 2017, 17:26

Dorset Plodder wrote:
stephen500 wrote:I have no intention of "plodding on".
Plenty of body parts ache now, waiting till 67 means much more mileage and my scrapage value is low.
I want, if possible 12 years of retirement, with death penciled in for age 72 (approx), leaving at 67 would mean less quality time for this old banger.


Ha Ha Know what you mean S500. :Applause Glad to see you're a man with a plan. Have you booked your flight to Switzerland ready for your 72 Birthday? With all that spare cash floating about I can see you becoming a VERY popular man.... driving around town in a flash car.....attracting all the young Gold Diggers. :thumbup

I won't be rich, but I will get by. 60 will do for me, not one day later.
I am fortunate to have worked for Royal Mail since the late seventies. To have worked nights for a huge chunk as a PHG with PHG full night allowance.
To those on DC and Zurich schemes, I am sorry, I hope the union gets you what you deserve.
I am hoping for around £64,000 lump sum and approx £10,000 a year pension.
Dividing £64k by seven years gives me around £175 a week (tax free) (at 67 I get my state pension to replace my income from my lump sum) and a pension of around £192 a week or £367. (I lose 25% of CA pension, lump sum and pension) for going at 60)
I have no mortgage or rent.
Once again sorry to all those who have a mortgage or rent.
It's a shame you did not start off when I did. Let's hope the union gets you what you need.

The exit door is getting closer!!

19 Sep 2017, 07:50

Dorset Plodder wrote:I've got a few mates who retired as 55 and most of them are bored shitless and looking for PT work! :shock:


I retired at 62. I had thought I would be bored doing nothing and had intended to retire at 65, or even later. But I took VR as the job was getting worse and worse every day. I quite enjoyed the first few months doing nothing, but I did get a bit bored after 6 months and took a temp Xmas job at a major retailer, in the stockrooms. It made me realise that I didn't really want to work any more.

Since then I have enjoyed doing nothing much. The days go quickly. I am fortunate that my RM pension, together with my state pension isn't that much less than when I was working, at £23k pa - I converted most of my RM lump sum into pension. I go abroad for 2-3 months during the winter, which costs less than living in UK. Don't worry about being bored, you won't be. It does take a bit of time to adjust but there is more to life than working for RM.

The exit door is getting closer!!

19 Sep 2017, 16:49

baldrick wrote:
Dorset Plodder wrote:I've got a few mates who retired as 55 and most of them are bored shitless and looking for PT work! :shock:


I retired at 62. I had thought I would be bored doing nothing and had intended to retire at 65, or even later. But I took VR as the job was getting worse and worse every day. I quite enjoyed the first few months doing nothing, but I did get a bit bored after 6 months and took a temp Xmas job at a major retailer, in the stockrooms. It made me realise that I didn't really want to work any more.

Since then I have enjoyed doing nothing much. The days go quickly. I am fortunate that my RM pension, together with my state pension isn't that much less than when I was working, at £23k pa - I converted most of my RM lump sum into pension. I go abroad for 2-3 months during the winter, which costs less than living in UK. Don't worry about being bored, you won't be. It does take a bit of time to adjust but there is more to life than working for RM.


I'm thinking the same as you baldrick. In 10 years I will be 60. I will have had enough after just short of 39 years. I don't just look at the aches and pains issues, I'm also wondering what the job will look like. I cannot see it being full time, so I'm planning to get out by then and enjoy what time I have. Too many in our office are ignoring the facts. Too many have said "but what will you do?" I honestly think people should look at the hours they put in, along with the anti social element to the job. There's more to life than working. Enjoy your retirement my friend.

The exit door is getting closer!!

19 Sep 2017, 17:13

baldrick wrote:Since then I have enjoyed doing nothing much. The days go quickly. I am fortunate that my RM pension, together with my state pension isn't that much less than when I was working, at £23k pa - I converted most of my RM lump sum into pension. I go abroad for 2-3 months during the winter, which costs less than living in UK. Don't worry about being bored, you won't be. It does take a bit of time to adjust but there is more to life than working for RM.



Glad you're enjoying yourself Baldrick. :thumbup I do have other interests outside RM, and I'm sure you're correct. My Dad's always telling me he's always busy. :cuppa

The exit door is getting closer!!

19 Sep 2017, 17:24

heapsy wrote:I'm thinking the same as you baldrick. In 10 years I will be 60. I will have had enough after just short of 39 years. I don't just look at the aches and pains issues, I'm also wondering what the job will look like. I cannot see it being full time, so I'm planning to get out by then and enjoy what time I have. Too many in our office are ignoring the facts. Too many have said "but what will you do?" I honestly think people should look at the hours they put in, along with the anti social element to the job. There's more to life than working. Enjoy your retirement my friend.

Thanks heapsy! I wish I had gone at 60. It doesn't do you any good being the richest corpse in the graveyard. Enjoy your life while you can.
As the saying goes, nobody says 'I wish I'd spent more time at work' on their deathbed. :left:

The exit door is getting closer!!

19 Sep 2017, 17:27

Dorset Plodder wrote:Glad you're enjoying yourself Baldrick. :thumbup I do have other interests outside RM, and I'm sure you're correct. My Dad's always telling me he's always busy. :cuppa

Thanks mate! Your Dad is right. I don't know how I had the time to spend 50 hours a week commuting and working. My life is a lot more relaxed and less stressed now.

The exit door is getting closer!!

19 Sep 2017, 19:08

Your Dad is right. I don't know how I had the time to spend 50 hours a week commuting and working. My life is a lot more relaxed and less stressed now.

Considering you left a long time back and couldn't wait to get out, you spend a lot of time reading and posting about RM. :hmmmm
Most would leave and never look back... :crazy:

The exit door is getting closer!!

19 Sep 2017, 19:17

baldrick wrote:
heapsy wrote:I'm thinking the same as you baldrick. In 10 years I will be 60. I will have had enough after just short of 39 years. I don't just look at the aches and pains issues, I'm also wondering what the job will look like. I cannot see it being full time, so I'm planning to get out by then and enjoy what time I have. Too many in our office are ignoring the facts. Too many have said "but what will you do?" I honestly think people should look at the hours they put in, along with the anti social element to the job. There's more to life than working. Enjoy your retirement my friend.

Thanks heapsy! I wish I had gone at 60. It doesn't do you any good being the richest corpse in the graveyard. Enjoy your life while you can.
As the saying goes, nobody says 'I wish I'd spent more time at work' on their deathbed. :left:


That's right. I lost my brother when he was 29, back in '91, so I'm having the longest retirement I can afford. Stuff being wealthy. I'd rather be healthy.

The exit door is getting closer!!

19 Sep 2017, 19:41

baldrick wrote:
Dorset Plodder wrote:I've got a few mates who retired as 55 and most of them are bored shitless and looking for PT work! :shock:


I retired at 62. I had thought I would be bored doing nothing and had intended to retire at 65, or even later. But I took VR as the job was getting worse and worse every day. I quite enjoyed the first few months doing nothing, but I did get a bit bored after 6 months and took a temp Xmas job at a major retailer, in the stockrooms. It made me realise that I didn't really want to work any more.

Since then I have enjoyed doing nothing much. The days go quickly. I am fortunate that my RM pension, together with my state pension isn't that much less than when I was working, at £23k pa - I converted most of my RM lump sum into pension. I go abroad for 2-3 months during the winter, which costs less than living in UK. Don't worry about being bored, you won't be. It does take a bit of time to adjust but there is more to life than working for RM.


Must admit I've only been finished from RM for 5 weeks, but I'm gradually get used to it, I still think I'm on holiday. But I expect that will pass. I had lots of people telling me as I'm only 54 I'd get bored - we'll see, but nearly everyone I spoke to, who retired in their 50's said it was the best thing they did.

I've started to get back into computing again, as I've got the time and energy to concentrate on what I'm hoping to do, as of now, I just ordered parts to build my own pfsense router for internet.

Can't say I miss work at all, enjoy while you can afford it.

The exit door is getting closer!!

20 Sep 2017, 12:23

I took VR in January. I'm 54. I worked 35+ years. I worked rotational shifts. In a word. I couldn't do the shifts anymore. They were slowly killing me. Don't get me wrong. The money was good. But, again I'd rather have my health. I still see the odd ex colleague. I'm staggered how old and unwell they look.

Since leaving. I have never stopped. I got two job offers straight away. I politely declined these kind offers. I'd rather be healthy than wealthy. I plan to draw my pension early next year with a 25% & 50% hit. My missus took early retirement too.

Hobbies? You need to nurture some before you leave. Honestly I do not know where the time goes. We go away this Friday for a weeks 'holiday'.

We are totally debt free. No mortgage loans etc. It worked for me. I draw a small wage off the VR payment. This enabled me to retire at 54. I planned to just walk out at 55. This way I got VR/sold my shares/second car/nice tax refund too. It will not work for everyone. But, they don't have pockets in shrouds. I plan to divide pension lump sum 12 & 52. To proving a further income. I have a nice AVC too that will buy the obligatory new car.

My week so far? Went for a walk to pub Monday. Tuesday out with mates for a motorbike ride. Today missus in town seeing granddaughter. Whilst I do garden. Packing tomorrow and away Friday. Don't be frightened. Remember. You can stash all the Money away you can. But, you cannot buy health.

When I started deliveries were a max of 2.5 hours. Plus a handful for the second. Your job now is a silent killer. I have just seen my postman limping up the street. Madness. Good luck all you thinking of jumping ship.

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