08 Jul 2018, 11:35
08 Jul 2018, 12:48
Hawkey99 wrote:Just wondered if someone could explain what the difference is between the current new scheme which started in April and the proposed scheme which the company and CWU are discussing with the government.
08 Jul 2018, 15:15
08 Jul 2018, 15:18
08 Jul 2018, 15:18
08 Jul 2018, 15:22
08 Jul 2018, 15:52
Hawkey99 wrote:So if someone is considering taking their pension shortly and have significant AVCs, to avoid tax due (if their AVCS & DBCBS comes to more than 25%) than they would be better off waiting for the Government scheme to start.
Is that right ??
08 Jul 2018, 16:21
08 Jul 2018, 17:38
Hawkey99 wrote:Hi Robert, many thanks for your reply. My concern is Im around the 25% tax free in my AVCs currently and wondered if the DBCBS scheme would make this worse and therefore taxable.
"Pay tax on it.
Transfer to another provider for drawdown or annuity purchase.
Carry on paying into the DBCBS to provide a lump sum with your NRA65 benefits(assuming you're only taking your NRA60)."
Most of our funds are in the NRA 60 scheme so if I only take that my AVCs will be over 25% of the total value so I assume my only option is to go with your first option to transfer it for drawdown.
"The proposed CDC scheme will be totally separate from the RMPP, and will provide different benefits. So what you do with your RMPP pension/s including AVC's and the DBCBS, will have no bearing on your CDC benefits."
Can you explain the above sentence with perhaps an example. Does this mean that potentially we will have 4 pension pots (era 60, era 65, DBCDBS scheme and CDC scheme.
In finality and I know you can't give financial advice, which is the best way forward for anybody with a high percentage over 25% of their combined pension pots in AVCs.
08 Jul 2018, 19:01
08 Jul 2018, 22:04
09 Jul 2018, 05:30
rmchat112 wrote:RobertT, you seem to be really clued up and knowledgeable regarding pensions. And also quite financially savvy! Are you sure your only a postman opg... Lol.
I hope to be a good position as you I hope one day! We can always dream! But I do not wish to prolong such a stressful career that I have personal experienced and have found royal mail to be, what would you suggest contribution wise into avcs? I don't mean to ask how longs a piece of string but I am relatively young and I just dread the thought if working into my 60's.
How did you manage to get yourself in such a good financial position? Are you a big on overtime and working extra hours it any other tips for us poor posties To Help achieve that pipedream of early retirement.....
09 Jul 2018, 10:55
09 Jul 2018, 15:37
09 Jul 2018, 15:38