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Taking all my pension at age 59.

11 Jun 2019, 07:33

3 questions thanks for help.
Just to confirm 5% reduction on NRA60 and 30% reduction on NRA 65 or I could defer both to my 60th and 65th birthdays if I leave the company at 59?
Is it 3 months notice that they need before releasing the pension after I have received a provisional offer?
When are the next illustrations due sept/oct?
Thankyou

Taking all my pension at age 59.

11 Jun 2019, 14:54

thewayforward wrote:3 questions thanks for help.
Just to confirm 5% reduction on NRA60 and 30% reduction on NRA 65 or I could defer both to my 60th and 65th birthdays if I leave the company at 59?

Yes, its a 5% per year reduction if taken before NRA.
If you leave beforehand your pensions will be preserved until you take them. But there is no benefit of deferring after NRA, so make sure you take them at NRA at the latest.

Is it 3 months notice that they need before releasing the pension after I have received a provisional offer?

I'm not 100% sure of the timescales, but the sooner you fill in the forms and send them back the sooner you'll get your pension.
Or if leaving it until NRA you should get the lump sum on or very close to your at 60 & 65th birthdays, with the pension itself being paid on the last working day of the month.

When are the next illustrations due sept/oct?
Thankyou

I don't think they've said when they'll be sending them out, but it probably will be around that time.

Taking all my pension at age 59.

16 Jun 2019, 15:27

thewayforward wrote:3 questions thanks for help.
Just to confirm 5% reduction on NRA60 and 30% reduction on NRA 65 or I could defer both to my 60th and 65th birthdays if I leave the company at 59?
Is it 3 months notice that they need before releasing the pension after I have received a provisional offer?
When are the next illustrations due sept/oct?
Thankyou

Plus I think around 15% reduction if you wish to take the max lump sum (if you are in section B)
I have factoring in 15% reduction for max lump sum on NRA60 section B and around 40% reduction section B, NRA65 (25% for taking at 60 and 15% for taking max lump sum)
Btw, they always say about 5% per year, but you will never see that written down in official literature, (they say acturally reduced!)

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