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Younger guys pension guide

01 Jul 2019, 17:44

At 35 i have no idea what im paying into or what im getting or when ill get it, i have no idea what all the jargon and abbreviations mean. All i know is that ive be paying into something at RM for the last 12 mths.

Anyone got an idiots guide or dont i need to concern myself yet?

Younger guys pension guide

01 Jul 2019, 18:09

It's good you are thinking about it now. I didn't start thinking about my pension until I hit 40. But I had started paying into the RM pension scheme when I started working for them at age 30. I started paying in extra at 40 to get the number of pensionable years needed to get the full pension.

I don't know how it works now, others will no doubt be able to tell you more, but I'd suggest you pay as much as you can afford to into pension schemes to get the maximum you can on retirement.

Younger guys pension guide

01 Jul 2019, 18:39

leolion855 wrote:At 35 i have no idea what im paying into or what im getting or when ill get it, i have no idea what all the jargon and abbreviations mean. All i know is that ive be paying into something at RM for the last 12 mths.

Anyone got an idiots guide or dont i need to concern myself yet?

You've been paying into the RM Defined Contribution Plan administered by Zurich, which has now actually changed to Scottish Widows.

An idiots guide can be found here.

For full details see here.

General defined contribution pension rules and what you can do with your money here.

I would echo Baldrick's post and say the sooner you start and the more you save, the better and possibly sooner your retirement is likely to be.

Younger guys pension guide

01 Jul 2019, 19:33

thanks for that im looking good, maybe i should put my pension from a previous employer in there if thats possible?

Younger guys pension guide

02 Jul 2019, 05:15

It may be possible. See page 9 of your RMDCP plan guide where it says:

Can I transfer benefits from another pension scheme?
It may be possible to transfer benefits into the Plan from previous pension arrangements. Individual transfers are accepted at the Trustees’ discretion. Please contact the Scottish Widows Royal Mail Service Team for further information.

Younger guys pension guide

02 Jul 2019, 14:03

Is everyone in the rmdcp?

Younger guys pension guide

02 Jul 2019, 14:15

arnold cheshire wrote:Is everyone in the rmdcp?

No!

Younger guys pension guide

02 Jul 2019, 14:34

RobertT wrote:
arnold cheshire wrote:Is everyone in the rmdcp?

No!
thanks Robert T

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