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Puzzled by pension options.

07 Jan 2020, 15:42

I want to take my 25% lump sum now that I am 55. I have left the business a while back. The procedure with both pensions is underway, but I have no clue how to fill these 2 Royal Mail Pension scheme forms in. What is the best option for me to take And why do I have to complete both forms? Puzzled
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Puzzled by pension options.

07 Jan 2020, 16:38

The forms relate to your Cash Balance(DBCBS) amount, so I assume you left RM sometime after 1st April 2018?

Do you want to:

Take it as a lump sum?
Buy an annuity?
Transfer to another pension provider?
Defer it?(not available if your taking all or just NRA65 benefits)

Tick whatever applies!
I assume you've also received another form/s telling you what options 1, 2 & 3 are?

No one on an anonymous internet forum can tell you what the best option is, as that's a personal choice based on your own circumstances, etc.

Puzzled by pension options.

07 Jan 2020, 17:06

Robert, I read the post "What is the best option for me to take" & knew you would advise that the choice is for the individual & not for any of us to recommend what to do.

Puzzled by pension options.

07 Jan 2020, 19:24

I completely agree with what both of you have said.

However what I would suggest is that the average person wouldn't have the slightest idea what either of the options actually mean.

How much in cash terms does each option equate to.

No wonder most shy away from pensions. Only Royal Mail could have made it so complicated.

Puzzled by pension options.

07 Jan 2020, 21:05

As Robert stated in his response;
"I assume you've also received another form/s telling you what options 1, 2 & 3 are?"

Which would give cash amounts I assume.

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