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Taking pension /VR/IHR?

18 Jan 2020, 18:01

If you're taking your pension (Nra 60 or both) would you be able to take ill health retirement or voluntary redundancy should either be available?
If so, would the figures be any different to what they would of been had you not touched your pension?

Taking pension /VR/IHR?

18 Jan 2020, 19:34

As far as I'm aware, the figures for VR or IHR are not affected if you've already taken any of your pension.

Taking pension /VR/IHR?

19 Jan 2020, 23:02

Hi all how much would be in my pension pot with 20 years service i will be 55 this year and thinking of taking a lumpsum

Taking pension /VR/IHR?

20 Jan 2020, 12:50

garyg2 wrote:Hi all how much would be in my pension pot with 20 years service i will be 55 this year and thinking of taking a lumpsum

That's a 'how long is a piece of string question'!

But the first thing you need to realise is that you're in a Defined Benefit pension scheme(section C by the sound of it?), so you don't have a pot as such. You have a set amount of benefits that are linked to your pay and length of service, although they do have an overall value in money terms.

You can work out roughly the value of your benefits by using the figures on your last annual statement and the info on page 12 of your plan guide. Bearing mind that everything accrued up to 31st March 2010 has an NRA of 60 and everything after an NRA of 65, and you'll face a 5% per year reduction if you take those benefits before NRA.

If you want to take a lump sum, you also have to take the annual pension!

Taking pension /VR/IHR?

22 Feb 2020, 18:08

if you are 56 years old and are offered voluntary redundancy and are still paying into your pension, but have not drawn it , would you receive just 26 weeks pay instead of the maximum 104 weeks or has this changed. Have looked at the ready reckoner so just want to clarify.

thanks

Taking pension /VR/IHR?

22 Feb 2020, 19:01

bolton1969 wrote:if you are 56 years old and are offered voluntary redundancy and are still paying into your pension, but have not drawn it , would you receive just 26 weeks pay instead of the maximum 104 weeks or has this changed. Have looked at the ready reckoner so just want to clarify.

thanks

I am 57 and have not taken any pension. Our DOM has said one can go on VR & as i'm the most senior & was going to retire at 60 anyway I've asked for a quote. He got some figures through yesterday, over £47000 , so 104 weeks i presume although i haven't seen this in writing.

Taking pension /VR/IHR?

23 Feb 2020, 10:09

bolton1969 wrote:if you are 56 years old and are offered voluntary redundancy and are still paying into your pension, but have not drawn it , would you receive just 26 weeks pay instead of the maximum 104 weeks or has this changed. Have looked at the ready reckoner so just want to clarify.

thanks

The 4 Pillars agreement and the closure to future accrual of the RMPP, did away with the option for the over 55's, to take 26 weeks pay and an enhanced pension. Therefore the only option is VR up to a maximum of 104 weeks pay, depending on age & length of service.

It's a similar position with IHR. The old 'IHR with immediate payment of pension' no longer exists.

The agreement reads:

As a consequence of the closure of the current DB scheme it will be necessary to amend certain other collective agreements, in a way that is consistent with the spirit and intent of those agreements to reflect that the scheme will no longer pay augmented benefits on redundancy or ill-health.

Taking pension /VR/IHR?

24 Feb 2020, 12:25

I have an incurable condition and am not finding things easy day to day ...

I have recently been approached by my manager ref. him putting in a referral for IHR for me ..

I am over 60 and in receipt of my NRA60 benefits but have another 4 years to go before I am 65.

Three questions...

1. He has suggested that (his) asking/referring for IHR is committing myself .. surely this can’t be the case that you be expected to ‘commit’ having not seen any figures ??

2. Would any offered IHR financial ‘package’ include me being able to take my NRA65 benefits (without deductions for early payment) and also being able to take my DBCBS lump sum (at its current balance obviously) ??

3. I think I may have asked this before, but would I also be able to take any shares I hold tax free ? .. or if I choose not to.. can I continue to hold onto them to cash in at a later stage (again tax free) ??

Many thanks
Freddy

Taking pension /VR/IHR?

24 Feb 2020, 15:19

I have no personal experience of IHR and don't know all the ins and outs – a CWU man might be more informed. But you might find this thread useful: https://www.royalmailchat.co.uk/communi ... 15&t=94075

To keep all your shares you have to be a good leaver which is via IHR, VR or aged 60+.
You will be given the choice whether to sell them or keep them. More info via this: https://www.myroyalmail.com/your-shares

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