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Pension at 55

27 Feb 2020, 22:21

tpost wrote:I am 55 and have just had a quote for 35 years service. It was a £45k lump sum and a annual pension of £8k if I left the business. If I stay employed by RM the annual pension is reduced to £6.8k as the supplement is removed. The figures do not include my payments from April 2018 to the present in the dcbs scheme which is about 7.6k or avcs of £17k which I have built up. I have got to be honest I’m very tempted to take it And leave RM :hmmmm


35 years service? Are you sure you get a supplement? As far as I know it didn't start until section C came in 1st April 1987, by which time you'd already started so wouldn't get one.

Pension at 55

27 Feb 2020, 22:39

heapsy wrote:
tpost wrote:I am 55 and have just had a quote for 35 years service. It was a £45k lump sum and a annual pension of £8k if I left the business. If I stay employed by RM the annual pension is reduced to £6.8k as the supplement is removed. The figures do not include my payments from April 2018 to the present in the dcbs scheme which is about 7.6k or avcs of £17k which I have built up. I have got to be honest I’m very tempted to take it And leave RM :hmmmm


35 years service? Are you sure you get a supplement? As far as I know it didn't start until section C came in 1st April 1987, by which time you'd already started so wouldn't get one.[/quote


I joined in 1988 but transferred a personal pension in to the scheme which bought me back about 4 extra years and there was money left over which went into an AVC. The supplement is shown on the estimate I have received from capita.

Pension at 55

28 Feb 2020, 17:40

tpost wrote:
heapsy wrote:
tpost wrote:I am 55 and have just had a quote for 35 years service. It was a £45k lump sum and a annual pension of £8k if I left the business. If I stay employed by RM the annual pension is reduced to £6.8k as the supplement is removed. The figures do not include my payments from April 2018 to the present in the dcbs scheme which is about 7.6k or avcs of £17k which I have built up. I have got to be honest I’m very tempted to take it And leave RM :hmmmm


35 years service? Are you sure you get a supplement? As far as I know it didn't start until section C came in 1st April 1987, by which time you'd already started so wouldn't get one.[/quote


As far as I am aware the supplement is paid for the period between leaving RM and taking your state pension.

Pension at 55

28 Feb 2020, 19:36

freespeech wrote:
tpost wrote:
heapsy wrote:
tpost wrote:I am 55 and have just had a quote for 35 years service. It was a £45k lump sum and a annual pension of £8k if I left the business. If I stay employed by RM the annual pension is reduced to £6.8k as the supplement is removed. The figures do not include my payments from April 2018 to the present in the dcbs scheme which is about 7.6k or avcs of £17k which I have built up. I have got to be honest I’m very tempted to take it And leave RM :hmmmm


35 years service? Are you sure you get a supplement? As far as I know it didn't start until section C came in 1st April 1987, by which time you'd already started so wouldn't get one.[/quote


As far as I am aware the supplement is paid for the period between leaving RM and taking your state pension.[/


I joined in 1988 but transferred a personal pension in to the scheme which bought me back about 4 extra years and there was money left over which went into an AVC. The supplement is shown on the estimate I have received from capita.

Pension at 55

28 Feb 2020, 20:05

Any pension transfered into the scheme from another company does gets it part of the supplement paid regardless of whether you leave RM or not. And also stops at your State pension age.

Pension at 55

14 Mar 2020, 13:00

Sorry, ex staff only pop in here now and again.

I took VR at 54 (55K) I think I was the last to get it offered where I worked. Lived off it for a year. Drew 500pcm. 35 years service. 54K lump sum roughly 8600 a year. Took whole of my 60/65 pension plus max lump sum at 55. Missus retired early too. She has a better pension than mine. So, I gave her my tax allowance to save her tax. So, we both win. Got three years backdated. No mortgage/dependants now. No loans/finance. I'm nearly borderline tax wise if I wanted to work - and I do not. No person/couple are alike. But, it works for us. I've been gone well over 3 years now. Flogged my shares/claimed tax refund on VR. Most of VR/Lump sum still in bank.

We know either partner would still get 50% on either death. So, we would be fine. We live a quiet life. Like I say, no two persons are alike. It works for us very nicely though. Good luck if anyone decides to take the plunge. The shifts/job was slowly killing me. I couldn't do them. I was gonna just walk out at 55. But, getting VR at 54 made my mind up.

Pension at 55

14 Mar 2020, 15:25

Fatboyslim wrote:Sorry, ex staff only pop in here now and again.

I took VR at 54 (55K) I think I was the last to get it offered where I worked. Lived off it for a year. Drew 500pcm. 35 years service. 54K lump sum roughly 8600 a year. Took whole of my 60/65 pension plus max lump sum at 55. Missus retired early too. She has a better pension than mine. So, I gave her my tax allowance to save her tax. So, we both win. Got three years backdated. No mortgage/dependants now. No loans/finance. I'm nearly borderline tax wise if I wanted to work - and I do not. No person/couple are alike. But, it works for us. I've been gone well over 3 years now. Flogged my shares/claimed tax refund on VR. Most of VR/Lump sum still in bank.

We know either partner would still get 50% on either death. So, we would be fine. We live a quiet life. Like I say, no two persons are alike. It works for us very nicely though. Good luck if anyone decides to take the plunge. The shifts/job was slowly killing me. I couldn't do them. I was gonna just walk out at 55. But, getting VR at 54 made my mind up.


How does getting a tax refund on a VR work? I'm hopefully taking VR in 2 weeks. Am i right in thinking that this would only apply to the PILON and if it gets paid this financial year i can not claim it back but if is was paid after April 6th i may be able to. I don't intend working & have no other income. My letter says it will be paid within 6 weeks of my last day which is March 28th.

Pension at 55

15 Mar 2020, 09:07

I contacted HMRC about this. Now this was 3 years ago so might have changed. Hopefully still the same.

On VR payments it’s everything over 30K. It’s added to your wages. Basically I got shafted tax wise. I knew this though. But, I had called IR previous and they said I’d be ok. And true to their word I was. I’m unsure about PILON payment tax wise though.

On your last day you will be given a P45. Keep it safe. Providing it is before April the 5th you should be ok. Call them immediately to put you on the system. After 35 days contact HMRC again as you will need their address. It’s an odd address with a BX postcode. You ask for a tax rebates form appertaining to redundancy as its classed as a one off payment. You send parts 2&3 with form.

Providing you don’t work between your finishing date, and the end of the financial year, in your case barely over a week you should be fine. It worked in my case. I got a nice fat cheque about 10 days after I applied. I left in a January. But, it should still work for you. Most important thing it to call them ASAP.

Good luck money is better off in your pocket.

I’m not prying about your finances/situation. But last year we were watching Martin Lewis money show. I’m married non tax payer. My missus pays tax on her pension. I gave her some of my unused allowance. It works. Backdated first three years too.

Good luck.

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