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750 pound pension advice payment - taking pension and leaving business before new scheme comes in

29 Jun 2020, 13:45

It is my understanding that the £750 automatic payment for pension advice (as long as I take my Nra 65 pension before 65 and then leave the business within a set time frame and the new CDC scheme has not come in) "can" be used for pension advice, but no where does it say, it has to be used for pension advice. If this is true, and it is legal to do so, I plan to use mine towards the cost of a holiday.
Any thoughts? I just spoke to HR and they implied that it can be used for any thing.
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£750 pension advice payment - taking pension and leaving business before new scheme comes in

29 Jun 2020, 14:07

It's a payment to use for advice, if you don't want that advice you're still entitled to the money and you can do what you want with it.

£750 pension advice payment - taking pension and leaving business before new scheme comes in

29 Jun 2020, 15:39

stephen500 wrote:It is my understanding that the £750 automatic payment for pension advice (as long as I take my Nra 65 pension before 65 and then leave the business within a set time frame and the new CDC scheme has not come in) "can" be used for pension advice, but no where does it say, it has to be used for pension advice. If this is true, and it is legal to do so, I plan to use mine towards the cost of a holiday.
Any thoughts? I just spoke to HR and they implied that it can be used for any thing.
ltb.jpg


When I retired a couple of years ago, getting this money took more time than it should have done and, by the time I received it (possibly a couple of months after retiring), lump sums created by my retirement were invested either side of the tax year end in ISAs where the vast majority has stayed. Fortunately I am able to live off my pensions without hardship even though my earnings for the last year were below the threshold before paying income tax! Not paying any National Insurance or pension contributions helps enormously and we are careful with impulse buys. Not at all sure what additional/different advice I would have received but there was no degree of proof required before I did receive it (the £750). So no confirmatory appointment letter etc from a pension consultant in my case and I suspect in any subsequent cases such as yours. What I would suggest is that as soon as you leave RM, get in contact with them stating the date you have left RM and confirm the date you started taking your RMPP benefits (assuming that you have elected to take both NRA60 and NRA65 benefits quoting the agreement clause. Get them to confirm when this payment will be paid (and how).

'RMPP members, who take their age 65 benefits and leave the company (at any age) after 31st March 2018 will receive a one-off payment of £750 from the company which they can use towards the cost of obtaining financial advice on retirement.'

£750 pension advice payment - taking pension and leaving business before new scheme comes in

29 Jun 2020, 18:13

BeamishStout wrote:
stephen500 wrote:It is my understanding that the £750 automatic payment for pension advice (as long as I take my Nra 65 pension before 65 and then leave the business within a set time frame and the new CDC scheme has not come in) "can" be used for pension advice, but no where does it say, it has to be used for pension advice. If this is true, and it is legal to do so, I plan to use mine towards the cost of a holiday.
Any thoughts? I just spoke to HR and they implied that it can be used for any thing.
ltb.jpg




'RMPP members, who take their age 65 benefits and leave the company (at any age) after 31st March 2018 will receive a one-off payment of £750 from the company which they can use towards the cost of obtaining financial advice on retirement.'



Is this £750 available to deferred members when they take their pension years later? Or is it only if you retire from Rm and take your pension straightaway?

Thanks

750 pound pension advice payment - taking pension and leaving business before new scheme comes in

29 Jun 2020, 18:31

The LTB says: you qualify for the £750 if you take your NRA65 benefits and leave RM during the transitional period. That period is between 1st April 2018 and when the CDC scheme starts.

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