55 in january

[Skye2016]

Sold.my house, downsized, have 25 k in premium bonds, 15 k of lambrettas, I work 20 hours a week over 3 days as delivery driver ,and live a quiet but busy life walking the hills and coast..the last few years, iv lost a few workmates before 60 and 65, I'd rather have the cash now, and make it up to 50 k in bonds, trade my van in for a converted nissan elgrand camper, and probably still.save the monthly sum.too, ,


Sounds like you’ve have a great work life balance there. The key is knowing how much you need a month to live the lifestyle you want and if taking your pension now gets you there, then why not.

I am probably taking mine at 60, but have not ruled out taking it a bit earlier maybe 57/58.

Cheers mate, all the best

[Skye2016]

Sakes, delays delays, as mine is due last week in Jan 2023, benefits in rmpp and rmsps are calculated using consumer price index and retail price index,published end October and November,
Then..get options, return to each administrator ,

Suppose that will be my next post here ...options..

[fly-catchers]

Sakes, delays delays, as mine is due last week in Jan 2023, benefits in rmpp and rmsps are calculated using consumer price index and retail price index,published end October and November,
Then..get options, return to each administrator ,

Suppose that will be my next post here ...options..

You got that letter as well! I am due my NRA65 also at the end of January. Not sure why they don't know what the actual value of the pension is. As last year's increase was added in April this year. And next year's isn't due to be added until next April! Unless they intend to bump up the pension a bit to compensate for the current financial situation! Probably wishful thinking!

[Wullie10]

Not sure of the logic. I worked with a lad who dropped dead at 18... should I have retired at 18 ? What's going to happen the next 10 years is the country will be full of pensioner's who took early retirement at 55 and now can't afford a decent life. . A huge amount took pension early after sitting on their arse during idiot lockdowns drinking alchol all day out of boredom and thought it was great. What is certain is millions of them will be returning to work ( part time at least ) once they are 65/67

[NorthernBoy]

Not sure of the logic. I worked with a lad who dropped dead at 18... should I have retired at 18 ? What's going to happen the next 10 years is the country will be full of pensioner's who took early retirement at 55 and now can't afford a decent life. . A huge amount took pension early after sitting on their arse during idiot lockdowns drinking alchol all day out of boredom and thought it was great. What is certain is millions of them will be returning to work ( part time at least ) once they are 65/67

You are correct that’s lots of people are dropping out of the workforce in their mid/late 50. What I don’t agree with is that millions will be returning to work at 65/67. Sure some will due to cost of living or boredom, but the majority will have enough income to stay retired.

A lot of this age group will be mortgage free and living simple lifestyles that don’t require a big income to lead a decent life. The tax regime is very favourable to retirees as most will see their tax rate drop from 32% to 20%.

[Wullie10]

I know our pensions are different but some people have already dipped into their pensions using drawdown. Their pots have started to dissappear . In ten years I expect thousands to be in poverty and on state pensions only. I was talking about the country in general rather than postmen. The problem is state pension is paid from the taxes of people working today. When they all vote for higher State pensions as at present ( the grey vote ) there won't be enough working people to pay for it. If the state pension even still exists for people who have sqaunded their private pensions. If someone has emptied a pot of £100,000 from 55 to 65 on flash holidays and fancy cars why should working people be taxed more to feed and keep them ?

[Skye2016]

right, got my rmpp forms to fill in, jeez, im overwhelmed by it, can anyone help and explain all the figure, as i said, im 55 , left the business 2020, and joine in may 89, almost 30 year full time,

1 so, i want pension paid every month , tick.

2 option for age 60 benefits..

standard income
1 73.08 a year
1a 73-08 a year and 487.20 tax free from cash bal

max tax free cash and reduced income
2 58-90 a year and 392-66 tax free cash

age 65 standard income
1 1452-23 a year
1a 1452-23 a year + 9832-64 from cash bal tax free

2 regular income 1158-45 a year and tax free cash 8134-69
2a 1444-65 and 210 tax free cash and from cash bal 9832-64


age 60 benefits pensionn at 60 93-69
age 65 benefits 2228-37 and supp of 414-62
cash bal fund value 10319-84

absolutely clueless. thanks

[Wullie10]

I read post covid many people took their pensions at 55. Life's too short. Can't take it with you .. blah blah blah and now many more are having to return to work. The cost of living increases have hit them bad. I didn't expect to leave at 60 but a bit of patience now means I can now pick and chose a nice no stress 4 or 5 day a week job and live a decent lifestyle topped up with RM pension. Had I took it at 55 I'd have been screwed.

[Wullie10]

I'd say most folk are worried they won't see 60 or 65 , all we seem to do is bury or cremate workmates these days, all before pension age !
I have a friend with a 250 grand pension pot, 57, retired, he's back working full time , no mortgage, and still won't spend a penny of his pension, his advisor says its a long term investment, I say, useless if your 73 and gibbering pish in an old folks home .

To be honest a 250k pension is not a lot. The pension freedoms will do alot of damage in years to come. How many see 250k and think wow ? 10 years later it's gone and they're running around switching the heating off and sitting in Costa all day to keep warm . 73 is actually not old at all.

[Wullie10]

right, got my rmpp forms to fill in, jeez, im overwhelmed by it, can anyone help and explain all the figure, as i said, im 55 , left the business 2020, and joine in may 89, almost 30 year full time,

1 so, i want pension paid every month , tick.

2 option for age 60 benefits..

standard income
1 73.08 a year
1a 73-08 a year and 487.20 tax free from cash bal

max tax free cash and reduced income
2 58-90 a year and 392-66 tax free cash

age 65 standard income
1 1452-23 a year
1a 1452-23 a year + 9832-64 from cash bal tax free

2 regular income 1158-45 a year and tax free cash 8134-69
2a 1444-65 and 210 tax free cash and from cash bal 9832-64


age 60 benefits pensionn at 60 93-69
age 65 benefits 2228-37 and supp of 414-62
cash bal fund value 10319-84

absolutely clueless. thanks

My God is that good or bad ???

[Skye2016]

That's only the rmpp bit..there capita too, and some other part .. I dunno, it's all.greek to me..

[RobertT]

right, got my rmpp forms to fill in, jeez, im overwhelmed by it, can anyone help and explain all the figure, as i said, im 55 , left the business 2020, and joine in may 89, almost 30 year full time,

1 so, i want pension paid every month , tick.

2 option for age 60 benefits..

standard income
1 73.08 a year
1a 73-08 a year and 487.20 tax free from cash bal

max tax free cash and reduced income
2 58-90 a year and 392-66 tax free cash

age 65 standard income
1 1452-23 a year
1a 1452-23 a year + 9832-64 from cash bal tax free

2 regular income 1158-45 a year and tax free cash 8134-69
2a 1444-65 and 210 tax free cash and from cash bal 9832-64


age 60 benefits pensionn at 60 93-69
age 65 benefits 2228-37 and supp of 414-62
cash bal fund value 10319-84

absolutely clueless. thanks

Your pension is made up of two parts:

1. The RMSPS, which relates to service up to 31st March 2012. That includes the vast majority of NRA60 benefits(up to 2010) and the first 2 years of NRA65(2010-2012). RMPP also pay a small amount of NRA60 benefits.

2. The RMPP, which relates to service from 1st April 2012 until you left. So that's NRA65(2012-2018, plus DBCBS).

The figures you posted are from RMPP and therefore you'll also have some larger ones from the RMSPS, which I assume you'll get in due course.

Decide which option you want from both RMPP and RMSPS, then just add up the numbers and the total is how much pension and lump sum you'll get.

Bearing in mind that taking your pension before NRA means a 5% per year reduction. In your case that will mean a 25% hit on your NRA60, and a 50% hit on NRA65. Those reductions will be factored into the figures you get from RMPP & RMSPS.

For more info, see the plan websites:

https://www.royalmailpensionplan.co.uk/
https://www.royalmailsps.co.uk/

[RobertT]

I read post covid many people took their pensions at 55. Life's too short. Can't take it with you .. blah blah blah and now many more are having to return to work. The cost of living increases have hit them bad. I didn't expect to leave at 60 but a bit of patience now means I can now pick and chose a nice no stress 4 or 5 day a week job and live a decent lifestyle topped up with RM pension. Had I took it at 55 I'd have been screwed.

Ultimately it's each to their own, but I would say you've done the sensible thing!

To be honest a 250k pension is not a lot. The pension freedoms will do alot of damage in years to come. How many see 250k and think wow ? 10 years later it's gone and they're running around switching the heating off and sitting in Costa all day to keep warm . 73 is actually not old at all.

A lot of posties seem to think they will die young and some obviously will, just as they will in other occupations.
But RMSPS figures suggest the average posties life expectancy is equal to the national average!
Anyone who understands the basics of averages, will know there's plenty who live beyond that age too!!!

[Skye2016]

Well, 3 weeks to go until am.55....my rmpp paperwork is to be in by 4th Jan , been chasing rmsps since end November, last I heard, 6th Dec my paperwork was being sent out, still no here..so phoned them there the now...at 345pm....(message...hi, sorry we are now closed, our opening hours are Monday to Friday 0830 until 530 pm)...
What chance have we got if they're closed at half 3, but meant to be open until 530, ..shambolic .no chance my paperwork will be here, read, and returned by the 4th.... don't understand why they can't email stuff to you whist all the strikes are going on.

[fly-catchers]

Well, 3 weeks to go until am.55....my rmpp paperwork is to be in by 4th Jan , been chasing rmsps since end November, last I heard, 6th Dec my paperwork was being sent out, still no here..so phoned them there the now...at 345pm....(message...hi, sorry we are now closed, our opening hours are Monday to Friday 0830 until 530 pm)...
What chance have we got if they're closed at half 3, but meant to be open until 530, ..shambolic .no chance my paperwork will be here, read, and returned by the 4th.... don't understand why they can't email stuff to you whist all the strikes are going on.

Sounds like RMSPS wanted to get away early for their New Year break! Naughty. I got my NRA65 quote yesterday. Completed it and emailed back to them. But as you say it would be good if they could have emailed it to us in the first place! And been quicker off the ball!