Clueless sorry can you help please.

[comeracing]

Really am.a total novice on the pension scene ,appologies for all the questions but be very greatful if you folks can help .

Firstly pension statements so hard to make out .
Been paying in pension since june 1996 I'm currently paying £25.99 on my wage slip does this include the company's amount do they match my amount ?
I'm planning on taking a lump sum at 55 in 3 and a bit years time as well as a weekly pension, ive no mortgage or debt so I'm going for it think the lump sum is 25 % of my pot .
If I got another job now and left royal mail very shortly what would happen to my pension would rm give a figure, or shall I stick it out for another 3 years to be honest that was the plan and then get a part time job elsewhere.
Answers and advice most welcome thanks .

[Valentina@1]

Really am.a total novice on the pension scene ,appologies for all the questions but be very greatful if you folks can help .

Firstly pension statements so hard to make out .
Been paying in pension since june 1996 I'm currently paying £25.99 on my wage slip does this include the company's amount do they match my amount ?
I'm planning on taking a lump sum at 55 in 3 and a bit years time as well as a weekly pension, ive no mortgage or debt so I'm going for it think the lump sum is 25 % of my pot .
If I got another job now and left royal mail very shortly what would happen to my pension would rm give a figure, or shall I stick it out for another 3 years to be honest that was the plan and then get a part time job elsewhere.
Answers and advice most welcome thanks .

The earliest you’ll be able to take out is at 57
I think there has been a change
Maybe Robert can confirm

[RobertT]

Really am.a total novice on the pension scene ,appologies for all the questions but be very greatful if you folks can help .

Firstly pension statements so hard to make out .

Take a look at the member guide to benefits and these videos for more info: https://www.royalmailpensionplan.co.uk/ ... a-library/

Been paying in pension since june 1996 I'm currently paying £25.99 on my wage slip does this include the company's amount do they match my amount ?

It sounds like you're in section C and currently paying into the DBCBS? Your payslip will confirm.

That is your 6% gross contribution.
But factoring in the benefit of tax relief and salary sacrifice(PSE), it's effectively a tad over 4% net, or about £17.60, with the tax man paying the rest.
RM's contribution is 13.6% or about £59. So around £85 per week in total.

I'm planning on taking a lump sum at 55 in 3 and a bit years time as well as a weekly pension, ive no mortgage or debt so I'm going for it think the lump sum is 25 % of my pot .
If I got another job now and left royal mail very shortly what would happen to my pension would rm give a figure, or shall I stick it out for another 3 years to be honest that was the plan and then get a part time job elsewhere.
Answers and advice most welcome thanks .

You won't be able to get a quote for how much your pension(with reductions) will be, until shortly before your 55th birthday.

If you leave without taking your pension, it will be preserved until you do take it, and it will still increase with inflation each year.

The minimum age you can currently access any pension is 55, but that is due to go up to 57 from April 2028. It doesn't sound as if you'll be affected by that.

Whether you choose to stick it out or go earlier, is a decision only you can make.

[heapsy]

It's also worth noting that as a section C member, your future pension increases will be limited to a maximum of 5% per year. Depending on your new income / wage growth, will it be enough over the coming years? Most other jobs are stuck with Defined Contribution pensions, so not great. Would you manage in later life? Have you checked to see where you are regarding your State pension? Earliest age you can take it and are you likely to get the full amount? If you drop to fewer hours, your N.I contributions will also drop, meaning you may have a short fall.

[Jefferson Starfish]

Don't you only have yo earn about £120 a week to qualify for state pension?

[RobertT]

Don't you only have yo earn about £120 a week to qualify for state pension?

Yes.

As long as you earn £123 per week or £6,396 per year from one employer, you'll earn a qualifying year of state pension. Despite the fact you don't start paying NIC's until you've earned £242 per week/£12,570 per year.

You can also build up state pension when getting certain benefits.

It's always a good idea to see whether you're on track to get the full state pension, so you can plan ahead.
Check here: https://www.gov.uk/check-state-pension