Lump sum help .

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Im trying to plan ahead for this time next year , i will be 55 years of age and it will be a 99% chance of goodbye RM , id have done 31 years by then , probobly a 1/3 of this time i was classed as part time think my contracted hours was 34 hrs a week , will my lump sum be 30k or over , as for my monthly pension ive no idea , I don't have a mortgage and got a few quid in savings , I know i can call for my estimate a few months before which would be march 2027, its just the not knowing which is a strain, as I want to possibly start a part time business and ive othe irons in the fire as well .

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Don't all reply at once

[mr hil.]

Your annual pension statement will show you your expected yearly pension. This will be reduced for taking it early by roughly 5% per year before it's NRA. To get a rough estimate of expected lump sum take your annual pension amount (after reductions) and multiply by 20 then divide by 0.25 (25%) to get a very rough estimate of your expected lump sum

It all depends whichever pension you are in and which section and when you joined. The pinned posts at the top show links to the various RM pensions.
https://members.royalmailsps.co.uk/hopl ... zq1641oxt2 will give you an expected pension at various ages once registered and logged in.

If you were not in the DC scheme taking your AGE 65 pension at 55 would reduce your annual pension and lump sum by up to 50% that would be a lot to sacrifice!

If you could post some figures from the statements you received in the autumn from the RMPP and RMSP we could help you get a ball park figure.

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[Wullie10]

Don't all reply at once

Probably because its impossible to answer. The part time hours and taking it at 55 is quite a few spanners in the works.
My uneducated guess would be a lump sum £28,000 to £30,000 and about £280 ish a month .... if that helps lol
Having no mortage is great , then the roof has a leak , the boiler packs in and the windows need replacing. Soon blows a hole in the Lump sum..it's scary not having a regular wage, only a tiny pension

[goldy2007]

Don't all reply at once

I had 31 years full time taking at 55

Took option 1a en

Lump sum £27k

Annual £4k

If that helps