pension pot

[stodgy88]

what are your options with your pension pot at 60 cheers

[RobertT]

1) Carry on working and earn more pension.
2) Take final salary element and carry on working,and so increase career average pension.
3) Take final salary element and give up work and defer career average bit until 65.
4) Take both and give up work,but bare in mind career average will be reduced for early payment.

[stodgy88]

thanks for reply ,but i meant can you take a larger lump sum and less pension etc--- what are options ---cheers

[RobertT]

According to the booklet I have(dated June 08) - You can take up to 25% of your total plan benefits including any AVC's you may have,as a tax free lump sum.

[stodgy88]

i think theres a few options but cant remember them- but cheers anyway.

[heapsy]

According to the booklet I have(dated June 08) - You can take up to 25% of your total plan benefits including any AVC's you may have,as a tax free lump sum.

The 25% is the maximum you can take, layed down in law.

[eian687]

will there be anything left for us when we get to 60

[heapsy]

Should be, but the move by RM to a part time workforce will reduce the contributions to the pot This will probably mean that future staff will get less, hence the ending of the final salary pension. By the way, the government is set to introduce a second pension that everyone can enroll into. I think the contribution level can be set by you, and the employer will contribute too.

[RobertT]

By the way, the government is set to introduce a second pension that everyone can enroll into. I think the contribution level can be set by you, and the employer will contribute too.

I think you're referring to Personal Accounts which are due to start in 2012.These are for employees that currently have no company pension and are far worse than the Royal Mail scheme.

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