Pension shocker

[maisymoo04]

ha like it

[RobertT]

On the NRA 60 benefits table I get the impression on the" pension after taking the maximum lump sum"segment.that it doesn,t include the final salary supplement , which I think is only paid until the old age pension age is reached.Does anyone share this view ?

When/if you take your tax free lump sum you're giving up part of you pension so you're probably giving up part of the supplement aswell.
You're right to think it's only paid to state pension age.

[RobertT]

25+years to go,not worth worrying about now.

Sounds like the ideal time to worry about it to me.

[POSTMAN]

25+years to go,not worth worrying about now.

Sounds like the ideal time to worry about it to me.

What can i do? My post was tongue in cheek but i'm not going to worry about figures that are out of my control.
I have various saving plans (CWFS)(Commsave) which will mature when i'm 60.60 was the plan to go,very much doubt that will happen though,my state pension is at 67 i think.
IF i can handle this job till i'm 60 then i will be comfortable.


The pension was one of the main reasons i joined the job and i transferred nearly 7 years in from my previous employers pension.

You seem very clued up on pensions and your help in this forum in much appreciated.

[RobertT]

What can i do? My post was tongue in cheek but i'm not going to worry about figures that are out of my control.
I have various saving plans (CWFS)(Commsave) which will mature when i'm 60.60 was the plan to go,very much doubt that will happen though,my state pension is at 67 i think.
IF i can handle this job till i'm 60 then i will be comfortable.

I wasn't having a go Postman, it was a comment on the fact that a lot of people don't think about their pension until it's too late. You seem to have made decent provision for yourself.

The pension was one of the main reasons i joined the job and i transferred nearly 7 years in from my previous employers pension.

It's one of the few reasons I'm still with RM!

You seem very clued up on pensions and your help in this forum in much appreciated.

Thanks for that.

[maisymoo04]

sure your not a finance advisor RT / postman

[RobertT]

sure your not a finance advisor RT / postman

I sometimes wish I was. lol

[genesis]

On the NRA 60 benefits table I get the impression on the" pension after taking the maximum lump sum"segment.that it doesn,t include the final salary supplement , which I think is only paid until the old age pension age is reached.Does anyone share this view ?

When/if you take your tax free lump sum you're giving up part of you pension so you're probably giving up part of the supplement aswell.
You're right to think it's only paid to state pension age.

That would mean that you are keeping part of the supplement as well, which would indicate that your pension quote on the nra benefits table would change again on state pension age .MY hunch is that the supplement is not on the final pension quote ,and we would get that as well.

[maisymoo04]

could be like the shawshank redemption this we could ask RT about money issues

[RobertT]

That would mean that you are keeping part of the supplement as well, which would indicate that your pension quote on the nra benefits table would change again on state pension age.

The amount of RM pension wouldn't change at state pension age if you've already taken it! You would just lose the supplement.

MY hunch is that the supplement is not on the final pension quote ,and we would get that as well.

You may well be correct there, but I agree that the forecast isn't completely clear.

[iceman1277]

The pension is made up of two elements - pre 2010 and post 2010, so you have effectively now got two pensions. If you take the first before 60 or the second before 65 then your pension would be reduced by about 5% for every year and any lump sum would be less aswell.

Last years 'if you retire at 60' forecast was a combined forecast and took into account the 5% reduction of the post 2010 figures - this years forecast separates the two.

So to find out your maximum lump sum just add your NRA 60 and NRA 65 amounts together. Personally by overall lump sum has gone up!

so does this mean to get your yearly income from your penson you add both the nra 60 and nra 65 ?

was just trying to work out what i would get a week after i take my lump sum ?

[RobertT]

So to find out your maximum lump sum just add your NRA 60 and NRA 65 amounts together. Personally by overall lump sum has gone up!

I didn't really word that very well - to get the optimum lump sum from each element you should take them at the relative age or later.

so does this mean to get your yearly income from your penson you add both the nra 60 and nra 65 ?

was just trying to work out what i would get a week after i take my lump sum ?

Assuming you take NRA 60 at aged 60 and NRA 65 at aged 65 then yes. If you take them both at 60 the NRA 65 will be reduced, if you take them both at 65 the NRA 60 will be more.

[maisymoo04]

2 SH@@ PENSIONS THEN YIPPEEE

[maisymoo04]

JT i pick your brains again m8 coz maisymoo hasnt a clue(good that) right av got 23 years final salary to march 2008 ok
this new one that started CSDB IS IT,SAYS 17 YEARS POTENTIAL MAX SERVICE FROM APRIL TO 65 AGE
this mean al have 40 years max when am 65 or how will it work if i want to go when am 60 soz might have worded this wrong went out last night

[Lounge Lizard]

25+years to go,not worth worrying about now.

Sounds like the ideal time to worry about it to me.

What can i do? My post was tongue in cheek but i'm not going to worry about figures that are out of my control.
I have various saving plans (CWFS)(Commsave) which will mature when i'm 60.60 was the plan to go,very much doubt that will happen though,my state pension is at 67 i think.
IF i can handle this job till i'm 60 then i will be comfortable.


The pension was one of the main reasons i joined the job and i transferred nearly 7 years in from my previous employers pension.

You seem very clued up on pensions and your help in this forum in much appreciated.

And you seriously still expect to be alive at 60 ?