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Pension at 55

Royal Mail pension news and discussion.Please note the advise given in this forum is unofficial, please use the links we have for a more detailed response or see an independent financial adviser.
alvblade
EX ROYAL MAIL
Posts: 2
Joined: 03 Sep 2012, 20:33
Gender: Male

Pension at 55

Post by alvblade »

I worked for RM for 27 years and left 8 years ago. I get a yearly update of whats in my deferred pension plan. My current circumstances are that i am still in full time employment. I appreciate a lot has changed over recent years with RM Pensions but I am now 53 and looking for a diffinitive answer to the question can I take my pension at 55 whilst still working . Also If anyone knows the answer what kind of reduction would I be hit with
Thanks for any advice
silly suffolk
MAIL CENTRES/PROCESSING
Posts: 728
Joined: 04 Mar 2011, 21:31
Gender: Male
Location: deepest suffolk

Re: Pension at 55

Post by silly suffolk »

alvblade wrote:I worked for RM for 27 years and left 8 years ago. I get a yearly update of whats in my deferred pension plan. My current circumstances are that i am still in full time employment. I appreciate a lot has changed over recent years with RM Pensions but I am now 53 and looking for a diffinitive answer to the question can I take my pension at 55 whilst still working . Also If anyone knows the answer what kind of reduction would I be hit with
Thanks for any advice
don't quote me on this but i think anyone can now take a pension at 55, and the rule of thumb is if you do you lose 25% of said pension.
RobertT
EX ROYAL MAIL
Posts: 6654
Joined: 09 Sep 2007, 14:26
Gender: Male

Re: Pension at 55

Post by RobertT »

alvblade wrote: I am now 53 and looking for a diffinitive answer to the question can I take my pension at 55 whilst still working.
Yes you can.
alvblade wrote:Also If anyone knows the answer what kind of reduction would I be hit with.
The reduction can vary but it's generally about 5% for each year before normal retirement age.

More info here:
http://royalmailpensionplan.co.uk/4/section-ab" onclick="window.open(this.href);return false;
Links to all RM pension related websites are here
heapsy
Posts: 2949
Joined: 02 Jun 2007, 23:40
Gender: Male
Location: Drinking with Gangsters

Re: Pension at 55

Post by heapsy »

alvblade wrote:I worked for RM for 27 years and left 8 years ago. I get a yearly update of whats in my deferred pension plan. My current circumstances are that i am still in full time employment. I appreciate a lot has changed over recent years with RM Pensions but I am now 53 and looking for a diffinitive answer to the question can I take my pension at 55 whilst still working . Also If anyone knows the answer what kind of reduction would I be hit with
Thanks for any advice
May I add a word of warning. If you take your pension early, and , if at a later date you are unemployed, this will effect your ability to claim benefits. Please be careful. I knew someone who this has happened to. He didn't work for RM but the same rules apply. If you were unlucky to be made redundant you could come unstuck. Big time.
CORTINA
Posts: 210
Joined: 29 Jan 2009, 12:10
Gender: Male

Re: Pension at 55

Post by CORTINA »

What ever you do nothing is 100% right....

Some who work to 65 now say if i had drawn my pension at 60 and saved my lump sum and monthly pension received for 5 years ..i would have nearly doubled my pension pot ..instead of leaving it untill 65 and drawing it 5 years later ... you have to make up your own mind what is your motive and wish to do with the money.... you have that choice..