brothers pension

[stodgy88]

my brother worked in deluverys for royalmail for around 5 years ,from 2002 -2007 ,he is 60 in july ,am i right in thinking ,he should be hearing about,his pension in the near future ,and does anyone know what options he might be given -thanks.

[RobertT]

my brother worked in deluverys for royalmail for around 5 years ,from 2002 -2007 ,he is 60 in july ,am i right in thinking ,he should be hearing about,his pension in the near future

The pension service centre should get in touch 3 months before his 60th birthday, if not a phonecall or email might be an idea.
http://royalmailpensionplan.co.uk/102/contact-us" onclick="window.open(this.href);return false;

and does anyone know what options he might be given -thanks.

1) Take his deferred pension in full
2) Take a lump sum of up to 25% of the value and the rest as a pension
3) Possibly keep it deferred until a later date
4) If the 'pot value' is less than £18k and this is his only pension, he may be able to take it all as cash under triviality rules - to work that out in a simple way, multiply his expected yearly pension by 20.

More info can be found by downloading the relevant guides:
http://royalmailpensionplan.co.uk/55/pensions-brochures" onclick="window.open(this.href);return false;

[stodgy88]

cheers robert t great answer ,as always.

[stodgy88]

hello,the pension is around £700 a year,so value of £14000, what sum are they likely to offer under the triviality rule cheers

[RobertT]

hello,the pension is around £700 a year,so value of £14000, what sum are they likely to offer under the triviality rule cheers

If the RM pension is the only pension he's got, he will get £14000, with the first 25% being tax free and the rest taxable. But it will have to be ok'd by the trustees
If he has other pensions hidden away (not counting the state), he is may not qualify for triviality at all.
More info can be found here:
http://www.pensionsadvisoryservice.org. ... -pensions-(triviality" onclick="window.open(this.href);return false;)

[stodgy88]

cheers he as no other pensions,