ANNOUNCEMENT : ALL OF ROYAL MAIL'S EMPLOYMENT POLICIES (AGREEMENTS) AT A GLANCE (Updated 2021)... HERE

ANNOUNCEMENT : PLEASE BE AWARE WE ARE NOT ON FACEBOOK AT ALL!

Pension question

Postal workers discussion forum. Discuss the day to day life in a Blue Shirt.
dvb077
Posts: 50
Joined: 27 Mar 2009, 22:17
Gender: Male

Pension question

Post by dvb077 »

is there ne chance the money which ive paid in to my pension i can take out at any point?
Lincox
EX ROYAL MAIL
Posts: 3485
Joined: 09 Jan 2008, 18:07
Gender: Male

Re: Pension question

Post by Lincox »

If you have less than two years service, you can take your own contributions less a tax deduction. After that, nil before you are 55 years of age. Then approx 25% of the underlying fund value dependant on which scheme you are in, plus a regular pension.
RobertT
EX ROYAL MAIL
Posts: 6692
Joined: 09 Sep 2007, 14:26
Gender: Male

Re: Pension question

Post by RobertT »

dvb077 wrote:is there ne chance the money which ive paid in to my pension i can take out at any point?
You don't say which scheme you're in or how much it's worth, but you may be able to take all the money out if you're are aged 60 or over and the value of just your RM scheme is less than £2,000 or if the value of all your pensions (not including the state) totals less than £18,000.
Some more info can be found here:
http://www.hmrc.gov.uk/pensionschemes/small-pen.htm" onclick="window.open(this.href);return false;
Links to all RM pension related websites are here