Got pension what EVR payment

[shazzbat]

I am 56, got 36 yrs service, I took my pension at 50. EVR may be offered but i think that as I have my pension I get a lower figure.

Does anyone know for sure if that will be the case.

Thanks in advance

[shepherdess]

You should get 104 weeks pay

[shazzbat]

You sure? Only a colleague ( albeit a manager), same age, similar amount of time served, also got his pension been offered 6 months pay.

I wonder if it is because he's a manager tho

[Brain Fury]

You sure? Only a colleague ( albeit a manager), same age, similar amount of time served, also got his pension been offered 6 months pay.

I wonder if it is because he's a manager tho

Is he paying into the new pension scheme?

[baldrick]

If you are not currently paying into an RM pension scheme you would get 104 weeks VR payment.
If you are still paying into an RM pension scheme you would get a slightly enhanced pension based on your contributions with a 26 weeks VR payment.
Have you opted out of the new 'workplace pension' RM introduced last year? If not, you will only get the 26 weeks VR.

[shazzbat]

I don't know, but I am paying in it.

Does that make a difference?

[shazzbat]

Sorry just read message before my last post.

So if I am in the pension plan it's 26 weeks, but if I've opted out its 104 weeks?

Could I opt out now?

I've not had any formal offer it's just something said to me by my manager ( no others around).

[shepherdess]

op out if your in the pension makes the world of difference

[baldrick]

I opted out when it was introduced so I got the full 104 weeks VR.
I believe you can opt out now, contact the RM Pensions Service Centre at Chesterfield.

[Scotland1]

Can I ask, was it worthwhile drawing ur Royal Mail pension when turning 50, I am 45 years old just now, with 17 years service, so just wanting to know if it is worthwhile, thanks

[arnold cheshire]

Can I ask, was it worthwhile drawing ur Royal Mail pension when turning 50, I am 45 years old just now, with 17 years service, so just wanting to know if it is worthwhile, thanks

you will have to wait till 55 now

[shazzbat]

Thanks for the replies everyone, I think I will be contacting Pensions at Chesterfield this week to opt out.

As Scotland says it is now 55 before you can access your pension.
Is it worth it, well if you lose you job you can't claim benefits ( only job seekers allowance ) and it really depends on your circumstances. We both work for Royal Mail and the pension was looking decidedly ropey when I took mine, we thought it best to take one and keep other.

Thanks once again

[N1-22postman]

If you stop paying into the pension scheme you will get 104 weeks lump sum as compensation for voluntary redundancy.I am 63, 36 years a postman,and received my lump sum a few days ago of £45,740 (I worked in outer London).Read my thread - MTSF estimated offer - you will find it on the Pensions forum dated last post Jan 31.Because my pension could only be enhanced by 2 years (I have 2 years to go to 65), the initial offer of 6months pay + 2 years pension enhancement was a much worst deal than my final offer of 2 years lump sum and no pension enhancement.However in your case you would get 6 months pay lump sum + a full pension enhancement because you are 56 and have 9 years to 65.You need look at your offer when you get it and work out which is better.The larger lump sum is very appealing but the enhanced pension may be better for you in the long run - it all depends on your personal circumstances - do you really need the larger lump sum now - have you debts etc and how long do you expect to live (there is a government web site which will make this calculation ) - multiply this number by your annual pension enhancement and see if it is as big as the difference of 6months lumps sum and 2years lump sum.If you do decide to come out of the pension scheme phone HR and they will send you forms to do this and make sure you allow yourself enough time before your last day of service.