Ok, I keep my shares and I get my lump sum.
Do I get taxed on the lump sum?
By the way it takes effect from Saturday!
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Ill Health Retirement.
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mudpie
- EX ROYAL MAIL
- Posts: 25
- Joined: 06 Apr 2014, 10:37
- Gender: Male
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k979aaa
- Posts: 12578
- Joined: 03 Sep 2007, 19:14
- Gender: Male
- Location: THE NORTH
Re: Ill Health Retirement.
Lump sums up to £30,000 are tax free or so I was told depends if you get another job of course as well.
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RobertT
- EX ROYAL MAIL
- Posts: 6702
- Joined: 09 Sep 2007, 14:26
- Gender: Male
Re: Ill Health Retirement.
Redundancy lump sum = first £30k is tax free
Pension commencement lump sum = all tax free
IHR lump sum = taxable
Pension commencement lump sum = all tax free
IHR lump sum = taxable
Links to all RM pension related websites are here
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mudpie
- EX ROYAL MAIL
- Posts: 25
- Joined: 06 Apr 2014, 10:37
- Gender: Male
Re: Ill Health Retirement.
Apparently today was my last day as a postie! I spent it heading to Norfolk from the West Country - I am retired!
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thechemisyshop
- EX ROYAL MAIL
- Posts: 156
- Joined: 09 Oct 2011, 20:33
- Gender: Male
Re: Ill Health Retirement.
i got 34 weeks pay and 12 weeks pilon and about 10 days holiday pay ,, the only thing i paid tax and insurance on was my holiday pay ,, i also got to keep all my shares ,, i received a letter about my shares i have to transfer them out of the royal mail scheme ,, i can either cash them in or move to another fund ,or get them in my own name ,, im still pondering that one
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baldrick
- EX ROYAL MAIL
- Posts: 5038
- Joined: 13 Sep 2007, 23:37
- Gender: Male
Re: Ill Health Retirement.
Congratulations! Enjoy your retirement.mudpie wrote:Apparently today was my last day as a postie! I spent it heading to Norfolk from the West Country - I am retired!
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mudpie
- EX ROYAL MAIL
- Posts: 25
- Joined: 06 Apr 2014, 10:37
- Gender: Male
Re: Ill Health Retirement.
Do you know, now it has happened it feels really strange. When you have worked all your life, to suddenly not have to go, is a completely alien experience.
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k979aaa
- Posts: 12578
- Joined: 03 Sep 2007, 19:14
- Gender: Male
- Location: THE NORTH
Re: Ill Health Retirement.
You will find things to do with your time enjoy your new life.mudpie wrote:Do you know, now it has happened it feels really strange. When you have worked all your life, to suddenly not have to go, is a completely alien experience.
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mudpie
- EX ROYAL MAIL
- Posts: 25
- Joined: 06 Apr 2014, 10:37
- Gender: Male
Re: Ill Health Retirement.
I am sure I will. A fully equipped pottery and two Moto Guzzis will help!
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thechemisyshop
- EX ROYAL MAIL
- Posts: 156
- Joined: 09 Oct 2011, 20:33
- Gender: Male
Re: Ill Health Retirement.
i didnt find it strange at all,, i had been signed off for 4 months before i left , what i did find strange was no wages on a friday anymore ,, but a big lump of cash helped that out ,, the best thing is the freedom ,,its like a huge weight is off my shoulders now ,, when i was off on the sick i was like a hermit ,, now im out and about again ,, never been happier
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mudpie
- EX ROYAL MAIL
- Posts: 25
- Joined: 06 Apr 2014, 10:37
- Gender: Male
Re: Ill Health Retirement.
Well, the lump sum hit my bank account today, so I guess that's it!
The bank phoned me up and asked if I wanted to put it into a saver account, I asked what the interest would be and they said, very proudly, that I could get 1/2 Percent! Well that's me made for lifeisn't it?!
1/2 percent, they're having a laugh,robbing b'stards.
The bank phoned me up and asked if I wanted to put it into a saver account, I asked what the interest would be and they said, very proudly, that I could get 1/2 Percent! Well that's me made for lifeisn't it?!
1/2 percent, they're having a laugh,robbing b'stards.
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k979aaa
- Posts: 12578
- Joined: 03 Sep 2007, 19:14
- Gender: Male
- Location: THE NORTH
Re: Ill Health Retirement.
What ever you do DO NOT BUY ROYALMAIL SHARES WITH IT they will go down quicker than a whores nickers!mudpie wrote:Well, the lump sum hit my bank account today, so I guess that's it!
The bank phoned me up and asked if I wanted to put it into a saver account, I asked what the interest would be and they said, very proudly, that I could get 1/2 Percent! Well that's me made for lifeisn't it?!
1/2 percent, they're having a laugh,robbing b'stards.
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mudpie
- EX ROYAL MAIL
- Posts: 25
- Joined: 06 Apr 2014, 10:37
- Gender: Male
Re: Ill Health Retirement.
Wouldn't buy, but I'd like to sell before they flop.
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jw1234
- Posts: 76
- Joined: 08 Dec 2011, 20:07
- Gender: Male
Re: Ill Health Retirement.
have you been told how and when you get your shares? Im guessing Equity just write to you?
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k979aaa
- Posts: 12578
- Joined: 03 Sep 2007, 19:14
- Gender: Male
- Location: THE NORTH
Re: Ill Health Retirement.
I would contact them if you are a good leaver as royal mail term it.jw1234 wrote:have you been told how and when you get your shares? Im guessing Equity just write to you?