VR

[Chilli pepper]

Searching for answers,I work in supply chain and have just had VR quote 58 done 28 years but have taken NRA 60 at 55 the quote was 6months money and an enhanced NRA 65 pension of 2,700 p/y but when I looked on the new agreement it states min payment is 12 months money ,I rang hr and was told this doesn't apply to me can anyone confirm also opting out of pension to get 2 yrs money they said that's an option just need some clarity .

[derricksmyth]

Searching for answers,I work in supply chain and have just had VR quote 58 done 28 years but have taken NRA 60 at 55 the quote was 6months money and an enhanced NRA 65 pension of 2,700 p/y but when I looked on the new agreement it states min payment is 12 months money ,I rang hr and was told this doesn't apply to me can anyone confirm also opting out of pension to get 2 yrs money they said that's an option just need some clarity .

Surely under the new pension rules you can take your lump sum any time you like after 55 , your VR payment shouldn't be altered by your pension as far as i can see. l have been told the max amount of VR IS 2 years , in London that was £48000.00 . Hopefully this is a figure nationally as well.

[seaside]

The max of £48000 is just London area.

[WARDY]

can anyone tell me what NRA60 MEANS cheers

[RobertT]

can anyone tell me what NRA60 MEANS cheers

Normal Retirement Age.

The final/average salary pension scheme that the RM run for its employees who joined before April 2008 has 2 normal retirement ages. All pension you’ve built up to April 2010 has a NRA of 60, everything after April 2010 has an NRA of 65.