Would any of you leave at 53 without getting your pension?

[stroller]

VR has been offered again in our office, you might have seen me post before, I always wanted to go at around 55 so I am around 17 months away, talking to the majority of people in my office say that they would never leave before 55 and without getting there pension.

The dilemma I have is what the VR offers will be like in the future? I would get the maximum 104 weeks VR if I went now without my pension, or would I be better to carry on working until I get to 55 and boost my pension up slightly and take a worse VR offer in 2016 when I get to 55 and with my pension.

Your opinions would be most helpful as to where we will be in 2016

[baldrick]

What do you think would be your chances of getting another job? 104 weeks VR won't last long if you have to live on it.

[stroller]

Well I would only get a part time job and pay myself the difference in full time wages out of the VR money until I call my pension in at 55, is this a silly or sensible idea?

[Fatboyslim]

You cannot boost your NRA 60 pension as its closed now. You are now contributing towards your NRA 65 pension now. So your NRA 60 pension rises by inflation only. You will take a 25% hit drawing at 55.

I'm in a very similar predicament. I'm 52. First time in my life I wish I were a little older...l

Could you not look into the possibility of a buy down/job share. With a smaller steady income coming in from RM. You can pay yourself a 'wage' being the difference between the two. Then at 55 apply for your NRA 60 pension. As already mentioned. 104 weeks pay will certainly help. But, that would mean you do not have to seek new employment?

This way you have the best of both worlds. You could be semi-retired at 53. Then at 55 call in your pension. Hopefully you will be mortgage free. So it's a possibility to retire fully?

Oh. It's a brilliant idea. What a lot of members on here do not realise the hammer your body is being put through on a daily basis. I dread to think what new starters would be like after 40 years doing this job. All they see is the short term. Money money money. If the figures stack up - go for it.

[stroller]

Fatboyslim,

Thank you for your reply, I still have a large mortgage but when i get to 55 my aim was to leave RM with my pension and downsize and if not get rid of my mortgage have a very tiny one, if I take the money I would sell up straight away, I will have done 33 years service in June, don't like the way things are changing at RM at the moment but then again I think things are tough all round no matter what you do for a living

[stroller]

They will not let you job share in our office, I have not looked into buy down i wonder what the offer would be?

[Fatboyslim]

Stroller.

I know of dozens of staff who have left before 55. And I only know of one instance where things did not work out. I can see the dilemma you are in. I'm lead to believe the MTSF2 terms could be renegotiated soon.

I can see your thoughts. You have to look at life in the long term. Forget the short term. I do not know your particular circumstances about location where you live in the country/housing costs etc. But, if you can downsize to eliminate a mortgage its a got to be a good idea. You then draw a wage off the EVR. You will qualify for the full payment regarding your age and service. Then call in your pension at 55. Sounds like a plan. Many on here will slaughter me for saying this. But look at the long term in life. If you can retire at 53. Who would not like that?

Good luck. I'm in a very similar situation. Service/age. My head is spinning with it all at the moment...!! Fortunately. I'm mortgage free. But when I again mention to colleagues. They look at me as if I have two heads or going insane. You only have one life. If the figures stack up. Go for it.

[baldrick]

I have not looked into buy down i wonder what the offer would be?

Buy Down would be your VR payment multiplied by your PT hours divided by your current hours.
So if your PT hours were 25, the multiplier would be 25/39 = 0.6410.
104 x 0.6410 = 66.664
So your buy down payment would be 66.664 weeks.
I think that's right anyway

[baldrick]

I think it depends also on how you are coping with the job. If you buy down I assume you will only be doing the actual delivery part, which I would guess is the most physically demanding part. Do you think you are going to be able to cope with that as you get older? Or do you find that better than the prep you do in the DO?

[stroller]

baldrick,

The only reason I have not looked at buy down is I either stay full time or take the money and work part time elsewhere, I would not fancy doing the delivery side of it, throwing your walk up is the easy bit

[baldrick]

I thought that would be the case. To answer your original question, I would not take VR without having got my pension.
Unless I was sure of getting another job with at least similar terms and conditions.
Remember you will not be getting 6 weeks AL in a new job. And the way things are these days a lot of jobs are zero hours, minimum wage, and you might not get any paid holidays or sick pay. And it is harder to get another job in your 50s.

[stroller]

Fanboy slim,

Would you take the EVR if they offered it to you, as for people looking at you as if you had 2 heads that is commonplace because people are in a comfort blanket at RM, you are right when you are in your early 50's the decision drives you mad what to do, thanks for your reply, my job is not to bad and not stressful at all easy to throw up easy to deliver that's why the decision is even harder, if the EVR terms stayed the same I would not think of leaving until I get to 55, but being offered £50k now and being offered a lot less 2 years down the line would be hard to swallow

[stroller]

Thank you baldrick and Fatboyslim for your brilliant replies I will keep you updated with the outcome

[Toby Tyke]

I am in the same position.
Will be 55 this year.
If I did buy down I would still be doing the delivery everyday and that is the bit that's killing me.
If I could do it indoors with a bit of walking I would go for it.
Can't quite afford to take evr but feel I have no choice as I don't think these terms will be available for much longer.
Waiting for my quote from pensions before making my mind up.
Only problem 3 evr on offer in our office and quite a lot of interest.

[hatetheboss]

They will not let you job share in our office, I have not looked into buy down i wonder what the offer would be?

If you buy down your hours there is a real possibility you will still do a full delivery, only the indoor element will be reduced. You have to decide if having the less strenuous part removed is worth the pay cut.