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

[stroller]

RobertT

Thanks for your reply, apologies I was not doubting you in anyway, your knowledge of pensions is far greater then mine if you don't mind me saying

[Fatboyslim]

just to clarify something ,i rang pensions they told me you lose 50% of your nra 60 pot if you draw at 55 ,25 %out of your nra 65 pot,ring pensions yourself to get the proper facts, they will only send you a forecast 3/4 months before you are 55

I think this is an instance of crossed wires here. I've also contacted pensions.

They (again as already mentioned) told me I would lose 25% of NRA60 & 50% of NRA65. I suggest either call them again - they are not renowned for 100% accuracy. Or do what I did -call them and also email them. This way you see it in black and white. I was told the above. and also given it in writing.

[RobertT]

RobertT

Thanks for your reply, apologies I was not doubting you in anyway, your knowledge of pensions is far greater then mine if you don't mind me saying

Thanks. I don’t claim to be an expert in any way but have built up an interest in pensions over the years due to my wish to retire at a reasonably early age.

To comment on your original question: I’m in the same camp as trythat and Dee Plish and have saved for a long time and plan to carry on doing that for the time being as I’m still in my 40’s. I’m on track to pack up at around 55 but have no plans to touch my RM pensions until I reach 60 and then 65. So the thought of getting 104 weeks pay at age 53-54 is a good one as it would potentially bring my retirement forward a bit.

I’m not a fan of taking your pension early but it will always be a personal decision based on your own situation and taking VR is also down to your own circumstances. But in your case I think you have to look at a few issues:

Will you be able to get another job if you need to? A lot of employers aren’t too keen on people in their 50’s.
Will you be able to live on just your VR/pension if you need to?
Will you be able to downsize easily? Buying and selling houses can take months or years sometimes.
Have you factored in all the other costs of moving? Solicitors, estate agents, removals, doing up the new place, etc.

Working for RM is not like it used to be and in my opinion it will only get worse still, so I can understand anyone wanting to get out. VR has been mentioned in my office and there seems to be lots interested and I’ve thought about it myself! Although realistically I think I’m too young and don’t really know what else to do workwise.

So as long as you look at things in a sensible way and make the right choice for you, that is the main thing. The worst thing you can do is get carried away by the thought of having a nice windfall and waving goodbye to RM, because if you’re not careful you’ll end up in sh!t creek before you know it.

Good luck in your deliberations.

[baldrick]

How much is your pension enhanced when your over 55 taken with EVR?
A lot of shrewd people in my office waited until they hit 55 before going because there pension was enhanced but I thought that was gone now?

MTSF2 2010 says it is enhanced by 37.5% of remaining years to 65. So if it is taken at 55, that would be 37.5% of 10 years, which would give an added 3 years and 9 months.

[stroller]

baldrick

That is very interesting reading, thanks for the info

[stroller]

RobertT

What a brilliant post by your good self, It has given me food for thought, when I turned down VR last July I was 50/50 what to do and left it to the last possible minute before turning it down, and after I turned it down I said I would go until at least 55 when I could get my pension straight away.

My wife said at the time if your not sure then the answer must be no unless your 100% certain.

Everybody thinks differently that's what makes the world go round, I did not post on here to make my mind up but I do like listening to people's opinions, thank you very much to everybody that has commented, and good luck and health to you all.