Royal Mail pension plan

robbertwhitton · Post by **robbertwhitton** » 30 May 2016, 19:21

Is it me or is it still confusing?? Joined in 1981 will be 55 in August,keen to leave like many no doubt.lump sum,stop on till 60 ?? What to do.

Darren Bent · Post by **Darren Bent** » 30 May 2016, 21:56

you done 35 years so it is probably be almost between 85-90% of full pension. But do check ;)

Post by **RobertT** » 31 May 2016, 14:16

As I’m sure you know your pension/s will be reduced by 5% for each year you take them early.

As a general rule it’s not a particularly good thing to do but it will always depend on individual circumstances. If in doubt consult an IFA, they will look at your overall financial position be able to guide you much better than anyone on the shop floor or an internet forum.

A ‘full pension’ is 45 years so another 10 to go.

Surreypostie · Post by **Surreypostie** » 31 May 2016, 15:30

Good advice as always by Robert as always, my views on it, if you take it now it is reduced as stated, who say's you will still be here at 60? Seen so many blokes go at 60 and be dead by the time they hit 61. It's a choice only you can make, it is reduced at 55 but it likes having a pay rise, you can tell them to poke the overtime. Personally, I'd take the 60 benefits and leave the 65 in.

Dorset Plodder · Post by **Dorset Plodder** » 01 Jun 2016, 19:42

RobertT wrote:As I’m sure you know your pension/s will be reduced by 5% for each year you take them early.

.

Is this from the 60 year point, or the 65 year point Robert?

Post by **RobertT** » 02 Jun 2016, 04:21

Dorset Plodder wrote:
RobertT wrote:As I’m sure you know your pension/s will be reduced by 5% for each year you take them early.
.
Is this from the 60 year point, or the 65 year point Robert?

It's both.

All pension accrued upto April 2010 has a Normal Retirement Age of 60 and everything after that it's a NRA of 65. So if you were to take all of your pension at 55 for example, the NRA60 would be reduced by 25% and the NRA65 by 50%.

Dorset Plodder · Post by **Dorset Plodder** » 02 Jun 2016, 21:51

Cheers Robert

See what you're saying there. I've got to chat to a local IFA, I'm trying to see how much of a lump sum I can cobble together with maybe taking some Pension early from Royal Mail & Government Pension. I've got a couple of Policies maturing next year so hoping I can get enough together to sort a house out...Again!

Very confusing trying to work out exactly how much cash you can get and what it'll leave you a week afterwards. I must admit the lastest "New" Pensions brochure wasn't as clear as I'd hoped. Think I'll just take all the paperwork to an IFA.