Working past 65 birthday

Tunahowmad · Post by **Tunahowmad** » 01 Jul 2018, 07:46

Any advice regarding not retiring at 65 but carrying on working for Royal Mail.Various differing opinions at my Royal Mail delivery office regarding this.Told by some its necessary to contact Personnel before 65 birthday of desire to continue while others say just continue without giving notice to leave or retire
Thanks in advance for advice and Royal Mail policy

Post by **RobertT** » 01 Jul 2018, 08:54

Employers used to be able to force you to retire at 65, but since 2011 that is no longer the case, although some conditions do apply.

In short, if you want to carry on working and there's nothing stopping you from doing the job normally, you can work for RM for as long as you like.
There is no reason to tell Personnel or your DOM of your plans either.

But I would add, there is no benefit from deferring your RM pension beyond NRA!

Here's some links to give you more info about the law on working past 65:

https://www.gov.uk/working-retirement-pension-age" onclick="window.open(this.href);return false;
https://www.ageuk.org.uk/information-ad ... ement-age/" onclick="window.open(this.href);return false;

Tunahowmad · Post by **Tunahowmad** » 01 Jul 2018, 10:55

Thank you. Very much appreciated

Post by **rogersh** » 01 Jul 2018, 18:20

From the info Robert T has given - Reminder

You don’t get your State Pension automatically - you have to claim it. You should get a letter no later than 2 months before you reach State Pension age, telling you what to do.

robbertwhitton · Post by **robbertwhitton** » 01 Jul 2018, 18:44

Is this to carry on as you are,or part time or job share? obviously all’s well within your office,they may want to get rid of you regardless

terry2972 · Post by **terry2972** » 01 Jul 2018, 20:38

They cant get rid of anyone once they hit retirement age but I would have thought it would be nice to stop before you are completely knackered although if you enjoy it why not good luck either way

Tunahowmad · Post by **Tunahowmad** » 02 Jul 2018, 03:17

Thank you i will be looking out for my letter

Working on for financial reasons Aware of tax on pensions etc but another year should help my personal situation

Post by **PHARRY** » 02 Jul 2018, 09:45

60 years old is long enough thank you. LOL.

Post by **rambo1** » 02 Jul 2018, 14:48

PHARRY wrote:60 years old is long enough thank you. LOL.

55 is long enough thank you. Any advance on 55.......

Post by **RobertT** » 02 Jul 2018, 14:58

Not planning on working after 55 either, and I may even go a year or two earlier.

comeracing · Post by **comeracing** » 02 Jul 2018, 17:00

I want to retire at 55 can you do this within royal mail

Post by **RobertT** » 02 Jul 2018, 18:41

comeracing wrote:I want to retire at 55 can you do this within royal mail

Assuming we're talking about the RMPP/RMSPS here and not the RMDCP, then if all you've got towards your retirement is what you're going to get from the basic RM pension, then for most people that is not likely to be enough to enable early retirement at 55, taking into account the early payment reductions(5% per year).

Personally my unreduced RM pension entitlement on its own won't even be enough to retire completely before 65. But the AVC's I've built up over the last 20+ years are there to supplement my NRA60 and NRA65(which I plan to take at those ages) with the total giving me a fairly comfortable income until my state pension kicks in at 67. After that I'm laughing!

Plus I've been paying into a personal pension with the express aim of using it to fund retirement between 55 and 60, using drawdown.

In practice for most people, whether they're employed by RM or not, early retirement is dependant on being proactive and funding it themselves to a large extent, with the help of tax breaks from the government and any free money they can get off their employer.

But as ever, it will always come down to personal circumstances to one degree or another.