What happens when leaving RM

[sf25]

Hi
What happens with your pension when you leave Royal Mail for another job?
I am starting a job on the railway and but I dont know much about how pensions work.
Also, with the free shares I recieved will I still receive these tax free once the 5 years is up?
Not sure if there is anything else I need to know when leaving so any advice will help.

[postslippete]

I think with your pension you get 'accrued benefits' which is what you are entitled to when you leave. You only get this paid until you do eventually retire completely. I guess you would need to get in touch with RM pensions to find out how much you have accrued. As for the free shares I think if you leave before the 5 years is up then you need to pay income tax and national insurance on it.

[RobertT]

Hi
What happens with your pension when you leave Royal Mail for another job?
I am starting a job on the railway and but I dont know much about how pensions work.

Which pension scheme are you in?

If it's section A, B or C of the RMPP, then you've built up pension entitlements based on your wage and length of service and your accrued benefits will continue to grow with inflation until you take them(minimum age 55). Or you might be able to transfer out to another similar defined benefit scheme(I'm not sure if the railway scheme is DB?).
For more details see the plan guide which can be found on the RMPP website.

If you're in the RMDCP administered by Zurich, then you'll have a pot of money with your name on it. You can leave that where it is until you decide to take it(age 55+) or you could transfer it to another DC pension.
RMDCP website.

Or are you an ex RMDCP member now paying into the DBCBS(section F)? Then you could leave your benefits where they are, or transfer them out.
See the section F guide on the RMPP website.