Pension lump sum

[SillyBilly]

I took out the royal mail pension late in my life with royal mail, i have been in the newer one from 2012 or there abouts .On my previous paper work it said i could draw out a lump sum for about £35000 which i was going to do , not fancying the £20 odd pound a week for life pension. Anyhow the new pension paperwork they sent out today says we can take a part lump sum? Or could i still draw out the lot ? Thanks in advance !

[RobertT]

What you've already got is in the RMDCP with Scottish Widows. It's Defined Contribution(DC) pension which gives you options. One of which is to take it all out in one go, although from a tax point of view it probably won't be your best choice.
This link gives you info on all of your DC pension options: https://www.moneyhelper.org.uk/en/pensi ... ension-pot

The new Collective Defined Contribution(CDC) pension doesn't give you the same choices. It aims to provide benefits similar to a Defined Benefit(DB) scheme, which is a lump sum plus a pension for life and spouses benefits on death.

There will be the option to transfer out your CDC benefits to a DC scheme if you choose to(although you may have to jump through a few hoops). That's included in all the CDC info via this link: https://www.myroyalmail.com/collective-plan