When will you retire?

[RobertT]

It’s something you need to discuss with your partner. Will he/she enjoy having you home all the time? I know some that don’t. I’m nearly 67 but I’m still working as my wife is 6 years younger than me and nowhere near state pension age. I can’t see the point of being home alone while I can still do the job. I would grab VR but other than that have no immediate plans to go.

Do you have any hobbies and interests to keep you occupied? You don't have to be home alone!

[Hyrrokkin]

I am looking at 60 if i can - all things going well (which they rarely do) !

Maxing out AVC's (withing PSE) and have a SIPP & S&S ISA (little in them at the moment but i have a few years yet)
I will be in the new CDC scheme and maximise payments into that and the same with the new AVC schemes as well.

Not looking/wanting to take RMPP NRA 60/65 early if i can to maximise pension

Also have been thinking about upping AVC Flexiplan payments way above PSE limits (£200 - £250) for a few months - to April before current scheme ends...get as much in as i can before it stops.
I know i could put that into a sipp instead just pondering options

As a side question

The new AVC scheme - will we be able to access that at 55 or will it be tied to CDC NRA 67 ?
I am guessing no information on that yet

[RobertT]

Also have been thinking about upping AVC Flexiplan payments way above PSE limits (£200 - £250) for a few months - to April before current scheme ends...get as much in as i can before it stops.
I know i could put that into a sipp instead just pondering options

As a side question

The new AVC scheme - will we be able to access that at 55 or will it be tied to CDC NRA 67 ?
I am guessing no information on that yet

There will be two new AVC schemes:

1. The Lump Sum Booster, which will do what it says on the tin. It will increase the amount of lump sum you get via the DB Lump Sum scheme. It's designed to take at the same time as the CDC pension itself, and will see a reduction(%age unknown) if taken before NRA. I think there will probably be the option to transfer the total out separately, just as with the DBCBS, but nothing 100% about that at the moment.

2. A DC AVC, which will probably be similar to Flexiplan. It could be used to provide more lump sum when taking the main CDC/DBLSS benefits. I expect there will be the option to transfer out separately to another DC pension such as a SIPP, as is the case with Bonusplan & Flexiplan.

Bear in mind the legal minimum age to access any pension is due to increase from 55 to 57 in 2028.

More info on the RMCPP(CDC) can be found here: https://www.myroyalmail.com/collective-plan

[koolishy67]

At 55 will do some part time job after year break

[arsenalbob]

It’s something you need to discuss with your partner. Will he/she enjoy having you home all the time? I know some that don’t. I’m nearly 67 but I’m still working as my wife is 6 years younger than me and nowhere near state pension age. I can’t see the point of being home alone while I can still do the job. I would grab VR but other than that have no immediate plans to go.

Do you have any hobbies and interests to keep you occupied? You don't have to be home alone!

She would give me a to do list every day. So I’ll carry on working thanks! Having said that I won’t carry on if the later starting times are imposed.

[grchpo]

Funny how we're striking for better working conditions for 65 year olds and put up NO fight when pensions were been destroyed . I guess pensioner's are not union members so there was no interest.

The union, RM, government and the pensions industry and spent the last 5 years putting CDC legislation together to provide a better pension, than was offered by the company before the 4 Pillars negotiations.

If you think a pension is only for pensioners, I think you're missing the point.

The government didn't spend that long getting a better pension for MPs. What I'm saying as these strikes drag on and on , shame we never showed as much fight for our pensions. We were shafted. As the Union wanted rid of their own generous pension scheme they probably didn't want the fight. Try ending the "" unaffordable "" pensions of public servants today and see what happens.

You could say we were shafted, or you could say that RM can ultimately do what they want, as long as they stick to the right procedures – which they did. Union or not!

You do realise the RMSPS is also one of those unfunded and unaffordable public pension schemes, that is paid for by the tax payers of the UK?
In 2012 they took over around £28 billion of assets, the scheme now has liabilities of around £50 Billion.

Is there any chance this could go bust in years to come, and if so what would happen

[RobertT]

Funny how we're striking for better working conditions for 65 year olds and put up NO fight when pensions were been destroyed . I guess pensioner's are not union members so there was no interest.

The union, RM, government and the pensions industry and spent the last 5 years putting CDC legislation together to provide a better pension, than was offered by the company before the 4 Pillars negotiations.

If you think a pension is only for pensioners, I think you're missing the point.

The government didn't spend that long getting a better pension for MPs. What I'm saying as these strikes drag on and on , shame we never showed as much fight for our pensions. We were shafted. As the Union wanted rid of their own generous pension scheme they probably didn't want the fight. Try ending the "" unaffordable "" pensions of public servants today and see what happens.

You could say we were shafted, or you could say that RM can ultimately do what they want, as long as they stick to the right procedures – which they did. Union or not!

You do realise the RMSPS is also one of those unfunded and unaffordable public pension schemes, that is paid for by the tax payers of the UK?
In 2012 they took over around £28 billion of assets, the scheme now has liabilities of around £50 Billion.

Is there any chance this could go bust in years to come, and if so what would happen

If the RMSPS goes bust, it'll be at the same time as the whole country does!

When RM was privatised, the government took over the liabilities for our pensions up to 3st March 2012. They called that scheme the RM Statutory Pension Scheme(RMSPS).

In return for doing that, they helped themselves to the assets in the scheme at the time, which was about £28 Billion. That money was swallowed up by the treasury!

The current liabilities of the RMSPS are around £50 Billion, which sounds a lot. But I read somewhere fairly recently that the total public sector pension liability is about £2.4 Trillion.
To put it into context, the RMSPS makes up roughly 2% of that total public sector pension liability.

Both current, and more importantly future tax payers, will be paying for those public sector pensions, including the RMSPS, for decades to come.

[heapsy]

What happens if the lump sum from the new pension is greater than 25% of the total pot?

[heapsy]

What happens if the lump sum from the new pension is greater than 25% of the total pot?

[heapsy]

What happens if the lump sum from the new pension is greater than 25% of the total pot?

[rambo1]

Following on from the thread about the over 50s leaving the workforce in large numbers, i thought it would be interesting to see where people are in this forum with regards planned retirement age.

I am 52 and plan to finish around 57 if I can afford it.

What’s other peoples proposed age.

Currently 54 and plan to leave RM at 55.

I haven't ruled out getting a little part time job to bring in a bit of money and fill some time, but shouldn't have to.

I still intend to take my RM pensions at NRA!

Shhhh Robert, don't let on that you plan to go next yr if you want VR now

[RobertT]

What happens if the lump sum from the new pension is greater than 25% of the total pot?

The same as with the DBCBS and AVC's at the moment, the amount over 25% will be taxable.

[Wullie10]

Funny how we're striking for better working conditions for 65 year olds and put up NO fight when pensions were been destroyed . I guess pensioner's are not union members so there was no interest.

The union, RM, government and the pensions industry and spent the last 5 years putting CDC legislation together to provide a better pension, than was offered by the company before the 4 Pillars negotiations.

If you think a pension is only for pensioners, I think you're missing the point.

The government didn't spend that long getting a better pension for MPs. What I'm saying as these strikes drag on and on , shame we never showed as much fight for our pensions. We were shafted. As the Union wanted rid of their own generous pension scheme they probably didn't want the fight. Try ending the "" unaffordable "" pensions of public servants today and see what happens.

You could say we were shafted, or you could say that RM can ultimately do what they want, as long as they stick to the right procedures – which they did. Union or not!

You do realise the RMSPS is also one of those unfunded and unaffordable public pension schemes, that is paid for by the tax payers of the UK?
In 2012 they took over around £28 billion of assets, the scheme now has liabilities of around £50 Billion.

Is there any chance this could go bust in years to come, and if so what would happen

The government will always be able to afford their pension liabilities, no matter how large the sum. They will simply print the money as they did to bail out the banks and the covid farce. Unfortunately as we all know this will just create inflation. Its GCSE economics not Nobel Prize economics. So your pension won't go bust. You'll receive the money promised. Unfortunately it just won't have the purchasing power you thought it would.