Pensions

[Kesknight]

In 18 months time i'll be 58 years old and i'll have done 40 years with Royal Mail. If i decide to retire will i be able to take my pension right away?

[Hitcher]

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[Navalron]

In 18 months time i'll be 58 years old and i'll have done 40 years with Royal Mail. If i decide to retire will i be able to take my pension right away?

You can take it just now. But get proper advice. You will be in section A,B, C , the one that's just changing. But you have a full pension as 40 years is the most that they will pay out and other bits longer. It's a minefield. Same as me with my navy pension when I turned 55 2 years ago and my RM pension and now much DWP civil service pension. The tax man gets you no matter what but you can play the game with them and make your tax bill hundreds of pounds instead of thousands. That's why you need to get advice from nationwide, my building society and got excellent advice, or whoever you bank with. Good luck.

[Walter sobchak]

In 18 months time i'll be 58 years old and i'll have done 40 years with Royal Mail. If i decide to retire will i be able to take my pension right away?

40 years, respect.

I can’t imagine how many changes you’ve seen over those 40 years!!

Are you planning on retiring full stop or maybe a part-time job outside of Royal Mail?

[RobertT]

You will be in section A,B, C , the one that's just changing. But you have a full pension as 40 years is the most that they will pay out and other bits longer. It's a minefield.
That's why you need to get advice from nationwide, my building society and got excellent advice, or whoever you bank with. Good luck.

You're a bit out of date there!
It changed to 45 years back in 2010 if I remember correctly and only applies to pension accrued via final or average salary anyway, so that's Age60/65 upto 2018.

In practice the OP will only have a maximum of 31 years actual pension in the RMSPS/RMPP, unless they either bought added years or transferred in another pension. With the remaining 9 years in 18 months time, being in the DBCBS(6.5) and the RMCPP(2.5).
It sounds like they'll be on the cusp of sections B & C for their RMSPS/RMPP benefits.

As for getting financial advice from banks, they are usually restricted advisors so will only offer advice that's in the best interests of themselves or their affiliated partners.

[Kesknight]

In 18 months time i'll be 58 years old and i'll have done 40 years with Royal Mail. If i decide to retire will i be able to take my pension right away?

40 years, respect.

I can’t imagine how many changes you’ve seen over those 40 years!!

Are you planning on retiring full stop or maybe a part-time job outside of Royal Mail?

Not sure yet, i still like the job. So maybe reduce days.

[Jeppol]

I was going to retire at 60 in 14 months time but I think I'm going to go sooner, just waiting my pension papers to arrive. I'm going to take the nra 60 pensions which will give me about £45k lump sum & about £8600 pension. I'll leave the nra 65 & cash balance to grow & draw upon them when the lump sum runs out.