Pay off package + Pension

[Joandsteve]

Due to the fact the office where my husband works is relocating he has been told what his redundancy package is but how can he find out what he will get pension & pension lump sum. He is 54, 55 next July & has worked for Royal Mail full time for 25 years
He did ring the pension service but they couldn't tell him
Thanks in advance for any help[size=150][/size]

[TrueBlueTerrier]

Due to the fact the office where my husband works is relocating he has been told what his redundancy package is but how can he find out what he will get pension & pension lump sum. He is 54, 55 next July & has worked for Royal Mail full time for 25 years
He did thing the pension service but they couldn't tell him
Thanks in advance for any help

If he has his latest pension mailing from April/May that includes a representation of what pensions he will/can get and when and what penalities there are.

IIRC he will be entitled to 2 one at 60 (which he can take earlier but has to surrender 5% for each year he takes it early up to a maximum of 5) and another which he is entitled to at 65 (again with the 5% per year up to a maximum of 5)

However, someone with more experience in Pension matters will post at some time.

[RobertT]

Due to the fact the office where my husband works is relocating he has been told what his redundancy package is but how can he find out what he will get pension & pension lump sum. He is 54, 55 next July & has worked for Royal Mail full time for 25 years
He did ring the pension service but they couldn't tell him
Thanks in advance for any help

He won't be able to take any of his pension until he's at least 55 (unless he's retired by RM due to ill health), so if he plans to take it next year, it's probably best to wait until a bit nearer the time to contact the service centre. In the meantime, this years annual pension statement should arrive towards the end of August and that should give him some idea.

But if he does take it at 55, the pension accrued before April 2010 will suffer a 25% hit (5% per year before 60) and the post April 2010 pot will suffer a 50% hit (5% per year before 65). As far as I'm aware there is no 5 year maximum as TBT suggests.