VR and pensions

[v888non]

As there is constant talk about VR in most offices can anyone tell me what happens with the pension after taking VR. I know the pension gets frozen but are there any other options?

Thanks

[RobertT]

As there is constant talk about VR in most offices can anyone tell me what happens with the pension after taking VR. I know the pension gets frozen but are there any other options?
Thanks

Assuming you are under 55 when you take VR, then your pension will be deferred and will increase with inflation until you take it. As the RM pension is now predominantly funded by the government/taxpayer I believe there is no longer an option to transfer it.
If you’re 55 or over you would be taking EVR and your pension would be paid out with an enhancement.

[dvbuk55]

Private pensions are a bonus when you retire until you reach 65 and then your OAP value is deducted from your tax allowance - hence your £7500 old age pension is deducted from your tax allowance leaving only the balance you can earn in other pensions around £3100 before paying tax. Whilst working over 65 and in receipt of the pensions I could only earn £610 a year before paying tax.