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Taking Pension at 50 years ago

Royal Mail pension news and discussion.Please note the advise given in this forum is unofficial, please use the links we have for a more detailed response or see an independent financial adviser.
RobertT
EX ROYAL MAIL
Posts: 6645
Joined: 09 Sep 2007, 14:26
Gender: Male

Taking Pension at 50 years ago

Post by RobertT »

You took your NRA60 at 50, from what you say in 2009?

Everyone stopped building up NRA60 benefits in 2010, from then on it was NRA65 until 2018 and the DBCBS since, meaning everyone else has only got 1 more NRA60 year than you.
So the only reason you're likely to get less than others overall is because you've taken yours early!

In practice everyone is going to get a lot more back from the RM pension than they paid in, but you seem content to get back less than others. Which is obviously your choice.

You were keen to pay your mortgage off, which I can understand. But if you were going to sell up and move, would you be happy to get £30k, £40k or even £50k less than your house is worth?
I assume the answer would be no. So I don't understand why you're so pleased you've done that with your pension. :hmmmm

But each to their own and good luck for the future. :thumbup
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daveyeff
Posts: 4699
Joined: 12 Mar 2010, 19:38
Gender: Male

Taking Pension at 50 years ago

Post by daveyeff »

A hell of a lot of people are happy to receive less....as there are thousands taking them early..they take theirs for all sorts of reasons..the main point they are concerned about is that they are not losing money. Which of course...they aren't. But they know that paying for longer gives bigger returns. That is not rocket science
Last edited by daveyeff on 24 May 2020, 17:36, edited 1 time in total.
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TheStrangler
Posts: 218
Joined: 27 Jun 2017, 10:41
Gender: Male

Taking Pension at 50 years ago

Post by TheStrangler »

Personally speaking, I always intended to retire by 60 at the latest, so 'losing' 25% of nra65 was something I was prepared to do.
The way I look at this, if I reach state pension age and my rm pension is equal to that then I'll have done very well.
Some people (I know not always the case) manage ok on their state pension so to have double that amount in retirement is to my mind a very good outcome.
I don't tend to think that by retiring at, say 58 (27 years service) I'm losing 10 or 20k or whatever because who knows if I'd been around that long had I continued working, to collect it.
Think of it more of what you're gaining in terms of not having to get up at 4am and go to work every day. That's an acceptable trade off in my case anyway!
I'm afraid I've seen too many people, some with longer service than me, drop in their 60s. Some of those were hanging on for vr...
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