ill health retirement/lump sum/pension

[postiepoo]

I hope someone on this forum could advise me on my options (if any) with either withdrawing the amount payed into the Royal Mail pension scheme, or claiming the pension on ill health grounds.

I didn't work for the company very long, and only clocked up 4 years service. At least 3 years of this I was paying into the pension. I started on 40 hours driving nights, which was great and felt I had a future with the company. However, the driving duties were cut and soon after I was given part time duties on various shifts. I tried desperately to get a permanent duty but due to my seniority was always last in line and had to 'put up or shut up' with whatever was left. My health deteriorated and I was diagnosed with depression which is still affecting me today.

I was retired last year and received an ill health lump sum, as I am still relatively young at 35 and did not receive the pension option.

As funds are now running low and I am still unable to work I spoke to a pension adviser last week to see what my options were. She was pleasant enough but not very helpful. I asked if I could get just the money I paid in, the answer was no. I also asked if I could draw the pension, but was told that as I had taken the lump sum and it was under two years since I left the lump sum would have to be paid back. If I was to draw it two years since the lump sum was paid I would NOT have to pay it back. Problem being that date is still over a year away.

I fear that 3 years paid pension will disappear or be worth nothing by the time I meet the increasing retirement age and could also really do with any extra funds now. Can anyone help with any options available to me, I will be writing to the pension service centre for further information but would appreciate any suggestions from the members of this forum.

Thanks in advance

[RobertT]

I asked if I could get just the money I paid in, the answer was no.

You can only get a refund if worked for less than 2 years.

I also asked if I could draw the pension, but was told that as I had taken the lump sum and it was under two years since I left the lump sum would have to be paid back. If I was to draw it two years since the lump sum was paid I would NOT have to pay it back. Problem being that date is still over a year away.

If that's the rules then there's not a lot you can do.

I fear that 3 years paid pension will disappear or be worth nothing by the time I meet the increasing retirement age

The pension you recieve when the time comes won't be huge anyway if you only paid into it for 3 years and taking the ill health lump sum would have reduced it even more. But the pension you have built up should be slowly increasing with inflation each year, so in value for money terms, it will keep it's current value.

[easter bunny]

As you were given IHR with lump sum (you could have appealed that ) your pension will be frozen until 60/65. You will only be able to access that at 55 and in the event of that it will be reduced for early payment. Therefore, you would not get a lot anyway.As you only had a few years in anyway your pension if they had given you that would not have been increased by that much anyway given your small length of service. So the lump sum you were given, would have been a lot more than your lump sum in your pension would have been.

[postiepoo]

Thanks for your replies, looks like I'm in for a long wait til I get my hands on the monies.

Oh well, gives me something to look forward to.