ANNOUNCEMENT : ALL OF ROYAL MAIL'S EMPLOYMENT POLICIES (AGREEMENTS) AT A GLANCE (Updated 2021)... HERE
ANNOUNCEMENT : PLEASE BE AWARE WE ARE NOT ON FACEBOOK AT ALL!
ADVICE NEEDED
-
ldsposti
- EX ROYAL MAIL
- Posts: 376
- Joined: 06 Nov 2008, 18:43
- Gender: Male
ADVICE NEEDED
Hi need some help here on our pension we have 2 people in our office 1 aged 57 and 4yrs service the other aged 57 and 15yrs, both been told by a number of managers to pull thier pension out, question is how much of thier pension would they lose and would you say this is good advice, any help on this would be a great help.
-
POSTMAN
- SITE ADMINISTRATOR
- Posts: 32587
- Joined: 07 Aug 2006, 03:19
- Gender: Male
Re: ADVICE NEEDED
Blimey i'm no expert and i'm sure others in the know may give better advise but i would say it's a bad thing.
I Wrote-During Covid-Which is still relevant now
It's good to get these types of threads, the ridiculous my manager said bollox, so we can reassure ourselves that while the world is falling apart, Royal Mail managers are still being the low-life C***S they have always been.
My BFF Clash
The daily grind of having to argue your case with an intellectual pigmy of a line manager is physically and emotionally draining.
It's good to get these types of threads, the ridiculous my manager said bollox, so we can reassure ourselves that while the world is falling apart, Royal Mail managers are still being the low-life C***S they have always been.
My BFF Clash
The daily grind of having to argue your case with an intellectual pigmy of a line manager is physically and emotionally draining.
-
dean07
- EX ROYAL MAIL
- Posts: 48
- Joined: 07 Apr 2009, 15:05
- Gender: Male
Re: ADVICE NEEDED
You lose 5% for every year you take it before 60
-
fishtank
- Posts: 19732
- Joined: 28 Sep 2007, 17:22
- Gender: Male
Re: ADVICE NEEDED
Same here POSTMAN...i'll leave this to Robert and easter bunny but...is it even possible to pull it out without somewhere to put it...like a transfer?
good times, bad times you know I've had my share
-
RobertT
- EX ROYAL MAIL
- Posts: 6548
- Joined: 09 Sep 2007, 14:26
- Gender: Male
Re: ADVICE NEEDED
It depends what your definition of 'pull their pension out' is.ldsposti wrote:Hi need some help here on our pension we have 2 people in our office 1 aged 57 and 4yrs service the other aged 57 and 15yrs, both been told by a number of managers to pull thier pension out, question is how much of thier pension would they lose and would you say this is good advice, any help on this would be a great help.
If you mean taking their pension, then for pre 2010 benefits they will lose 5% per year before age 60 and for post 2010 benefits they will lose 5% per year before age 65. Whether it's a good idea for them would depend on their personal circumstances.
If you mean transfer it to another pension, then that is the one of the worst things you can ever do with a salary based pension scheme. The pension mis-selling scandal of the late 80's was caused by people being wrongly advised to join a personal pension instead of their company scheme and the same applies now.
Links to all RM pension related websites are here
-
ldsposti
- EX ROYAL MAIL
- Posts: 376
- Joined: 06 Nov 2008, 18:43
- Gender: Male
Re: ADVICE NEEDED
Thanks Robert the picture is now clearer 
-
easter bunny
- Posts: 378
- Joined: 01 Jul 2007, 20:08
Re: ADVICE NEEDED
ldsposti wrote:Hi need some help here on our pension we have 2 people in our office 1 aged 57 and 4yrs service the other aged 57 and 15yrs, both been told by a number of managers to pull thier pension out, question is how much of thier pension would they lose and would you say this is good advice, any help on this would be a great help.
The Managers are in fact, breaking the law in giving 'advice', as they are not regulated by the FSA. In truth Im amazed that they think they know best when in fact they know nothing.
Keep the Pension there until the RM give the Colleagues EVR or qualify for IHR . With 4 years service and a 5% hit , it would not be worth it anyway to pull it now. If the 2 did take their, Pension out now for example, then given EVR in a few months, they would lose the 5+ years that the RM would enchance it by- thus saving the business money.
IF IT WERE ME, I WOULDNT TOUCH IT....
IF I WERE WORKING IN THE OFFICE, I WOULD GET THE MANAGERS 'ADVICE' IN WRITING-THEN REPORT THEM...