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!
pension transfer
-
osheer
- Posts: 1
- Joined: 18 Jan 2023, 11:30
- Gender: Male
pension transfer
I took early retirement at 55 in 2019 with a 25% drawdown. I now need to access my pension pot. Can I drawdown again. If not, can I transfer my pension pot to Pension Bee.
-
Jaggs
- Posts: 134
- Joined: 18 Jan 2011, 11:18
- Gender: Male
Re: pension transfer
Which pension scheme are you in? If it is one of the defined benefit plans then once you've started taking it I don't think any transfer is possible. If it is the RM defined contribution plan then you should be able to transfer it
-
RobertT
- EX ROYAL MAIL
- Posts: 6644
- Joined: 09 Sep 2007, 14:26
- Gender: Male
Re: pension transfer
Please give as much info as possible, the main one being which RM pension scheme you're actually in!
I would echo what Jaggs wrote!
From what you've said, it sounds like you're in the RM Defined Contribution Plan with Scottish Widows, formerly Zurich?
You will have joined RM some time after 1st April 2008!
In which case, you've taken the 25% tax free lump sum and you have some residual cash left in the pot?
I don't think the RMDCP allows drawdown directly, so you would have to transfer out to another Defined Contribution pension arrangement.
A quick Google suggests Pension Bee does offer drawdown, as do most if not all other DC pension providers.
If on other hand, you joined RM(or the pension) before 1st April 2008, you'll be in the Defined Benefit scheme, administered by the RMSPS(up to 2012) and the RMPP(after 2012).
If that's the case, then you've taken your lump sum and are also in receipt of your pension. Which means you are not allowed to transfer it at all and you'll get that income for the rest of your life.
Links to all RM pension related websites are here