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pension transfer

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.
osheer
Posts: 1
Joined: 18 Jan 2023, 11:30
Gender: Male

pension transfer

Post by osheer »

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

Post by Jaggs »

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

Post by RobertT »

osheer wrote:
18 Jan 2023, 11:36
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.
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! :thumbup

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