AVCs

[yorkmover123]

Recently received my Royal Mail statutory pension scheme benefits and used one of my AVCs part of my lump sum.
Royal Mail are still deducting from my pay into the AVC policy , I would of thought that the policy would not continue to my NR65

[robking]

Is it Bonusplan or Flexiplan? Bonusplan, which is a fixed £2.88pw for Section C members only, has to continue until NRA65 or until you leave the business whichever's first.
You can stop paying into Flexiplan whenever you want.

[freespeech]

Is it Bonusplan or Flexiplan? Bonusplan, which is a fixed £2.88pw for Section C members only, has to continue until NRA65 or until you leave the business whichever's first.
You can stop paying into Flexiplan whenever you want.

I think Bonusplan will also stop when we move to the new NRA67 pension scheme....whenever that will be.

[robking]

Is it Bonusplan or Flexiplan? Bonusplan, which is a fixed £2.88pw for Section C members only, has to continue until NRA65 or until you leave the business whichever's first.
You can stop paying into Flexiplan whenever you want.

I think Bonusplan will also stop when we move to the new NRA67 pension scheme....whenever that will be.

You are correct about Bonusplan ending and being made paid up.
The new CDC pension won't be NRA67 as such, members will be able to pay into it until the age of 67 if they want but they will also be able to retire and take a pension anytime after they reach the minimum age which is 55 at the moment, going up to 57 in 2028.
Obviously the longer you stay in the CDC scheme, the more money you'll get out of it,

[RobertT]

Is it Bonusplan or Flexiplan? Bonusplan, which is a fixed £2.88pw for Section C members only, has to continue until NRA65 or until you leave the business whichever's first.
You can stop paying into Flexiplan whenever you want.

I asked the PSC a while ago, whether it was possible to stop paying into Bonusplan but still stay employed. They told me in writing that it was possible, but I would cease to be an active member of the RMPP and so payments into the DBCBS would also stop.

[RobertT]

I think Bonusplan will also stop when we move to the new NRA67 pension scheme....whenever that will be.

Both Bonusplan and Flexiplan will stop.

[RobertT]

The new CDC pension won't be NRA67 as such, members will be able to pay into it until the age of 67 if they want but they will also be able to retire and take a pension anytime after they reach the minimum age which is 55 at the moment, going up to 57 in 2028.
Obviously the longer you stay in the CDC scheme, the more money you'll get out of it,

The CDC pension aims to provide similar benefits to a DB scheme in the form of a lump sum and income for life, plus spouses benefits on death.
Any decision to take it before the NRA of 67 will see a reduction in benefits, just as it does with the current NRA60 and NRA65 pensions.

Anyone still employed by RM after the age of 67 will be able to continue to pay into the CDC scheme if they choose.

[NWpostie]

I think Bonusplan will also stop when we move to the new NRA67 pension scheme....whenever that will be.

Both Bonusplan and Flexiplan will stop.

I take it the money will continue to invested and acrue in value until you claim it.

[RobertT]

I think Bonusplan will also stop when we move to the new NRA67 pension scheme....whenever that will be.

Both Bonusplan and Flexiplan will stop.

I take it the money will continue to invested and acrue in value until you claim it.

It'll continue to be invested in the funds you choose. Whether it goes up or down in value will depend on the performance of those funds.