60 pension

[Postmangit]

Has anybody recently received their 60 pension lump sum, just wondering does it come into your bank as stated on your birthday, or can it be a day either side? Thank you.

[Ted the dog]

Mine was 2 months late but it was back dated

[mrcurve]

Don't think your find they pay on your birthday, pensions are paid at the end of the month, but as capita just about never pay on time it might be the following month.

[grchpo]

The lump sum should be paid on your birthday

[Spartacus]

Was 10 weeks after my 60th, Capita were atrocious.

[Postmangit]

To get your lump sums so late, did you complete the paperwork in good time?

[Wullie10]

How would anyone know if the paper work was in on time as Capita do not communicate ? Sheffield sent me a letter to say all is fine , a lifetime allowance certificate and payment to be made on my birthday. They also stated Capita should do the same. If you don't hear from Capita email or ring them. I've done both , the letter is out in the post today I was told.... 3 weeks ago. No answer from the email. I really hope Capita lose the contract. My guess is if you do not get the paperwork in on time and it is incorrect then you are in for a long long wait.

[Hyrrokkin]

Capita are a disgrace...they have to lose the contract

[RobertT]

Capita are a disgrace...they have to lose the contract

For anyone who's interested, more info on the bidding process for the RMSPS contract are in these links:

https://www.gov.uk/government/publicati ... assessment

https://bidstats.uk/tenders/2022/W10/770507244

[postypie]

Hello guys.
Talking about taking your pension at 60 as opposed 65 what are the benefits and or downfalls?
How much do you lose out if you take it out at 60 if anything?
Seems like most if not all my workmates in their 50s are taking theirs at 60 !?!

[heapsy]

You will lose 25% of your NRA65 pension if you take it at 60. That also includes 25% of your lump sum.

[RobertT]

Hello guys.
Talking about taking your pension at 60 as opposed 65 what are the benefits and or downfalls?
How much do you lose out if you take it out at 60 if anything?
Seems like most if not all my workmates in their 50s are taking theirs at 60 !?!

There are pros and cons with taking it early, but generally speaking and based on averages, you'll get more on a monthly basis aswell as overall, when taken at NRA.

There's no benefit at all in deferring past NRA.

[freespeech]

You will lose 25% of your NRA65 pension if you take it at 60. That also includes 25% of your lump sum.

This is true but, as ever, it's never as easy as that. You also need to consider that you will get 5 years of reduced pension (before NRA was due) and then consider the difference between the pension taken at NRA and at 60. Using the usual calculations it would take 15 years to be worse off on the pension side in isolation. So you would be "better off" overall until aged 75.

[Postmangit]

Well it’s Saturday & my 60th birthday was on Wednesday just gone. I received the small Royal Mail lump sum, but nothing from Capita the big one as yet. Apparently it’s all to do with Royal Mail letting capita know that they have payed me their bit, then capita can pay me their bit, this is what I was told in my phone call to capita on Thursday. I’m still waiting.

[NorthernBoy]

Hello guys.
Talking about taking your pension at 60 as opposed 65 what are the benefits and or downfalls?
How much do you lose out if you take it out at 60 if anything?
Seems like most if not all my workmates in their 50s are taking theirs at 60 !?!

Its really down to personal preferences when you take your pensions, everyone’s circumstances are different.

Yes you take a hit of 5% per year for taking early, but in theory you should draw your pension for longer.

Personally I am now thinking of taking everything at 55 despite the reduction. It will increase my cash flow and give me options for an earlier retirement or working less days.