Am I correct in saying that at age 65 someone in section c should have been options in how to take their age65 pension?
As I have a colleague who says he never received anything, and looking at his recent statement it shows he has not taken them.
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Section C member age 65 benefits
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grchpo
- Posts: 488
- Joined: 16 Mar 2019, 13:59
- Gender: Male
Re: Section C member age 65 benefits
Should receive option forms about 3 months before birthday to be returned, has he already received his 60 benefits
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RobertT
- EX ROYAL MAIL
- Posts: 6644
- Joined: 09 Sep 2007, 14:26
- Gender: Male
Re: Section C member age 65 benefits
As has been said, they should have received forms around 3-4 months beforehand.
Is there a reason they might not have done? Such as they've moved house and not told the RMPP/RMSPS?
I should get your colleague to contact them as soon as possible, because they won't get any extra pension if they fail to take it at NRA.
Links to all RM pension related websites are here
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rkss
- Posts: 39
- Joined: 26 Mar 2021, 09:54
- Gender: Male
Re: Section C member age 65 benefits
Yes, I have advised them to contact pensions urgently, he thinks he probably has not opened up the mail..... Hopefully he will make the call today
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rkss
- Posts: 39
- Joined: 26 Mar 2021, 09:54
- Gender: Male
Re: Section C member age 65 benefits
Robert I have another question please, if he now takes his age65 pension, he will get his cash balance scheme paid out as well? Will he then not be paying into anything as he's still working and not retiring yet.
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RobertT
- EX ROYAL MAIL
- Posts: 6644
- Joined: 09 Sep 2007, 14:26
- Gender: Male
Re: Section C member age 65 benefits
The Cash Balance is part of Age65 benefits, so yes it will be paid out aswell.
As soon as you take Age65, that's it as far as the RMPP is concerned, you can't pay any more in.
He can then join the RMDCP via Scottish Widows, which as things stand, he will be auto enrolled into at some point. But I would suggest he joins as soon as possible, to take advantage of the 'free money'.
There's a link to the RMDCP on the pension websites stickie.
The new CDC scheme should be along in due course, probably sometime in 2024. Which he should also be given the opportunity to join instead.
Links to all RM pension related websites are here