65 benefits

[RICARD020191962]

I've just received this years pension statement and having already received my 60 benefits I'm only really interested in how much my 65 benefits will be. Can anyone tell me how they are paid please? Do you still get to choose the lump sum option with monthly payments as per the 60 benefits or is there another way of getting the pension paid. Just can't find the answer anywhere so hoping that someone here can enlighten me.

[vmaxv4]

When did you start? Section A/B

[RICARD020191962]

1998, section C I believe

[RobertT]

You have the same options as with your NRA60 benefits, except you also have the Cash Balance(DBCBS) to factor in.

That's designed to fund the tax free cash so you don't have to give up any pension. But if you want the maximum lump sum possible(not all tax free), you can commute some pension and take the DBCBS aswell.

More details are on the RMPP website and you'll be given options when you take your benefits.

[vmaxv4]

Ah! Sorry.. Only familiar with section A/B forms & process.

[RICARD020191962]

Thank you Robert, not quite at the option choosing stage yet but nice to know that help is at hand on this forum when the time comes. Very helpful

[Wullie10]

Most would take the maximum lump some. Having said that if you continue working beyond 65 the taxable part of the lump sum would be classed as income and possibly push you into a higher tax bracket which will affect your take home pay for the rest of that tax year. Unfortunately until the time arrives you'll not have much idea how much lump sum will be taxed. In an ideal world most would leave on their 65th birthday. But obviously not everyone can do that. State retirement age is 67.

[RobertT]

State retirement age is 67.

State pension age is currently 66, and due to rise to 67 between 2026 and 2028.

There's legislation in place for it to increase to 68 between 2044 and 2046, but may well be brought forward. Probably to some time in the 2030's.

It may rise further in the future.

[Gary55]

Oh well it could be worse like if we were doing a physical job for instance .
I could work until 67 plus if sat on my backside like the politicians making these decisions

[NWpostie]

Oh well it could be worse like if we were doing a physical job for instance .
I could work until 67 plus if sat on my backside like the politicians making these decisions

Along with robbing pensioners of winter fuel payment, Labour will be after our pension tax relief and triple lock, while taking taking freebies off lobbyists.

I never thought I would say this, this current Labour is worse than the Tories.

[milly]

Oh well it could be worse like if we were doing a physical job for instance .
I could work until 67 plus if sat on my backside like the politicians making these decisions

Along with robbing pensioners of winter fuel payment, Labour will be after our pension tax relief and triple lock, while taking taking freebies off lobbyists.

I never thought I would say this, this current Labour is worse than the Tories.

Labour are excellent if you work in the public sector, 30% employer pension contributions are more than generous.
It looks like they are transferring wealth from the working class to the government workers.

[Wullie10]

Oh well it could be worse like if we were doing a physical job for instance .
I could work until 67 plus if sat on my backside like the politicians making these decisions

Along with robbing pensioners of winter fuel payment, Labour will be after our pension tax relief and triple lock, while taking taking freebies off lobbyists.

I never thought I would say this, this current Labour is worse than the Tories.

Labour are excellent if you work in the public sector, 30% employer pension contributions are more than generous.
It looks like they are transferring wealth from the working class to the government workers.

Hence the rise of the "" far right " as they like to call anyone who disagrees with them. It was obvious workers pension pots were going to be raided. Gordon Brown did it and so did Marget Thatcher.