Section c bonus plan the one that was £2.88 pw

[Dogbone1510]

Hi just a quick one does anyone know if you can cash the
Section c bonus plan which has just closed in October and how you would do it?

[Hyrrokkin]

I assume you mean AVC bonus plan

I closed mine just a few weeks ago (going through the process now)

Contact RMPP (phone/email) and they will send out the forms - pretty quick and easy to fill in.
A reminder though that you have 12 weeks from dated forms to get it done.

[Dogbone1510]

Apologies to ask but did they make any deductions from what royal mail.paid I'm off the top of my head can't rember what they were adding?

[RobertT]

You can't access your Bonusplan directly, but you can transfer it out to a personal pension and then access it from there.
Normal DC pension rules will then apply to it – ie 25% is tax free and the rest classed as income and taxed under normal PAYE rules.

The transfer is at face value.

[Dogbone1510]

Ah OK I'm only 45 and was thinking of maybe trying to cash it in for other things but dosnt sound possible??

[RobertT]

Ah OK I'm only 45 and was thinking of maybe trying to cash it in for other things but dosnt sound possible??

Nope.
You can transfer it, but you won't be able to access it until you're 57(assuming they don't increase the age again before you get there).