Pension.. 35 years service

[roadrunner bill]

I'm 55.. and read lots about taking pension at 55... all of it nra 60 and nra 65.... at 55... but lose a lot if you do...

But the job has become to extreme to do now.. and im failing badly to do the job... severe pain in the hips...

And want to take all my pensions... now..

I'm dont really know what to do... I feel I cannot.make the nra 60 and 65... as its just to much...

Any advice to help would be appreciated.

[NorthernBoy]

As a general rule you will lose 25% of your NRA60 and 50% of your NRA65 if you take them at 55.

My advice however would be to contact RMPP and capita to get exact figures, you can do this online.

Once you get your figures you can then decide if this is enough for you to live on / retire. Or perhaps the money could help you reduce your hours or find a less physical job.

Knowing the figures is key to any decisions you make.

[freespeech]

As a general rule you will lose 25% of your NRA60 and 50% of your NRA65 if you take them at 55.

My advice however would be to contact RMPP and capita to get exact figures, you can do this online.

Once you get your figures you can then decide if this is enough for you to live on / retire. Or perhaps the money could help you reduce your hours or find a less physical job.

Knowing the figures is key to any decisions you make.

This site often shares the (real) loss of the 5% per year but rarely mentions that taking both at 55 also gives an additional 5 years of NRA60 and 10 years of NRA65. As ever, it's never clear cut. If you do the sums it's often around the 20 year point when taking the pension early starts to cost money in real terms.

[milly]

You don't lose anything, because you haven't paid in from 55 to 60 or from 55 to 65.
You will receive the correct Pension for your 35 years contributions.

[roadrunner bill]

You don't lose anything, because you haven't paid in from 55 to 60 or from 55 to 65.
You will receive the correct Pension for your 35 years contributions.

Thank you.. for this..

[RobertT]

Financially it's hard to justify taking your pensions early, because not only do you get less per month to live on compared to taking them at NRA, but based on average life expectancy you'll get less overall aswell.

I agree with Freespeech, the break even age for taking Age60 pension is 20 years after 55(ie age 75). But if you also commute some pension to get the maximum tax free lump sum(similar 5% per year hit), that reduces to more like 15 years(age 70).
An average 55 year old today is expected to live to 84(male) and 87(female).

Ultimately, whether you win financially will come down to when you die!

At the same time you're potentially making an important life decision that can have a big impact on you as a person for years to come. I can say with experience, my body is thankful I no longer walk 10 miles a day.

Get quotes and decide if it's enough to jump ship and if you can't retire completely, look at semi retirement doing something that has less impact on your body.

There is no definitive right or wrong answer. The important thing is you make the right decision for you!

[ihatedogs]

Just want to add that, if you take on a more suitable job outside of RM, you'll be able to pay into their company pension until you retire so whilst taking your RM pension early, you can mitigate some of the "losses" by continuing contributions with your new employer.

[Chelseablue]

Roadrunner , same boat as youreself . Hip bursitus/ gluteal tendiopathy in both hips . Had this for a few years now, very painful. 25 years in , will i manage this new crazy workload / longer deliveries or be forced out on the scrapheap . The pension does your head in, Capita still not got back to me regarding finding out bout mine. Wife nipping my head about it too lol . good luck

[Winseer]

I turn 60 this year.
I don't know how to go about claiming what I hope will be my full pension though.
I left RM some years ago, so presumably my old-style pension will be fully paid up at this point....

Any advice, links to the genuine pension providor that has my file please?