courier pension pullout

[stodgy88]

Flexible retirement -taking pension early but carrying on working ,will the lumpsum be paid early or just reduced pension ---anybody know-cheers

[heapsy]

A work mate of mine took his pension, a lump sum, then managed to get a pay out for a buy down and is still working for RM.

[BELIAL]

A work mate of mine took his pension, a lump sum, then managed to get a pay out for a buy down and is still working for RM.

You mean the poor buggers pension wasn't enough to live on

[heapsy]

A work mate of mine took his pension, a lump sum, then managed to get a pay out for a buy down and is still working for RM.

You mean the poor buggers pension wasn't enough to live on

Actually he did quite well out of the pension. He's got 20+ years in and joined before the changeover to POPS. I knew what he got, but genuinely cannot remember the figures now. His house is almost/ has been paid for and he has another pension from another employer coming his way next year when he reaches 65, plus of coarse the state pension.

[RobertT]

You can take both your lump sum and pension from aged 50 or 55 from April 2010. But it's generally not a very good idea to take either before 60 due to reductions for early payment.

[don]

its a good idea if you dont live many years once you turn 60 so to say its not a good thing to take your pension early is wrong as you dont know how long you are going to live if you take your pension at 55 and you live to 65 it was good that you took your pension early but if you live to 80 not so good so the choice is not easy.

[RobertT]

Obviously nobody knows how long they're going to live and if you have some kind of fatal disease then taking your pension early may well be the best option. But average life expectancy is in the 80's so in 'general' it is not cost effective to take it early.

[stodgy88]

to say its not a good idea to take pension early because of reductions is debateable i-i can get a extra £90 aweek for a extra 8 years sound not a bad idea to me personally.

[heapsy]

You can take both your lump sum and pension from aged 50 or 55 from April 2010. But it's generally not a very good idea to take either before 60 due to reductions for early payment.

He was at least 60 when he took it, so was probably the right thing for him, given that the pension arrangements have now changed. The rest of us are being stitched up big time.

[heapsy]

Obviously nobody knows how long they're going to live and if you have some kind of fatal disease then taking your pension early may well be the best option. But average life expectancy is in the 80's so in 'general' it is not cost effective to take it early.

Actually the latest figures just published for the UK is 78 years.

[RobertT]

to say its not a good idea to take pension early because of reductions is debateable i-i can get a extra £90 aweek for a extra 8 years sound not a bad idea to me personally.

Yes but your pension is there to provide an income when you pack up work,not give you more cash to spend now.

[RobertT]

Actually the latest figures just published for the UK is 78 years.

The figures I use are here:
http://www.statistics.gov.uk/cci/nugget.asp?ID=168" onclick="window.open(this.href);return false;

I know these are a bit out of date but presumably they are now higher! Interestingly a new born is expected to live to 77(men) and 81(women),but when you hit 65 it's 82(men) and 85(women).

[don]

if your pension is £100 per week at 60 and you take it at 55 you would get 25% less equals £75 per week but you would be getting it for 5 years longer,given the bad postion of the post office pension ie will it pay out or go skint it might not be a bad idea for some people who can take there pension to take it why they can how many times have you seen on tv how people havent got there pensions because there company gone skint.

[RobertT]

if your pension is £100 per week at 60 and you take it at 55 you would get 25% less equals £75.

No you wouldn't because you would have done 5 years less service!

[don]

in my case my pension as it stands now at 60 i would get £100 but if i take it at 55 it would be £75 do you now understand.