Just a general question on pensions guys, I would be thankfull of any help.
If you have a works pension and your contract of employment gets cancelled due to illness, what happens to your pension? Can you cash it in??
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Pensions??
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Lincox
- EX ROYAL MAIL
- Posts: 3485
- Joined: 09 Jan 2008, 18:07
- Gender: Male
Re: Pensions??
Has the company confirmed to you that you are unable to work in any capacity because of your medical condition. If this is the case then there should be some discussion going on with Royal Mail regarding the provision of an ill health pension. This is where the company's medical advisers have confirmed that you are unable to work in any capacity, and that you are eligible for ill health pension. Under these circumstances generally your pension will be based on the years of service that you would have completed with the company up to normal retirement age.
If this is not the case and you are able to work if not with Royal Mail but in some capacity elsewhere, then with Royal Mails consent you may be able to take your pension early, based on the number of years you have actually worked, and you would need to be over 50 years of age (possibly 55 now as I believe there may have been a change). Generally this would not be in your best interests as there would be some very high reductions as you would be taking your pension earlier than the normal pension retirement age. If you work elsewhere and there is a company pension, you should be able to transfer the benefits to your new employers scheme, which may be much more benefical than taking the Royal Mail pension now. You should seek independant financial advice before making any decisions. Please note that as an ex financial adviser I am basing this information of what I new to be the rules at that time (6-7 years ago) Times have changed and you should contact the Royal Mail Pensions Helpline for up to date info. They are very good. I have used them in the past.
If this is not the case and you are able to work if not with Royal Mail but in some capacity elsewhere, then with Royal Mails consent you may be able to take your pension early, based on the number of years you have actually worked, and you would need to be over 50 years of age (possibly 55 now as I believe there may have been a change). Generally this would not be in your best interests as there would be some very high reductions as you would be taking your pension earlier than the normal pension retirement age. If you work elsewhere and there is a company pension, you should be able to transfer the benefits to your new employers scheme, which may be much more benefical than taking the Royal Mail pension now. You should seek independant financial advice before making any decisions. Please note that as an ex financial adviser I am basing this information of what I new to be the rules at that time (6-7 years ago) Times have changed and you should contact the Royal Mail Pensions Helpline for up to date info. They are very good. I have used them in the past.
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POSTMAN
- SITE ADMINISTRATOR
- Posts: 32695
- Joined: 07 Aug 2006, 03:19
- Gender: Male
Re: Pensions??
Moved to the pension forum,we have a few regulars who look in here who seem clued up on this stuff.
I Wrote-During Covid-Which is still relevant now
It's good to get these types of threads, the ridiculous my manager said bollox, so we can reassure ourselves that while the world is falling apart, Royal Mail managers are still being the low-life C***S they have always been.
My BFF Clash
The daily grind of having to argue your case with an intellectual pigmy of a line manager is physically and emotionally draining.
It's good to get these types of threads, the ridiculous my manager said bollox, so we can reassure ourselves that while the world is falling apart, Royal Mail managers are still being the low-life C***S they have always been.
My BFF Clash
The daily grind of having to argue your case with an intellectual pigmy of a line manager is physically and emotionally draining.
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k979aaa
- Posts: 12578
- Joined: 03 Sep 2007, 19:14
- Gender: Male
- Location: THE NORTH
Re: Pensions??
How long have you worked for royalmail and been in the pension?.