Pension statement help

[Downeagle]

As a full time postman for the past 10 years and hopefully for the next 10 when I hope to retire could someone please confirm:
1. NRA 60 I can take when I am 60 years old
2. NRA 65 is my pension guesstimate that I could receive at 65 years old
3. For a lump sum at 65 I trade in part of my monthly pension at a given ratio of £1 to whatever

I don't believe I've missed anything here but it's the clarification I am hoping to clear up here, thanks in advance.

[RobertT]

As a full time postman for the past 10 years and hopefully for the next 10 when I hope to retire could someone please confirm:
1. NRA 60 I can take when I am 60 years old

You can take it any time after 55 but it would be reduced. So 60 is the optimum age. The figure quoted is what you’ll get at 60 although it will increase with inflation each year up to the age at which you take it.

2. NRA 65 is my pension guesstimate that I could receive at 65 years old

The NRA65 figure is based on what you might get if you carry on working for RM until 65 and yes it is really just a guestimate that probably gets more accurate the closer to 65 you get. If you leave RM before 65 the figures quoted won’t apply.

3. For a lump sum at 65 I trade in part of my monthly pension at a given ratio of £1 to whatever

Yes and you can take a lump sum at 60 aswell. In my opinion you should ideally try and fund the lump sum with AVC’s if possible.

[Downeagle]

Thanks Robert I'll certainly look into AVC contributions