55th birthday

[Sherbo1960]

Hi guys
Apologies if this question has already been asked/ answered but with a PC that keeps freezing whilst scrolling I thought this would be quicker..

I`ve heard different answers to my query even from the RM pension people.

If I take my reduced pension at 55 when do I receive my lump sum payment? On my actual birthday ( Monday ) or at the end of the month ? I am paid monthly hence ( end of month ).

A work colleague was 60 on the 16th of month and didn`t receive his lump sum till the 30th..... So if this is the case with monthly paid staff a member could turn 55 on the 1st August but not receive his lump sum till the 31st August.

Cheers

[RobertT]

To be honest I don’t know the answer to your question so I can only guess.

Whether you’re paid weekly or monthly now would be irrelevant because your pension is a totally different thing to your wages and if you’re planning on continuing working for RM, they will be paid separately anyway.

I suppose you should really receive it on your 55th birthday but It's has probably got more to do with RM Pensions ‘clearing’ the funds or maybe they only release the funds on a certain date or dates each month? Or perhaps it depends how long it takes the Pensions Service Centre to process your application?

I don’t know your reasoning for wanting to take it early as it’s normally a bad thing to do, but you’ve waited 55 years to get it and if you’re planning on using it for what it’s intended for it (funding your retirement), does another week or two really matter?

[baldrick]

I was paid weekly so I don't know if it's different for monthly paid (I can't think why it would be), and my pension lump sum was paid into my bank account on my 60th birthday. I think the pension was paid on the last working day of the month.

[nataddick]

I have a mate at work who was 65 in March 2015 and had the tax free lump sum paid on his birthday around the middle of the month.

He then received a proportionate pension payment at the end of March covering the period from his birthday until 31 March.

[Sherbo1960]

Thanks for the replies guys, appreciated