Taking my pension early

wiltshireram · Post by **wiltshireram** » 17 Mar 2016, 22:11

Hi

I left Royal Mail in 15 years ago after 23 years service. Is there any way that I can take my pension when I'm 57 rather than waiting until I am 60? If so, any idea what % reduction I'm likely to see against the amount I would have got if I started taking the pension at 60?

Many thanks

stroller · Post by **stroller** » 17 Mar 2016, 22:22

Taking it at 55 25% 56 20% at 57 a 15% deduction

wiltshireram · Post by **wiltshireram** » 17 Mar 2016, 22:28

stroller wrote:Taking it at 55 25% 56 20% at 57 a 15% deduction

Thank you :-)

stroller · Post by **stroller** » 17 Mar 2016, 22:32

Your welcome good luck

Post by **pj2001** » 14 Apr 2016, 22:17

Just a thought, if you leave Royal Mail before your 55 can you still draw your pension at 55?
Ooops....think the questions been answered above.

OGGY12 · Post by **OGGY12** » 24 Apr 2016, 09:31

If i want to take 25% from my frozen pension at 55 will i be able to keep the rest in same pension with royal mail . and will i still loose 25% even though i am leaving it invested. thanks

Post by **RobertT** » 24 Apr 2016, 14:30

OGGY12 wrote:If i want to take 25% from my frozen pension at 55 will i be able to keep the rest in same pension with royal mail . and will i still loose 25% even though i am leaving it invested. thanks

Assuming you have a deferred final/average salary RM pension, then as far as I know you have to take both your lump sum and pension at the same time.

manilaman1961 · Post by **manilaman1961** » 07 Jun 2016, 13:02

If i take my pension at a reduce rate when i am 55, will my pension start to be paid out on my 55th birthday?

Post by **RobertT** » 07 Jun 2016, 13:29

manilaman1961 wrote:If i take my pension at a reduce rate when i am 55, will my pension start to be paid out on my 55th birthday?

I have no personal experience as I’m still in my forties, but you normally have to tell the pensions centre 2-3 months in advance when you want to take it early. They then send you a quote of how much you’ll get, which you either accept or decline. When you actually start to receive it will depend on when you first contact them and how long it takes for them to go through the process. However, pensions are usually paid on the last working day of the month.

For lots of info, check out the library on the pensions website: http://www.royalmailpensionplan.co.uk/" onclick="window.open(this.href);return false;

manilaman1961 · Post by **manilaman1961** » 08 Jun 2016, 15:00

RobertT wrote:
manilaman1961 wrote:If i take my pension at a reduce rate when i am 55, will my pension start to be paid out on my 55th birthday?
I have no personal experience as I’m still in my forties, but you normally have to tell the pensions centre 2-3 months in advance when you want to take it early. They then send you a quote of how much you’ll get, which you either accept or decline. When you actually start to receive it will depend on when you first contact them and how long it takes for them to go through the process. However, pensions are usually paid on the last working day of the month.

For lots of info, check out the library on the pensions website: http://www.royalmailpensionplan.co.uk/" onclick="window.open(this.href);return false;

Thank you RobertT for your comment, i have already replied to my option letter i was sent by the pension center, and been tracking my reply and it was delivered over a week ago, and had no conformation from them yet, i guess the volume of work they have is a reason, i will be turning 55 within the next week,