taking royal mail pension

[heckster]

despite being with rm for 38 years , I,m not the brightest, will I lose much by taking my rm pension now at 59 years old? some say take now and others not. can u help? and how do I go about taking it? who do I contact?

[RobertT]

Your pension will be reduced by 5% for each year you take it early, or a smaller percentage for part years. So if you take it all on your 59th birthday for example, your NRA60 would be reduced by 5% and your NRA65 to date by 30%.

Whether it’s the right thing to do is a personal thing, but generally it’s not a good idea to take it early and carry on working. This CWU video tells you why: https://www.youtube.com/watch?v=ICYgWTAD3aA" onclick="window.open(this.href);return false;

As you’re 59 it seems a bit pointless taking your NRA60 now in my opinion, as you may as well wait until 60 and take it without reduction. Also as we will no longer be accruing any more NRA65 pension after April 2018, it probably makes sense to wait a bit longer and build up the maximum possible from that too.

The pensions people should contact you about 4 months before your 60th birthday anyway. But if you want to take your pension earlier, then their contact details and lots of other info is on the pensions website: http://www.royalmailpensionplan.co.uk/" onclick="window.open(this.href);return false;