Pension at 55 no reductions ?

[NWpostie]

Was there ever a cicumstances where you can opt to take pension at 55 with no reductions in a circumstances that suited Royal Mail ?

[Glenno]

AFAIK, below is the only circumstances which you can leave at 55 or whatever age

4. DEFINITIONS OF ILL HEALTH RETIREMENT
4.1 “Retirement on ill health grounds with immediate pension”
means the cessation of employment as a result of serious physical or
mental ill health (not simply a decline in energy or ability) such that, in
the opinion of Royal Mail Group or associated employer the member is
permanently incapable of:
a) carrying out his current duties;
b) carrying out such other duties for the employer as the employer
might reasonably expect the member to perform; and
c) engaging in employment with any other employer of a type which,
in the opinion of his present employer, would be reasonable and
appropriate for the member.

[baldrick]

Early Voluntary Retirement? It would only be offered if it suited RM, and your pension would be slightly enhanced.

[NWpostie]

So that's what EVR is, got to be better than IHR. You want your health.

So you get full pension plus a bit extra, sounds good to me

Reason I'm asking is that I'm not too far off but hedging my bets as with the way the business going, the business may be looking to reduce the wage bill amid increased automation, what I don't want is "income shock" , being such a life changing decision would require careful planning and sound financial advice.

It would be nice to retire affordably at 55 on NRA60 and wait out until NRA65 kicks in in the meantime the pot could accrue then state pension later on.

[saddlerposty]

hi NW,i 'm 57 I took my IHR back in march, youd be amazed at the amount of jobs available if you look, I'm already on my 3rd job, didn't like the first two so jacked them in, with the lump sum and my pension I now find I don't need to work 40+ hours every week, I'm relaxed better In health and mind. working for royal mail for 20 years gave me a big boost when applying for jobs, it shows your loyal and trustworthy and not afraid of a bit of hard work. employers in the delivery industry jump at the chance of employing ex-posties.

[NWpostie]

Thanks for the heads up, I did consider working part time after retirement.