NRA60 And NRA65

rks · Post by **rks** » 24 Sep 2017, 12:10

Just had my personal illustration sent through , I thought though that your existing plans are ring fenced ? A colleague of mine thinks they are not .
My question is in 3 years time will I still get my NRA60 pension ? if so and when I take my 60 pension will I still be able to take and pay into the nra65 until
I retire at age 65? Or as my colleague thinks that both these pensions will be under new terms from march 2018 ?
Thanks for any info .

Post by **stephen500** » 24 Sep 2017, 13:56

rks wrote:Just had my personal illustration sent through , I thought though that your existing plans are ring fenced ? A colleague of mine thinks they are not .
My question is in 3 years time will I still get my NRA60 pension ? if so and when I take my 60 pension will I still be able to take and pay into the nra65 until
I retire at age 65? Or as my colleague thinks that both these pensions will be under new terms from march 2018 ?
Thanks for any info .

You can take NRA 60 at 60 and NRA at 65. In fact you can take both at 55, but you will lose money.
These are not changing, just closing.
It appears RM do want to link new with old for the purpose of maximising your tax free lump sum.

Post by **RobertT** » 24 Sep 2017, 15:17

rks wrote:Just had my personal illustration sent through , I thought though that your existing plans are ring fenced ? A colleague of mine thinks they are not .
My question is in 3 years time will I still get my NRA60 pension ? if so and when I take my 60 pension will I still be able to take and pay into the nra65 until
I retire at age 65? Or as my colleague thinks that both these pensions will be under new terms from march 2018 ?
Thanks for any info .

Your NRA60 pension relates to service up to 31st March 2010 and your NRA65 relates from 1st April 2010 to the expected closure to future accrual of the RMPP on 31st March 2018. They will still be in place and continue to increase either with earnings(section B) or with inflation(section C) from then onwards. That was covered in the initial booklet we got in January this year(assuming that applies to the new Cash Balance/DC proposal, as we haven’t actually had any confirmation of that).

From 1st April we will be building up a pot of money via either Cash Balance or DC as covered in the booklets we recently received. The idea is that money can be used to fund our tax free lump sum, which is particularly useful for section C members who don’t get one as standard. Or we can use it as a separate pot to buy an annuity(income for life) or drawdown as we please, in a similar way to a normal DC pension. There’s info on how DC pensions work here: https://www.moneyadviceservice.org.uk/e ... on-schemes" onclick="window.open(this.href);return false;

daveyeff · Post by **daveyeff** » 25 Sep 2017, 17:02

what makes me laugh is in their propaganda they are saying wait until you receive your personal pension illustration...THEN vote no....ha. I got mine. even thought I am 58, if I leave what ive got until i'm 65. and don't take a lump sum, just the pension, after their quote of ''20yrs'' life expectancy i.e. 85,...I will have lost 25,000....25GRAND!!. and they want me to vote in THEIR favour.. F*** RIGHT OFF. IM VOTING TO STRIKE.

daveyeff · Post by **daveyeff** » 25 Sep 2017, 17:04

KNOB HEADS....rant over.

iceman1277 · Post by **iceman1277** » 25 Sep 2017, 19:55

stephen500 wrote:
rks wrote:Just had my personal illustration sent through , I thought though that your existing plans are ring fenced ? A colleague of mine thinks they are not .
My question is in 3 years time will I still get my NRA60 pension ? if so and when I take my 60 pension will I still be able to take and pay into the nra65 until
I retire at age 65? Or as my colleague thinks that both these pensions will be under new terms from march 2018 ?
Thanks for any info .
You can take NRA 60 at 60 and NRA at 65. In fact you can take both at 55, but you will lose money.
These are not changing, just closing.
It appears RM do want to link new with old for the purpose of maximising your tax free lump sum.

are the nra 60 and 65 in the pension we have been sent

Post by **RobertT** » 26 Sep 2017, 04:31

iceman1277 wrote:are the nra 60 and 65 in the pension we have been sent

The combined value of your RM DB pension as at 31/3/16, so that’s NRA60 & NRA65 added together, is on the front page of the illustration we were recently sent. The figures inside are just projections of what you might get in the future.

jcmm · Post by **jcmm** » 11 Oct 2018, 17:45

Thanks Heapsy for advice. How do I go about applying for my nra60
I am trying to hang on until I am 65 but I'm really suffering with bad health
That is why I left my nra60 in

jcmm · Post by **jcmm** » 11 Oct 2018, 17:47

I'm 62 years of age want to retire in 4years
haven't taken my nra60 but have been advised to do so what would others advise me do

daveyeff · Post by **daveyeff** » 11 Oct 2018, 17:58

jcmm wrote:I'm 62 years of age want to retire in 4years
haven't taken my nra60 but have been advised to do so what would others advise me do

if you don't need it yet and if it accumulates more money while its being left sitting there then leave it. or you could take and stick it in an ISA if its not accumulating. if on the other hand you do need it...…….

P13 · Post by **P13** » 12 Oct 2018, 18:19

jcmm wrote:I'm 62 years of age want to retire in 4years
haven't taken my nra60 but have been advised to do so what would others advise me do

If you have not taken your nra60 I think you may have lost 2 years worth of pension.

Post by **RobertT** » 12 Oct 2018, 18:31

P13 wrote:
jcmm wrote:I'm 62 years of age want to retire in 4years
haven't taken my nra60 but have been advised to do so what would others advise me do
If you have not taken your nra60 I think you may have lost 2 years worth of pension.

Yes she has! That money is now lost and will not be paid out.

You should never defer your pension after NRA. Doing that is akin to shooting yourself in the foot.