Pensions

Flojo · Post by **Flojo** » 06 Mar 2019, 16:03

Hi can I take a lump sum of my pension when I get to 55 and not get a monthly amount? Leave the rest until I'm 60? Thank y. I want to clear some debt and a 25% tax free lump sum would do it.

Post by **RobertT** » 06 Mar 2019, 16:20

You can do that with a defined contribution pension, where all you're doing is building up a pot of money.

But if you're in the defined benefit RM Pension Plan and have NRA60 & NRA65 benefits, you have to take your lump sum at the same time as your pension.

Flojo · Post by **Flojo** » 06 Mar 2019, 18:37

Thanks for your reply. Not sure what scheme I'm in.

Post by **RobertT** » 07 Mar 2019, 04:08

Your pay slip will tell you!

If you're in the DC scheme it will read something like: PSE Adj RMDCP 6%

Or if you're in the DB(now closed to future accrual): PSE Adj DBCBS C