NRA 65 Only

[Hawkey99]

Is it possible to take just your NRA 65 but leave your NRA 60 and continue to pay into AVCs and the new scheme DBDBS.

Many thanks

[RobertT]

I believe the answer to that is no, but if you're unsure perhaps a call or email to the PSC might help?

Take a look at the 'flexible pension' guide in the library section of the RMPP, where it says:

You’d normally start taking your Age65 benefits when you turn 65, but you can choose to take them as early as 55.

What are the advantages?
• You can access your money if you really need it now.
• As long as your employer agrees, you can reduce the hours you work and not have such a big drop in income as if you’d reduced your hours without taking your Age65 benefits.

What are the disadvantages?
• Your Age65 benefits will be reduced by approximately 5% for each year you take them before 65. So, if you took your Age65 benefits at 55, the amount you’d get would be reduced by approximately half when they start being paid to you.
• Your Age65 benefits will increase each year in line with inflation, but they’ll never go up to what they would have been if you’d waited until 65 to take them.
• You stop contributing, so you leave the RMPP. This means you won’t build up any more benefits.
• Once you’ve started taking your Age65 benefits, you can’t change your mind. So, if your circumstances change, you can’t go back.
• You won’t have access to the other benefits that come with the RMPP, such as ill health retirement and redundancy benefits.
• Your death benefits will be less.

[Hawkey99]

Thank you thats what I thought but wanted to check.

Why is it you can take your NRA 60 still pay into new pension and AVCs but not the NRA 65.

Strange.......

[arnold cheshire]

Thank you thats what I thought but wanted to check.

Why is it you can take your NRA 60 still pay into new pension and AVCs but not the NRA 65.

Strange.......

Because the NRA 65 has closed

[RobertT]

Thank you thats what I thought but wanted to check.

Why is it you can take your NRA 60 still pay into new pension and AVCs but not the NRA 65.

Strange.......

It's because your NRA60 benefits are up to 31st March 2010, while your NRA65 is after and ongoing. So although the RMPP closed to future accrual in 2018 we're still building up our DBCBS pots which are effectively part of our NRA65 benefits. (although the plan is that the DBCBS can also be used to fund your lump sum when taking your NRA60).

Therefore any decision to take your NRA65 benefits, at any time, means you're no longer an active member of the RMPP .

[arnold cheshire]

Thank you thats what I thought but wanted to check.

Why is it you can take your NRA 60 still pay into new pension and AVCs but not the NRA 65.

Strange.......

Because the NRA 65 has closed

so Robert T is this wrong?

[RobertT]

Thank you thats what I thought but wanted to check.

Why is it you can take your NRA 60 still pay into new pension and AVCs but not the NRA 65.

Strange.......

Because the NRA 65 has closed

so Robert T is this wrong?

The NRA60 closed to future accrual in 2010, the NRA65 suffered the same fate in 2018.

The DBCBS is currently 'attached' to our post 2012(RMPP) benefits and can only provide a lump sum for those 6 years worth of pension(2012-18), and therefore has an NRA of 65.

The plan was for it to also be attached to our pre 2012 benefits(RMSPS), which the government are largely responsible for, so that it can be used to fund the lump sum in relation to our whole pension. And so would be able to be taken with our NRA60 benefits.

RM needed Cabinet Office approval for that to happen, but as far as I know there hasn't been an announcement to say yes or no.

[FAB]

Thank you thats what I thought but wanted to check.

Why is it you can take your NRA 60 still pay into new pension and AVCs but not the NRA 65.

Strange.......

Because the NRA 65 has closed

so Robert T is this wrong?

The NRA60 closed to future accrual in 2010, the NRA65 suffered the same fate in 2018.

The DBCBS is currently 'attached' to our post 2012(RMPP) benefits and can only provide a lump sum for those 6 years worth of pension(2012-18), and therefore has an NRA of 65.

The plan was for it to also be attached to our pre 2012 benefits(RMSPS), which the government are largely responsible for, so that it can be used to fund the lump sum in relation to our whole pension. And so would be able to be taken with our NRA60 benefits.

RM needed Cabinet Office approval for that to happen, but as far as I know there hasn't been an announcement to say yes or no.

A guy at our office who is reaching 60 this year recently got his paperwork. This offered the option of taking the DBCBS at 60 or leaving it till 65. He chose to leave it.

[RobertT]

Thank you thats what I thought but wanted to check.

Why is it you can take your NRA 60 still pay into new pension and AVCs but not the NRA 65.

Strange.......

Because the NRA 65 has closed

so Robert T is this wrong?

The NRA60 closed to future accrual in 2010, the NRA65 suffered the same fate in 2018.

The DBCBS is currently 'attached' to our post 2012(RMPP) benefits and can only provide a lump sum for those 6 years worth of pension(2012-18), and therefore has an NRA of 65.

The plan was for it to also be attached to our pre 2012 benefits(RMSPS), which the government are largely responsible for, so that it can be used to fund the lump sum in relation to our whole pension. And so would be able to be taken with our NRA60 benefits.

RM needed Cabinet Office approval for that to happen, but as far as I know there hasn't been an announcement to say yes or no.

A guy at our office who is reaching 60 this year recently got his paperwork. This offered the option of taking the DBCBS at 60 or leaving it till 65. He chose to leave it.

Perhaps that approval has been given then?

[heapsy]

A colleague of mine has taken his NRA60 pension, some time after turning 57, with reduction. He left his NRA65 pension in place and continues to pay into the Cash Balance scheme. Is he still eligible for Ill Health retirement, if that situation arose?

[97gaz]

[