Hi there ,my question is ;do we have a pentsio Pot ?if we have can i get it when i turn 55?
it seems that we dont have it
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Pension
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RobertT
- EX ROYAL MAIL
- Posts: 6645
- Joined: 09 Sep 2007, 14:26
- Gender: Male
Pension
It depends which pension scheme you're in!
If you're in the RMDCP, you'll have joined either RM or the pension sometime after 1st April 2008. If so, you do have a pot of cash which you can access anytime after age 55.
This will tell you what you can do with your money: https://www.moneyadviceservice.org.uk/e ... on-schemes" onclick="window.open(this.href);return false;
If you're in the RMSPS/RMPP, you'll have joined RM or the pension sometime before the above date. If so you won't have a pot of money but you will have guaranteed index linked benefits payable until your death, with spouses benefits thereafter.
However it is possible to transfer your RMPP(post 2012) benefits into a DC pension by getting a Cash Equivalent Transfer Value.
More details can be found simply by looking at the RMPP website: https://www.royalmailpensionplan.co.uk/ ... erring-out" onclick="window.open(this.href);return false;
You will need to get the transfer 'signed off' by an IFA if your CETV is worth more than £30,000, for which there will be a fee payable. Some receiving pension firms may require IFA approval even if it's lower than £30k.
It is not possible to transfer your pre 2012 RMSPS benefits in the same way: https://www.royalmailsps.co.uk/im-not-r ... y-benefits" onclick="window.open(this.href);return false;
If you're in the RMDCP, you'll have joined either RM or the pension sometime after 1st April 2008. If so, you do have a pot of cash which you can access anytime after age 55.
This will tell you what you can do with your money: https://www.moneyadviceservice.org.uk/e ... on-schemes" onclick="window.open(this.href);return false;
If you're in the RMSPS/RMPP, you'll have joined RM or the pension sometime before the above date. If so you won't have a pot of money but you will have guaranteed index linked benefits payable until your death, with spouses benefits thereafter.
However it is possible to transfer your RMPP(post 2012) benefits into a DC pension by getting a Cash Equivalent Transfer Value.
More details can be found simply by looking at the RMPP website: https://www.royalmailpensionplan.co.uk/ ... erring-out" onclick="window.open(this.href);return false;
You will need to get the transfer 'signed off' by an IFA if your CETV is worth more than £30,000, for which there will be a fee payable. Some receiving pension firms may require IFA approval even if it's lower than £30k.
It is not possible to transfer your pre 2012 RMSPS benefits in the same way: https://www.royalmailsps.co.uk/im-not-r ... y-benefits" onclick="window.open(this.href);return false;
Links to all RM pension related websites are here