Pension and ihr

valkenswaard12 · Post by **valkenswaard12** » 27 Apr 2020, 18:41

Can someone tell me if i have taken my 60 and 65 pension will i still be able to take evr or ihr in the future. Thanks

TheStrangler · Post by **TheStrangler** » 28 Apr 2020, 10:29

valkenswaard12 wrote:Can someone tell me if i have taken my 60 and 65 pension will i still be able to take evr or ihr in the future. Thanks

I'm not sure but I think when I spoke to pension helpline some time ago they said vr or ihr were entirely separate things and taking your pension has no bearing on these.
Having said that I think when you reach a certain age you wouldn't be eligible for either but whether that age is 65 or perhaps lower I'm not sure.

grchpo · Post by **grchpo** » 28 Apr 2020, 20:28

If you've taken your 60 & 65 pensions just retire, why hang on any longer

Post by **Steve_claret** » 29 Apr 2020, 09:37

grchpo wrote:If you've taken your 60 & 65 pensions just retire, why hang on any longer

You can take both of these pensions at 55.

Post by **RobertT** » 29 Apr 2020, 10:32

valkenswaard12 wrote:Can someone tell me if i have taken my 60 and 65 pension will i still be able to take evr or ihr in the future. Thanks

The away I understand things is that Voluntary Redundancy of up to 104 weeks pay and IHR of 34 weeks pay plus 9 or 12 weeks PILON, will potentially still be available if you've taken both NRA60 & NRA65 pensions.

The ability for the over 55's to take an enhanced pension as part of a VR package(sometimes called EVR) is no longer on the table.

There is now a 'IHR with benefits' option, which I assume would be available, but I don't know much about to be honest. This thread will tell you a bit more: https://www.royalmailchat.co.uk/communi ... 15&t=94075" onclick="window.open(this.href);return false;

linntroika · Post by **linntroika** » 29 Apr 2020, 12:40

RobertT wrote:
valkenswaard12 wrote:Can someone tell me if i have taken my 60 and 65 pension will i still be able to take evr or ihr in the future. Thanks
The away I understand things is that Voluntary Redundancy of up to 104 weeks pay and IHR of 34 weeks pay plus 9 or 12 weeks PILON, will potentially still be available if you've taken both NRA60 & NRA65 pensions.

The ability for the over 55's to take an enhanced pension as part of a VR package(sometimes called EVR) is no longer on the table.

There is now a 'IHR with benefits' option, which I assume would be available, but I don't know much about to be honest. This thread will tell you a bit more: https://www.royalmailchat.co.uk/communi ... 15&t=94075" onclick="window.open(this.href);return false;

Hi Robert

Just for clarification if offered VR can you still presently take the first £30K cash(tax free) and invest the remainder of the VR package in an AVC account ,therefore being able to take the package effectively as 100% tax free , thanks in advance

Post by **RobertT** » 29 Apr 2020, 13:24

The first £30k is tax free, and in theory you can put the remainder into your Flexiplan account and get tax relief on it. But contributions into AVC's can only be made via payroll, so the payment into Flexiplan would have to be set up on the week you get the money.
So probably something to ask HR and/or the PSC, to be sure.

If not you can always put the cash, potentially including some or all of the £30k too, into a personal pension and get the tax back(and more) that way. Making sure you're adhering to yearly contribution limits of 100% of pay, up to a maximum of £40k.