pension at 55

fido69r · Post by **fido69r** » 12 Aug 2020, 23:26

I left RM 13 years ago, but had a section c with them. Do you have to give them much notice if you want to take it and 25% at 55?

renrag40 · Post by **renrag40** » 13 Aug 2020, 02:32

It can take upwards of 17+ weeks from when you first enquire until you receive it. Priority is being given to those that are approaching their nra dates. Capita are responsible for administering the section of the pension up to the end of the end of March 2012. Capita have not got a great reputation on these threads. Some of it may not be their faulty as they need to get authorisation that RMPP is about to pay their part of the pension before capita can authorise payment of the Section they administer. This may not apply to your pension because it became deferred in 2007. Good luck.

renrag40 · Post by **renrag40** » 13 Aug 2020, 02:34

And it may well feel like ..... the end of the end of ...... by the time you receive it.

lordthornber · Post by **lordthornber** » 13 Aug 2020, 08:20

Similar, I left in '04. It's 15 months since I took my Section C at age 55. I applied about 10 weeks before I think, it was a doddle to be honest. Although I'd already transferred my AVC to my SIPP so no messing with that.

fido69r · Post by **fido69r** » 13 Aug 2020, 10:26

ok, thanks chaps....seems I should give them a call very shortly then, as I want it in February.

Decky Boy · Post by **Decky Boy** » 18 Aug 2020, 11:31

lordthornber wrote:Similar, I left in '04. It's 15 months since I took my Section C at age 55. I applied about 10 weeks before I think, it was a doddle to be honest. Although I'd already transferred my AVC to my SIPP so no messing with that.

I could likely find the information I'm seeking if I scrutinised the AVC booklet but will ask here anyway !

At NRA 60 can I take my 25% lump sum from Flexiplan and at the same time transfer Bonusplan to my private pension ? I'm fairly sure my Flexiplan value will be AT LEAST 25% of my total pot at age 60. In an ideal world, if my body is still in decent shape, I'll retire at 61. Well that's the current plan but as we all know circumstances may intervene and change things !!!

Post by **RobertT** » 18 Aug 2020, 16:23

Decky Boy wrote:I could likely find the information I'm seeking if I scrutinised the AVC booklet but will ask here anyway !

At NRA 60 can I take my 25% lump sum from Flexiplan and at the same time transfer Bonusplan to my private pension ? I'm fairly sure my Flexiplan value will be AT LEAST 25% of my total pot at age 60. In an ideal world, if my body is still in decent shape, I'll retire at 61. Well that's the current plan but as we all know circumstances may intervene and change things !!!

It's probably best to transfer out independently of taking your main benefits to avoid any confusion. That's what I'm planning on doing with my Bonusplan!

Whether we'll still be able to pay into the existing AVC's once the CDC scheme starts is questionable. If not, there would be no reason to wait until taking your benefits anyway, obviously factoring in circumstances and how far away from taking your benefits you are.

Decky Boy · Post by **Decky Boy** » 18 Aug 2020, 17:30

Thanks for your reply Robert. Makes perfect sense. I'm hoping we'll still be able to pay into our AVC accounts when the new CDC scheme comes in but who knows ??? I'm hopeful Bonus Plan will continue even if Flexi Plan closes. I remember reading that when one commences paying into Bonus Plan they must do so untill retirement ?

Whatever...both are great ways of saving for retirement.

Post by **RobertT** » 18 Aug 2020, 19:02

Decky Boy wrote:Thanks for your reply Robert. Makes perfect sense. I'm hoping we'll still be able to pay into our AVC accounts when the new CDC scheme comes in but who knows ??? I'm hopeful Bonus Plan will continue even if Flexi Plan closes. I remember reading that when one commences paying into Bonus Plan they must do so untill retirement ?

Whatever...both are great ways of saving for retirement.

Yes, I think the guide to AVC's says something like that, as did the literature when I singed up to Bonusplan. But the PSC also told me you can stop paying in if you want to, but by doing so you'd also terminate your active membership of the RMPP.

As for AVC's and CDC, you have to be an active employee member of the RMPP to pay into Bonusplan & Flexiplan, but as CDC will be a completely new and separate scheme, I suspect we'll all effectively become deferred members of the RMPP, and so no more contributions into AVC's from then on.