55 in january

[Skye2016]

55 in january, left the business last year after 31 years. 30 years full time .
Looking for advice on what to do re pension, and monthly sum.
Filled forms in, waiting to see what figures they come back with, so for any of you who have left, what's the best options,?
I don't know whether to be excited, or filled wi fear as I await my figures.
Joined the old pension when started in 89, and the new whenever that was , cheers

[koolishy67]

Best option wait till 60 atlest

[freespeech]

55 in january, left the business last year after 31 years. 30 years full time .
Looking for advice on what to do re pension, and monthly sum.
Filled forms in, waiting to see what figures they come back with, so for any of you who have left, what's the best options,?
I don't know whether to be excited, or filled wi fear as I await my figures.
Joined the old pension when started in 89, and the new whenever that was , cheers

Bit early for this years statements as an ex employee but your info from last year should give you a good indication.

[RobertT]

55 in january, left the business last year after 31 years. 30 years full time .
Looking for advice on what to do re pension, and monthly sum.
Filled forms in, waiting to see what figures they come back with, so for any of you who have left, what's the best options,?
I don't know whether to be excited, or filled wi fear as I await my figures.
Joined the old pension when started in 89, and the new whenever that was , cheers

You'll be in section C and have approximately:

21 years worth of NRA60, which is made up of about 19 years of final salary and 2 years of average salary pension.
8 years of NRA65, which is all average salary.
Around 3 years of Cash Balance(DBCBS).

Nobody can really tell you what are the best options to take, as it'll come down to personal circumstances and choice to a large degree. But for every year you take your pension/s before NRA, they will be reduced by 5%. So taking it all at 55 will see a 25% reduction in your NRA60 and a 50% hit on your NRA65.

The argument for taking your pension early is that you'll be getting it for longer. But based on averages, you'll get more overall by taking it at NRA, particularly the NRA60.

Bit early for this years statements as an ex employee but your info from last year should give you a good indication.

I believe the deferred RMSPS statements have already been sent out. Not sure about RMPP though.

[NorthernBoy]

The classic should should I take early question….

Some good points already raised.

Other things to consider:

Am I still working, do I really need this pension now
Is taking the money a nice to have or do I need it to pay bills
Am I likely to die younger than average or live a long time.
Will my RM pension at reduced rate and state pension be enough in retirement
Have I got other sources of income
When do I intend to retire now or future.


It might be worth giving more information about what your plans are.

Good luck.

[roadrunner bill]

I can see why people take their pensions early, the job is becoming impossible, so in a way pushed into taking pension early..

[Skye2016]

I'd say most folk are worried they won't see 60 or 65 , all we seem to do is bury or cremate workmates these days, all before pension age !
I have a friend with a 250 grand pension pot, 57, retired, he's back working full time , no mortgage, and still won't spend a penny of his pension, his advisor says its a long term investment, I say, useless if your 73 and gibbering pish in an old folks home .

[Skye2016]

The classic should should I take early question….

Some good points already raised.

Other things to consider:

Am I still working, do I really need this pension now
Is taking the money a nice to have or do I need it to pay bills
Am I likely to die younger than average or live a long time.
Will my RM pension at reduced rate and state pension be enough in retirement
Have I got other sources of income
When do I intend to retire now or future.


It might be worth giving more information about what your plans are.

Good luck.

Sold.my house, downsized, have 25 k in premium bonds, 15 k of lambrettas, I work 20 hours a week over 3 days as delivery driver ,and live a quiet but busy life walking the hills and coast..the last few years, iv lost a few workmates before 60 and 65, I'd rather have the cash now, and make it up to 50 k in bonds, trade my van in for a converted nissan elgrand camper, and probably still.save the monthly sum.too, ,

[Skye2016]

55 in january, left the business last year after 31 years. 30 years full time .
Looking for advice on what to do re pension, and monthly sum.
Filled forms in, waiting to see what figures they come back with, so for any of you who have left, what's the best options,?
I don't know whether to be excited, or filled wi fear as I await my figures.
Joined the old pension when started in 89, and the new whenever that was , cheers

You'll be in section C and have approximately:

21 years worth of NRA60, which is made up of about 19 years of final salary and 2 years of average salary pension.
8 years of NRA65, which is all average salary.
Around 3 years of Cash Balance(DBCBS).

Nobody can really tell you what are the best options to take, as it'll come down to personal circumstances and choice to a large degree. But for every year you take your pension/s before NRA, they will be reduced by 5%. So taking it all at 55 will see a 25% reduction in your NRA60 and a 50% hit on your NRA65.

The argument for taking your pension early is that you'll be getting it for longer. But based on averages, you'll get more overall by taking it at NRA, particularly the NRA60.

Bit early for this years statements as an ex employee but your info from last year should give you a good indication.

I believe the deferred RMSPS statements have already been sent out. Not sure about RMPP though.

Thank you for the detailed info, so, I have this year's pension figures on my nra 60 , juat say eg 10k and 65 , eg 1k (to make it easier )current value of annual pension
Is there a calculation to do for a rough idea of lump sum, and monthly pension for this, ?

[Skye2016]

Best option wait till 60 atlest

Plenty have never seen 60 in my old office sadly

[roadrunner bill]

Best option wait till 60 atlest

Plenty have never seen 60 in my old office sadly

I've known people who have retired at 60 and 65.. got their full pension then died several months later... very sad..

[RobertT]

I'd say most folk are worried they won't see 60 or 65 , all we seem to do is bury or cremate workmates these days, all before pension age !
I have a friend with a 250 grand pension pot, 57, retired, he's back working full time , no mortgage, and still won't spend a penny of his pension, his advisor says its a long term investment, I say, useless if your 73 and gibbering pish in an old folks home .

I read somewhere once that only about 5% of the population end up in those places and many will be older than 73, which is actually quite young in retirement terms.
Most 73 year old folk still live happy and active lives!

I have a elderly relative(in their 80's) who had to go into one 6 months ago due to having dementia - ultimately there was no choice.
I also have parents in their late 80's/early 90's who are still living at home and are still quite independent.

On average, your friend will have around 25-30 years until they die. It may be more, it may be less!
£250k sounds like a lot of money, but if it forms a major part of their retirement income, it won't necessarily be enough to provide a decent standard of living for the rest of their life.

[RobertT]

55 in january, left the business last year after 31 years. 30 years full time .
Looking for advice on what to do re pension, and monthly sum.
Filled forms in, waiting to see what figures they come back with, so for any of you who have left, what's the best options,?
I don't know whether to be excited, or filled wi fear as I await my figures.
Joined the old pension when started in 89, and the new whenever that was , cheers

You'll be in section C and have approximately:

21 years worth of NRA60, which is made up of about 19 years of final salary and 2 years of average salary pension.
8 years of NRA65, which is all average salary.
Around 3 years of Cash Balance(DBCBS).

Nobody can really tell you what are the best options to take, as it'll come down to personal circumstances and choice to a large degree. But for every year you take your pension/s before NRA, they will be reduced by 5%. So taking it all at 55 will see a 25% reduction in your NRA60 and a 50% hit on your NRA65.

The argument for taking your pension early is that you'll be getting it for longer. But based on averages, you'll get more overall by taking it at NRA, particularly the NRA60.

Bit early for this years statements as an ex employee but your info from last year should give you a good indication.

I believe the deferred RMSPS statements have already been sent out. Not sure about RMPP though.

Thank you for the detailed info, so, I have this year's pension figures on my nra 60 , juat say eg 10k and 65 , eg 1k (to make it easier )current value of annual pension
Is there a calculation to do for a rough idea of lump sum, and monthly pension for this, ?

As a rough guide, just multiple the pension by 20 and then divide by 4 to get the max lump sum. Divide the remainder by 20 to get reduced pension.

For example, your section C NRA60 pension = £10k per year.

10,000 x 20 = 200,000 / 4 = 50,000 lump sum

150,000 / 20 = 7,500 pension


*Early payment reductions would obviously have to be factored in too.

[NorthernBoy]

Sold.my house, downsized, have 25 k in premium bonds, 15 k of lambrettas, I work 20 hours a week over 3 days as delivery driver ,and live a quiet but busy life walking the hills and coast..the last few years, iv lost a few workmates before 60 and 65, I'd rather have the cash now, and make it up to 50 k in bonds, trade my van in for a converted nissan elgrand camper, and probably still.save the monthly sum.too, ,


Sounds like you’ve have a great work life balance there. The key is knowing how much you need a month to live the lifestyle you want and if taking your pension now gets you there, then why not.

I am probably taking mine at 60, but have not ruled out taking it a bit earlier maybe 57/58.

[Skye2016]

55 in january, left the business last year after 31 years. 30 years full time .
Looking for advice on what to do re pension, and monthly sum.
Filled forms in, waiting to see what figures they come back with, so for any of you who have left, what's the best options,?
I don't know whether to be excited, or filled wi fear as I await my figures.
Joined the old pension when started in 89, and the new whenever that was , cheers

You'll be in section C and have approximately:

21 years worth of NRA60, which is made up of about 19 years of final salary and 2 years of average salary pension.
8 years of NRA65, which is all average salary.
Around 3 years of Cash Balance(DBCBS).

Nobody can really tell you what are the best options to take, as it'll come down to personal circumstances and choice to a large degree. But for every year you take your pension/s before NRA, they will be reduced by 5%. So taking it all at 55 will see a 25% reduction in your NRA60 and a 50% hit on your NRA65.

The argument for taking your pension early is that you'll be getting it for longer. But based on averages, you'll get more overall by taking it at NRA, particularly the NRA60.

Bit early for this years statements as an ex employee but your info from last year should give you a good indication.

I believe the deferred RMSPS statements have already been sent out. Not sure about RMPP though.

Thank you for the detailed info, so, I have this year's pension figures on my nra 60 , juat say eg 10k and 65 , eg 1k (to make it easier )current value of annual pension
Is there a calculation to do for a rough idea of lump sum, and monthly pension for this, ?

As a rough guide, just multiple the pension by 20 and then divide by 4 to get the max lump sum. Divide the remainder by 20 to get reduced pension.

For example, your section C NRA60 pension = £10k per year.

10,000 x 20 = 200,000 / 4 = 50,000 lump sum

150,000 / 20 = 7,500 pension


*Early payment reductions would obviously have to be factored in too.

Thanks very much, I appreciate your time and knowledge, cheers ,