When will you retire?

[NorthernBoy]

Following on from the thread about the over 50s leaving the workforce in large numbers, i thought it would be interesting to see where people are in this forum with regards planned retirement age.

I am 52 and plan to finish around 57 if I can afford it.

What’s other peoples proposed age.

[neviboss]

I was looking to retire to Spain at 55, but then that's been kyboshed due to brexit, so hopefully retire in 7 years time at 60!

[NorthernBoy]

I was looking to retire to Spain at 55, but then that's been kyboshed due to brexit, so hopefully retire in 7 years time at 60!

I quite fancy retiring to Cyprus but my partner is not keen. You can still move to Spain but you have to have a required income level, not sure how much this is though.

[RobertT]

Following on from the thread about the over 50s leaving the workforce in large numbers, i thought it would be interesting to see where people are in this forum with regards planned retirement age.

I am 52 and plan to finish around 57 if I can afford it.

What’s other peoples proposed age.

Currently 54 and plan to leave RM at 55.

I haven't ruled out getting a little part time job to bring in a bit of money and fill some time, but shouldn't have to.

I still intend to take my RM pensions at NRA!

[grchpo]

Next year taking NRA60 & NRA65 at age 60. I know I lose 5% per year for NRA65 but i get it 5 years earlier. I will get out & not look back. Later I will come back on here & let you know if this worked out for me.

[Shirtbuttons]

58 at the earliest and 60 at the very latest. I won’t take my NRA60 early as I don’t want to give them a penny. I’d rather sign on than work here past 60.

[Hyrrokkin]

I am looking at 60 if i can - all things going well (which they rarely do) !

Maxing out AVC's (withing PSE) and have a SIPP & S&S ISA (little in them at the moment but i have a few years yet)
I will be in the new CDC scheme and maximise payments into that and the same with the new AVC schemes as well.

Not looking/wanting to take RMPP NRA 60/65 early if i can to maximise pension

[heapsy]

I'm going at 60. Will take my NRA 60 then. I've invested in some shares and will sell these as and when to provide extra, by way of a supplement to the NRA 60. I'll use my AVCs in the same way., taking around £25,000 in cash from the actual pension pot and bank it. I'm lucky in that my mum still lives in her own home. The longer that continues, the better my position. I'll take the NRA 65 at 65, I'm looking at trying to inflation proof my pension by leaving it until then, taking the max lump sum when I do. I'm not sure about joining the NRA 67. If I go at 60 I wont get long to contribute. If I took it early, I'll probably lose the benefit of tax relief AND PSE, so might increase my SIP contribute, or my S&S ISA. Not sure which yet. I'm single, so don't need to think about widows pensions etc. Like RobertT, I might get a little job for a while, if I can get something that suits me.

[NorthernBoy]

I am also getting a cetv value for my RMPP 60 and 65 funds, which is due any day now from the pension team. Once I have these I will share with the forum.

My thinking is that if the value is decent and I can get the money out into a DC,I will add this amount to my sipp and maybe retire before 57. Lots of ifs here but it’s something I am exploring.

Good to hear of other peoples plans and approach to retirement planning.

[Wullie10]

Funny how we're striking for better working conditions for 65 year olds and put up NO fight when pensions were been destroyed . I guess pensioner's are not union members so there was no interest.

[RobertT]

I'm going at 60. Will take my NRA 60 then. I've invested in some shares and will sell these as and when to provide extra, by way of a supplement to the NRA 60. I'll use my AVCs in the same way., taking around £25,000 in cash from the actual pension pot and bank it. I'm lucky in that my mum still lives in her own home. The longer that continues, the better my position. I'll take the NRA 65 at 65, I'm looking at trying to inflation proof my pension by leaving it until then, taking the max lump sum when I do. I'm not sure about joining the NRA 67. If I go at 60 I wont get long to contribute. If I took it early, I'll probably lose the benefit of tax relief AND PSE, so might increase my SIP contribute, or my S&S ISA. Not sure which yet. I'm single, so don't need to think about widows pensions etc. Like RobertT, I might get a little job for a while, if I can get something that suits me.

If memory serves me correctly, you're about a year older than me. Therefore you'll have been in the RMCPP/CDC for around 4 years or so when you reach age 60? Assuming it starts in 2023.

The general rule is always join any work based pension scheme on offer to take advantage of the free money. Personally I don't really see why that would be different with RMCPP, especially as you won't be benefiting from employer contributions or PSE via a SIPP or ISA.
Can you not just use it as extra income from 67?

If you decide not to join the RMCPP, then Nest is going to be the next best option due to RM's contributions and PSE. You can always pay into other vehicles aswell.

[RobertT]

Funny how we're striking for better working conditions for 65 year olds and put up NO fight when pensions were been destroyed . I guess pensioner's are not union members so there was no interest.

The union, RM, government and the pensions industry and spent the last 5 years putting CDC legislation together to provide a better pension, than was offered by the company before the 4 Pillars negotiations.

If you think a pension is only for pensioners, I think you're missing the point.

[arsenalbob]

I am also getting a cetv value for my RMPP 60 and 65 funds, which is due any day now from the pension team. Once I have these I will share with the forum.

My thinking is that if the value is decent and I can get the money out into a DC,I will add this amount to my sipp and maybe retire before 57. Lots of ifs here but it’s something I am exploring.

Good to hear of other peoples plans and approach to retirement planning.

It’s something you need to discuss with your partner. Will he/she enjoy having you home all the time? I know some that don’t. I’m nearly 67 but I’m still working as my wife is 6 years younger than me and nowhere near state pension age. I can’t see the point of being home alone while I can still do the job. I would grab VR but other than that have no immediate plans to go.

[Wullie10]

Funny how we're striking for better working conditions for 65 year olds and put up NO fight when pensions were been destroyed . I guess pensioner's are not union members so there was no interest.

The union, RM, government and the pensions industry and spent the last 5 years putting CDC legislation together to provide a better pension, than was offered by the company before the 4 Pillars negotiations.

If you think a pension is only for pensioners, I think you're missing the point.

The government didn't spend that long getting a better pension for MPs. What I'm saying as these strikes drag on and on , shame we never showed as much fight for our pensions. We were shafted. As the Union wanted rid of their own generous pension scheme they probably didn't want the fight. Try ending the "" unaffordable "" pensions of public servants today and see what happens.

[RobertT]

Funny how we're striking for better working conditions for 65 year olds and put up NO fight when pensions were been destroyed . I guess pensioner's are not union members so there was no interest.

The union, RM, government and the pensions industry and spent the last 5 years putting CDC legislation together to provide a better pension, than was offered by the company before the 4 Pillars negotiations.

If you think a pension is only for pensioners, I think you're missing the point.

The government didn't spend that long getting a better pension for MPs. What I'm saying as these strikes drag on and on , shame we never showed as much fight for our pensions. We were shafted. As the Union wanted rid of their own generous pension scheme they probably didn't want the fight. Try ending the "" unaffordable "" pensions of public servants today and see what happens.

You could say we were shafted, or you could say that RM can ultimately do what they want, as long as they stick to the right procedures – which they did. Union or not!

You do realise the RMSPS is also one of those unfunded and unaffordable public pension schemes, that is paid for by the tax payers of the UK?
In 2012 they took over around £28 billion of assets, the scheme now has liabilities of around £50 Billion.