pension at 55

[emu72]

Sorry for my naivity but i was wondering if i left rm,and im currently 51,and got a job elsewhere can i access my rm pension at 55.i take it my pension would just be frozen until then.

[Subman]

Yes, your pension will be 'frozen', and you will be able to take it from the age of 55.

Taking your pension early will reduce your pension benefits, but everyone's circumstances are different.

[thelastsuspect]

Yes you can, you might just get in before they change the age you can get it to 57 in 2028.

[freespeech]

Yes, your pension will be 'frozen', and you will be able to take it from the age of 55.

Taking your pension early will reduce your pension benefits, but everyone's circumstances are different.

My understanding is that it isn't frozen entirely as it will still have the yearly increases applied.

[RobertT]

Sorry for my naivity but i was wondering if i left rm,and im currently 51,and got a job elsewhere can i access my rm pension at 55.i take it my pension would just be frozen until then.

You haven't actually told us which pension scheme you're in!

If it's the RMSPS/RMPP, then your pension will increase with inflation each year until you take it, up to a maximum of 5%. The DBCBS will continue to increase by discretionary amounts, until you take it, up to a maximum of CPI + 4%.

Alternatively, you could transfer your RMSPS or RMPP pensions to another DB scheme, if your new employer offers one. Or RMPP benefits only can be transferred as cash to a DC scheme.

If on the other hand you're in the RMDCP with Scottish Widows, you can either leave it where it is or transfer it to another DC scheme, either with your new employer or to one you set up yourself. Either way, your money will continue to follow your chosen investments.

The legal minimum age to access any pension is currently 55, but that is due to increase to 57 in 2028.

[emu72]

i started in 1999 so yeah up to a point in rmsps and then rmpp.what about a lump sum? having 24 years behind me im hoping to get something fairly decent

[thebigone]

Started same year as me 1999
I took everything works out £34,000 roughly
£369 a month

[thebigone]

Started same year as me 1999
I took everything works out £34,000 roughly
£369 a month

[Shirtbuttons]

Did you take that at 55? I’ve donee 36 years and have another 4 years until 55. I might take it all then or wait until 60.

[RobertT]

Did you take that at 55? I’ve donee 36 years and have another 4 years until 55. I might take it all then or wait until 60.

You joined RM at age 15/16?

I don't think you'd have been able to join the pension straight away. I would guess you weren't allowed to join until age 18.

[vmaxv4]

Did you take that at 55? I’ve donee 36 years and have another 4 years until 55. I might take it all then or wait until 60.

You joined RM at age 15/16?

I don't think you'd have been able to join the pension straight away. I would guess you weren't allowed to join until age 18.

Correct. Cadet’s could only join pension plan at age 18