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Pension

Royal Mail pension news and discussion.Please note the advise given in this forum is unofficial, please use the links we have for a more detailed response or see an independent financial adviser.
GP1957
Posts: 1
Joined: 29 Apr 2023, 12:09
Gender: Male

Pension

Post by GP1957 »

I took my pension at 50 and it has increased over the years but this year I reached 66 which is state pension age and they have reduced my pension ,I have had no letter to say why and was not told way in 2007 that this would be the case, can anybody shed any light on this or if it has happened to them ,thank you
P13
Posts: 1016
Joined: 11 Oct 2007, 14:35
Gender: Male

Re: Pension

Post by P13 »

GP1957 wrote:
29 Apr 2023, 12:53
I took my pension at 50 and it has increased over the years but this year I reached 66 which is state pension age and they have reduced my pension ,I have had no letter to say why and was not told way in 2007 that this would be the case, can anybody shed any light on this or if it has happened to them ,thank you
If you are receiving your state pension now , you might be paying tax if you are over the tax free allowance.
RobertT
EX ROYAL MAIL
Posts: 6607
Joined: 09 Sep 2007, 14:26
Gender: Male

Re: Pension

Post by RobertT »

GP1957 wrote:
29 Apr 2023, 12:53
I took my pension at 50 and it has increased over the years but this year I reached 66 which is state pension age and they have reduced my pension ,I have had no letter to say why and was not told way in 2007 that this would be the case, can anybody shed any light on this or if it has happened to them ,thank you
The 2 most likely reasons are:

1. You're paying more tax because you've reached SPA and your income is higher.
2. You were in section C(joined sometime after 1st April 1987) and the pension supplement is no longer being paid, which is part of the scheme rules.

*The supplement is only paid to section C members and only until SPA, and as long as you've left RM employment.
Links to all RM pension related websites are here