cash benefit with IHR

[Hitbox]

I'm in the process of ill health retirement with a Lump Sum. my current age is 38.

the new agreement of the 16 weeks tax free then 12 week PILON payment taxed along with any annual leave in lieu.

Is the offer of taking a 25% lump sum from the Cash Balance amount from the pension still available ?

I'm on RMPP and the previous pension too (i started in 2006) that is covered by Capita .

Because i've been thrown into this mess cos of my health,there's no guidance so reaching out on here thought i could see what i can do :)

[RobertT]

Is the offer of taking a 25% lump sum from the Cash Balance amount from the pension still available ?

Has it ever been available?
I've never heard of that before!

The only way you'll be able to access your pension before the legal minimum age(currently 55 but going up to 57 in 2028), is if you're deemed to be unable to work again, in any capacity.

[Hitbox]

Is the offer of taking a 25% lump sum from the Cash Balance amount from the pension still available ?

Has it ever been available?
I've never heard of that before!

The only way you'll be able to access your pension before the legal minimum age(currently 55 but going up to 57 in 2028), is if you're deemed to be unable to work again, in any capacity.

this is why i'm asking, according to the RMPP site, you can claim some of it if you retire through ill health but unsure if there's an age restriction.

This is what the site says

If you retire through ill health, as long as you aren’t already taking your Age65 benefits you’ll get the pension and lump sum you’ve built up so far, including the actual value of your Cash Balance fund (i.e. not reduced to reflect early payment) – get in touch with the Pensions Service Centre to find out more (contact details below).

In addition, you may receive extra payments from the Company – please contact your HR Service Centre to find out more.

[Geordiepapa]

I've just retired due to ill health, age 64, and received some of my paperwork a couple of weeks ago. It states on it that it will be reduced by 5% for taking it early. This company is a nightmare when you leave. I had a lump sum paid into my bank account but no payslip to show breakdown. I don't think I've received holiday pay due but have no way of knowing. I have contacted payroll but no reply so far. Like you I was in a situation caused by Royal Mail so had no-one to turn to for help (CWU were useless). And also, I've been trying to chase up pension paperwork from Capita but can't contact them. It's all a nightmare. They don't seem to care about the stress (and potential financial difficulties) this causes people.

[RobertT]

Is the offer of taking a 25% lump sum from the Cash Balance amount from the pension still available ?

Has it ever been available?
I've never heard of that before!

The only way you'll be able to access your pension before the legal minimum age(currently 55 but going up to 57 in 2028), is if you're deemed to be unable to work again, in any capacity.

this is why i'm asking, according to the RMPP site, you can claim some of it if you retire through ill health but unsure if there's an age restriction.

This is what the site says

If you retire through ill health, as long as you aren’t already taking your Age65 benefits you’ll get the pension and lump sum you’ve built up so far, including the actual value of your Cash Balance fund (i.e. not reduced to reflect early payment) – get in touch with the Pensions Service Centre to find out more (contact details below).

In addition, you may receive extra payments from the Company – please contact your HR Service Centre to find out more.

I know someone who left via IHR a few years ago, who's medical condition has since got worse, and he was able to take his full and unreduced pension at age 53/54. So it's definitely possible to take it before the legal minimum age.

But it'll depend on the severity of your health condition, which will obviously vary with the individual.

The only way you're going to find out whether you might be eligible, is to contact them.

[Hitbox]

Is the offer of taking a 25% lump sum from the Cash Balance amount from the pension still available ?

Has it ever been available?
I've never heard of that before!

The only way you'll be able to access your pension before the legal minimum age(currently 55 but going up to 57 in 2028), is if you're deemed to be unable to work again, in any capacity.

this is why i'm asking, according to the RMPP site, you can claim some of it if you retire through ill health but unsure if there's an age restriction.

This is what the site says

If you retire through ill health, as long as you aren’t already taking your Age65 benefits you’ll get the pension and lump sum you’ve built up so far, including the actual value of your Cash Balance fund (i.e. not reduced to reflect early payment) – get in touch with the Pensions Service Centre to find out more (contact details below).

In addition, you may receive extra payments from the Company – please contact your HR Service Centre to find out more.

I know someone who left via IHR a few years ago, who's medical condition has since got worse, and he was able to take his full and unreduced pension at age 53/54. So it's definitely possible to take it before the legal minimum age.

But it'll depend on the severity of your health condition, which will obviously vary with the individual.

The only way you're going to find out whether you might be eligible, is to contact them.

I think it's just a case of Pot Luck then ain't it, I'll have to chase it up with RMPP once i get the payments through.

I havent had the letter offer yet But.......
So far, i've managed to work out Exactly what i should get from the 16 week lump sum.
Based on my weekly contracted hours of 35 hours pay at £441.95 before deductions. that was my rate the last time i had a full normal wage slip.

Along with what tax/NI i should pay for the 12 weeks PILON and worked out how many hours i should get paid for for my current Annual Leave i haven't taken yet (screenshots got of the Annual Leave i have outstanding from the People App)

If RM take there sweet time, i'll get an extra £106 thanks to NI dropping from 12% deduction to 10% deduction on 6th January 2024 ;)

[Ghattaura]

I've just retired due to ill health, age 64, and received some of my paperwork a couple of weeks ago. It states on it that it will be reduced by 5% for taking it early. This company is a nightmare when you leave. I had a lump sum paid into my bank account but no payslip to show breakdown. I don't think I've received holiday pay due but have no way of knowing. I have contacted payroll but no reply so far. Like you I was in a situation caused by Royal Mail so had no-one to turn to for help (CWU were useless). And also, I've been trying to chase up pension paperwork from Capita but can't contact them. It's all a nightmare. They don't seem to care about the stress (and potential financial difficulties) this causes people.