Pension at 55

[sheppard83]

Morning all, I’m thinking of taking my pension at 55. I’ve been with Royal Mail since August 89 so plan c.
Just wondering if anyone with similar time in the business took there pensions early and what sort of lump sums/ monthly amounts were offered.

[NWpostie]

You're aware that you'll be taking a 25% cut in your pension and that's for life ?

I'm a similar age to you, I've been banging as much as I can into my AVCs within PSE limits to max my pension lump sum without touching the pension pot, that way you have more to live on, I plan to claim my pension when due at 60 and 65.

RobertT will be along shortly to give some advice as well, I recommend that you do your sums before jumping ship.

[reedy]

I joined May 89 and recieved my figures today as im 55 in september. Email pensions and they will send you your figures. I had Rm and Capitas figures both within the week. Pensions department said earliest you can apply for your qoute is 54 years and 8 months

[vila465]

Shepherd do whatever suits you. One benefit of cashing in early are the interest rates.I took my pension towards the end of last year - transferred my lump sum to isa and high interest savings account and will earn a lot of money in interest. Although the interest rates are not as good now they are still far better then previous years and depending on.your circumstances- you could perhaps put the lump sum money away while still having the benefit of receiving your monthly pensions
I know people who rent one bedroom flats with nothing at the end of the month who have cashed in their pensions early and at least now can afford to have a holiday and go out for a drink.or a meal when they please.
Obviously everyone's circumstances are different and you do loseb 5% for every year between 55 - 60- but that doesn't take into account the monthly pension you will start receiving once your pension has been.processed plus the interest as it currently stands

[NorthernBoy]

I joined May 89 and recieved my figures today as im 55 in september. Email pensions and they will send you your figures. I had Rm and Capitas figures both within the week. Pensions department said earliest you can apply for your qoute is 54 years and 8 months

Hi, were the figures they quoted you 25% lower than your 2023 statement? (Nra60). Or were they slightly more as nearly a year has passed since your statement.

I am looking to take mine at 55 next year and want to know if i can base my figures on this years statement.

That’s a quick response from the admin departments

Thanks.

[dddelta]

I’m 55 in October. Started in 1989. I’m looking to get out soon too if the figures work out. Wasn’t there talk somewhere recently about them launching an app where it will show you how much you’ll get if you want to take lump sums etc.?

[Wullie10]

I started in 1989. I got my 60th and kept on working and my lump sum has gone . Obviously paid chunk off mortgage and did the house up with essential improvements. I'm happy enough but a large lump sum can soon dissappear. At least I can build up my 65 pension now.

[Duran]

Ok. I wanted to give you all a heads up on taking your pension early. Below are my 2 quotes for NRA60 From RMSPS. One was from 2022 aged 56. The next one most recent 2024 aged 58.(37 and 39 yrs service). Just look at the differences in 2yrs . Its a huge loss if you take at 55. I hope this helps with any decision you make.

[billyliar1966]

Do these figures include the pension supplement?

[Jefferson Starfish]

Do these figures include the pension supplement?

It sounds like he's in section B?

[Duran]

Section B member . I think the supplement is for section C only. This also excludes the NRA60 Payment you get from RMPP.
.

[comeracing]

There's so many going at 55 ,and who can blame them ,life's too short my father in law worked his socks off elsewhere retired at 65 and he'd gone 2 years later hardly spent anything they had so many holidays planned absolutely wasted. I'm 55 in 3 years and I'll be gone, I think everyone I've talked too who's left at 55 have no regrets at all , so many options as well ,myself I plan to enjoy it ,my house allready payed off will go to my older kids, I'll go for a part time job elsewhere so many options work part time ,draw your monthly pension and invest your lump sum wisely.

[Meloned1]

There's so many going at 55 ,and who can blame them ,life's too short my father in law worked his socks off elsewhere retired at 65 and he'd gone 2 years later hardly spent anything they had so many holidays planned absolutely wasted. I'm 55 in 3 years and I'll be gone, I think everyone I've talked too who's left at 55 have no regrets at all , so many options as well ,myself I plan to enjoy it ,my house allready payed off will go to my older kids, I'll go for a part time job elsewhere so many options work part time ,draw your monthly pension and invest your lump sum wisely.

That is imho a great plan hope it all works out for you

[NWpostie]

If you have enough money to tide you over to state pension age, all great and good

Whatever works for your particular circumstances.

I plan to take mine at 60, between now and then, I'm already saving up and putting money in my AVCs, regularly keeping track.

Of course anything could change in between especially with the proposed take over by Kretinsky which could influence future choices.

[billyliar1966]

There's so many going at 55 ,and who can blame them ,life's too short my father in law worked his socks off elsewhere retired at 65 and he'd gone 2 years later hardly spent anything they had so many holidays planned absolutely wasted. I'm 55 in 3 years and I'll be gone, I think everyone I've talked too who's left at 55 have no regrets at all , so many options as well ,myself I plan to enjoy it ,my house allready payed off will go to my older kids, I'll go for a part time job elsewhere so many options work part time ,draw your monthly pension and invest your lump sum wisely.

There are a lot of jobs available. However, be aware that literally hundreds apply for them. I have been quite shocked. Over 250 regularly apply for care home work. Don't believe the media when they say they can't fill these positions.