Pension at 55

[wolfman]

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.

Can anyone explain how your figures went up around 36% in 2 years? Not saying they are not true figures, just wondering how that works out as I'm in section B. I think they increased around 6% this year and around 10% last year, plus add the 10% for not taking it 2 years earlier, still only makes it 26%. Wondering where the other 10% comes from?

[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.

Can anyone explain how your figures went up around 36% in 2 years? Not saying they are not true figures, just wondering how that works out as I'm in section B. I think they increased around 6% this year and around 10% last year, plus add the 10% for not taking it 2 years earlier, still only makes it 26%. Wondering where the other 10% comes from?

The 6.7% increase for 2024. 11.3% increase for 2023 and 4.6% increase for 2022 have no reflection on NRA60 increases .Those were RMPP Increases for cash balance.

In 2022 my NRA60 Current value of annual pension was £10,400 in 2023 £11,700 So in 2024 guessing around £13,000 . Taking at 58 £13,000 minus 10% £11.700 not far off 2024 is estimate.