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Lump sum booster

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.
Snurgs
Posts: 21
Joined: 08 Mar 2011, 19:23
Gender: Male

Lump sum booster

Post by Snurgs »

Did i read somewhere that you can pay a higher percentage into the lump sum booster ? And do they match it ?
Rommagic
Posts: 1465
Joined: 10 Sep 2007, 16:52

Re: Lump sum booster

Post by Rommagic »

On the app.
NWpostie
Posts: 3601
Joined: 04 Aug 2007, 17:32
Gender: Male
Location: Sector 001 Borg Collective, 6 o f 9

Re: Lump sum booster

Post by NWpostie »

Free money ! Take the option.
Six of Nine loves Seven of Nine, together in Electric Dreams.
SMS1969
Posts: 983
Joined: 28 Jun 2021, 11:36
Gender: Male

Re: Lump sum booster

Post by SMS1969 »

Snurgs wrote:
18 Jul 2024, 21:28
Did i read somewhere that you can pay a higher percentage into the lump sum booster ? And do they match it ?
No, RM will pay 1% in if you do likewise. Still free money though. You can pay a higher percentage of your pay, or stipulate an actual amount of money into an AVC. You can do all of this easily on the app.
heapsy
Posts: 2949
Joined: 02 Jun 2007, 23:40
Gender: Male
Location: Drinking with Gangsters

Re: Lump sum booster

Post by heapsy »

SMS1969 wrote:
19 Jul 2024, 15:16
Snurgs wrote:
18 Jul 2024, 21:28
Did i read somewhere that you can pay a higher percentage into the lump sum booster ? And do they match it ?
No, RM will pay 1% in if you do likewise. Still free money though. You can pay a higher percentage of your pay, or stipulate an actual amount of money into an AVC. You can do all of this easily on the app.

Be aware, the AVCs are not guaranteed to be tax free. The scheme already has a lump sum element built in, like section B. Yes, you can still take it as a lump sum, but it doesn't replace the existing one in the scheme.
Rommagic
Posts: 1465
Joined: 10 Sep 2007, 16:52

Re: Lump sum booster

Post by Rommagic »

L Sampson saying 14,000 applied for pension booster.
TheTrolleyMan
Posts: 776
Joined: 13 Mar 2017, 15:39
Gender: Male

Re: Lump sum booster

Post by TheTrolleyMan »

NWpostie wrote:
19 Jul 2024, 13:28
Free money ! Take the option.
Free money at 67 if the scheme still exists ! Good luck you’re going to need it !
Wullie10
EX ROYAL MAIL
Posts: 699
Joined: 30 Jul 2017, 12:07
Gender: Male
Location: Retired

Re: Lump sum booster

Post by Wullie10 »

Originally applied on the app for the booster. Checking today it say I haven't yet applied. So I followed the instructions to apply for 1% and it just went back to the start. I pressed ok but it didn't work. Now it still saying I haven't applied. All very odd.
heapsy
Posts: 2949
Joined: 02 Jun 2007, 23:40
Gender: Male
Location: Drinking with Gangsters

Re: Lump sum booster

Post by heapsy »

Mine worked first time. I've since checked it and it is still set up.
ihatedogs
MAIL CENTRES/PROCESSING
Posts: 546
Joined: 03 Nov 2010, 18:53
Gender: Male

Re: Lump sum booster

Post by ihatedogs »

Wullie10 wrote:
16 Aug 2024, 21:21
Originally applied on the app for the booster. Checking today it say I haven't yet applied. So I followed the instructions to apply for 1% and it just went back to the start. I pressed ok but it didn't work. Now it still saying I haven't applied. All very odd.
I've had mine set up for a few weeks & it's been fine. Just checked after reading this & it's now showing as not set up.Tried to re-submit my application & got an error message.
Looks like tech problems so will just keep applying until they fix this.
david3595
Posts: 167
Joined: 23 Apr 2007, 07:40

Re: Lump sum booster

Post by david3595 »

Just checked Lump Sum Booster and AVC’s both now saying not set up. Tried to reset it but getting error message.
Kaiser_soze
Posts: 92
Joined: 01 Oct 2018, 22:22
Gender: Male

Re: Lump sum booster

Post by Kaiser_soze »

david3595 wrote:
17 Aug 2024, 08:55
Just checked Lump Sum Booster and AVC’s both now saying not set up. Tried to reset it but getting error message.
Assume everyone has read the Message about the app this weekend so that’ll probably be the issue
david3595
Posts: 167
Joined: 23 Apr 2007, 07:40

Re: Lump sum booster

Post by david3595 »

Kaiser_soze wrote:
17 Aug 2024, 08:59
david3595 wrote:
17 Aug 2024, 08:55
Just checked Lump Sum Booster and AVC’s both now saying not set up. Tried to reset it but getting error message.
Assume everyone has read the Message about the app this weekend so that’ll probably be the issue
just seen the message on the App :oops:
Wullie10
EX ROYAL MAIL
Posts: 699
Joined: 30 Jul 2017, 12:07
Gender: Male
Location: Retired

Re: Lump sum booster

Post by Wullie10 »

Yes the app is down till 19.00 18 August. I'll try again another day.
david3595
Posts: 167
Joined: 23 Apr 2007, 07:40

Re: Lump sum booster

Post by david3595 »

Just signed into the People App to check Annual Leave, getting an error message. Lump Sum Booster and AVC’s are again showing as not set up? Is there another update taking place today, cheers.