HI can anyone help.
I started RM on01/01/2001 im 59 so next year should get a 60 pension i cant find anywhere what this might be and do i get a lump sum then aswell? if i do have you any idea roughly what it might be?
I planning to carry on working till 65 and hope to invest any 60 pension i receive
TIA Dave
ANNOUNCEMENT : ALL OF ROYAL MAIL'S EMPLOYMENT POLICIES (AGREEMENTS) AT A GLANCE (Updated 2021)... HERE
ANNOUNCEMENT : PLEASE BE AWARE WE ARE NOT ON FACEBOOK AT ALL!
Pension Q
-
RobertT
- EX ROYAL MAIL
- Posts: 6644
- Joined: 09 Sep 2007, 14:26
- Gender: Male
Re: Pension Q
Have you not any pension statements for the last 23 years? 
Going by posts on here, you should have already had this years annual statement from the RMPP and you should also get one from the RMSPS in due course.
Both will have Age60 and Age65 figures on them.
Add them up to find out what you might get at those ages.
More info can be found on the plan websites.
Going by posts on here, you should have already had this years annual statement from the RMPP and you should also get one from the RMSPS in due course.
Both will have Age60 and Age65 figures on them.
Add them up to find out what you might get at those ages.
More info can be found on the plan websites.
Links to all RM pension related websites are here
-
ebbzie
- Posts: 660
- Joined: 14 Jun 2011, 17:22
- Gender: Male
Re: Pension Q
I cant see anything about a lump sum? Can i expect one?
-
RobertT
- EX ROYAL MAIL
- Posts: 6644
- Joined: 09 Sep 2007, 14:26
- Gender: Male
Re: Pension Q
You're in section C, so you don't get a lump sum as standard with your Age60 benefits, but you can give up some pension to get one.
As a rough guide: Multiply your total Age60 pension(from both RMPP&RMSPS) by 20, you'll be able to take 25% of that as a tax free cash lump sum.
EG: pension of £5k per year x 20 = £100,000 /4 = £25k lump sum
The Cash Balance is designed to take as a lump sum with Age65 benefits.
Links to all RM pension related websites are here