Pension paid quarterly.

[Wullie10]

There's the option to take your pension paid monthly or quarterly, every 3 months. I am just curious why anyone would want it paid every quarter. What would be any advantages ? It seems odd that this option is available. I can't imagine there are many takers.

[baldrick]

I can't think of any advantages. I certainly wouldn't do that.

[RobertT]

DB pensions often give the choice of payments being monthly or quarterly. Mainly because it's cheaper for them in terms of admin and banking charges, etc.

Monthly is usually in arrears, while quarterly can be in advance(depending on the scheme).
But I don't think any of the RMSPS or RMPP documentation actually says which applies if you choose 4 payments a year instead of 12.

There may be some who prefer quarterly.
Perhaps you could earn a bit of interest on it?

[NorthernBoy]

There's the option to take your pension paid monthly or quarterly, every 3 months. I am just curious why anyone would want it paid every quarter. What would be any advantages ? It seems odd that this option is available. I can't imagine there are many takers.

Yes, I don’t think many people would take it every quarter. Maybe if you had a really small pension you might want it every 3 months to make it seem more worthwhile. I can’t see any advantages.

[FAB]

There's the option to take your pension paid monthly or quarterly, every 3 months. I am just curious why anyone would want it paid every quarter. What would be any advantages ? It seems odd that this option is available. I can't imagine there are many takers.

Yes, I don’t think many people would take it every quarter. Maybe if you had a really small pension you might want it every 3 months to make it seem more worthwhile. I can’t see any advantages.

That was exactly why an ex postie on a round I did took his pension quarterly as it was so small. But it gave the impression of getting a reasonable amount. Still thought that was an odd approach. I would want any money as soon as possible!

[barcajr]

I take mine quarterly, as am still working, a lump sump sum every 3 months is easier to save

[wallop]

I have an options form at the moment and i noticed that it says that the monthly pension is paid on the last working day of the month i suppose by taking it every quarter it would even out the months a bit rather than getting paid on a Fri one month then having to wait until a Mon the next followed by a Wed etc That's how July,Aug and Sept fall this year.

[wallop]

DB pensions often give the choice of payments being monthly or quarterly. Mainly because it's cheaper for them in terms of admin and banking charges, etc.

Monthly is usually in arrears, while quarterly can be in advance(depending on the scheme).
But I don't think any of the RMSPS or RMPP documentation actually says which applies if you choose 4 payments a year instead of 12.

There may be some who prefer quarterly.
Perhaps you could earn a bit of interest on it?

Quarterly is paid in arrears it's mentioned on the options form.