Royal Mail Collective Plan

[heapsy]

Why to people think life will begin when they retire?
Live life now, enjoy what few years you have left

They don't, but the sensible ones want to make sure their standard of living continues. And that they can go before they are too old.

[milly]

Why to people think life will begin when they retire?
Live life now, enjoy what few years you have left

They don't, but the sensible ones want to make sure their standard of living continues. And that they can go before they are too old.

That's not fair on the people who didn't bother to provide for themselves.
I'm sure Andy Burnham will level things up.

[heapsy]

Why? If people don't bother, that's their problem. Got a mate in our office. Started the year before. Turned 60 in March, carrying on because he didn't put enough away. His problem, not mine.

[Chelseablue]

A life free from RM as it is now and what it will be Will be heaven

[milly]

Why? If people don't bother, that's their problem. Got a mate in our office. Started the year before. Turned 60 in March, carrying on because he didn't put enough away. His problem, not mine.

That's not how socialists think, comrade.
What's theirs is theirs and what's yours is theirs, eventually.

[dudek05]

Went fine. I transferred to a SIPP with Hargreaves Lansdown. I initiated the transfer by applying to HL and just had to sign and return paperwork RM sent in post.

Hello mate. Just wondering, when you transferrred the CDC, was it reduced? I'm 60 next year, but thinking of calling it a day then. I've also got a SIPP with HL. Many thanks.

Hi mate. Sorry reply was so slow. No it wasn't reduced good luck for your retirement highly recommended

[RobertT]

It might be worth pointing out that transfer values are based on your share of the overall pot at the time, as well as your age and estimates on how the funds will perform in the future. With older members likely to get higher transfer values than younger ones.

I believe the online portal provides an estimate?

[heapsy]

Went fine. I transferred to a SIPP with Hargreaves Lansdown. I initiated the transfer by applying to HL and just had to sign and return paperwork RM sent in post.

Hello mate. Just wondering, when you transferrred the CDC, was it reduced? I'm 60 next year, but thinking of calling it a day then. I've also got a SIPP with HL. Many thanks.

Hi mate. Sorry reply was so slow. No it wasn't reduced good luck for your retirement highly recommended

Cheers for the reply. Just mulling things over. On the sick at the moment and not sure whats happening. So thought I'd look at the pension. Thx once again.

[heapsy]

It might be worth pointing out that transfer values are based on your share of the overall pot at the time, as well as your age and estimates on how the funds will perform in the future. With older members likely to get higher transfer values than younger ones.

I believe the online portal provides an estimate?

Cheers. At the time of your retirement, I had similar service. So this might at least get rid of the NRA67 element of my pension, if things go wrong for me. Never wanted a pension at 67 tbh.

[Hyrrokkin]

It might be worth pointing out that transfer values are based on your share of the overall pot at the time, as well as your age and estimates on how the funds will perform in the future. With older members likely to get higher transfer values than younger ones.

I believe the online portal provides an estimate?

Cheers. At the time of your retirement, I had similar service. So this might at least get rid of the NRA67 element of my pension, if things go wrong for me. Never wanted a pension at 67 tbh.

Same here - have a few years at the coalface yet but will be taking mine/transferring early.
I think quite a few of us will come to that same conclusion.

[RobertT]

The ability to transfer out of the RMCPP is potentially a very valuable choice to have, as it's an alternative and more flexible way to access the money you hold within the scheme.

Once you consider that, gone is the need to wait until 67 or have your benefits reduced for taking them early. You now have the choice to generate a larger income than you would have had, but for a shorter period of time.
When added to your other pensions such as Age60 and Age65, which might not be enough to live on themselves, you potentially have enough to retire earlier than you might do otherwise.

Obviously personal circumstances, choices and the amounts involved will determine whether it's right for you.

I did a similar thing by transferring my Bonusplan out to a SIPP and not only did it help with funding an earlier retirement, but for me it was the most tax efficient choice as well.

It's something well worth considering.

[heapsy]

I've got AVCs with the CDC plan. Will they be easy to transfer?

[RobertT]

I've got AVCs with the CDC plan. Will they be easy to transfer?

It was a lot of hassle for me, as they made what should be a fairly simple process into something I had to make a formal complaint about, just to get them to do their jobs properly.

I get the impression the RMCPP is more efficient and more computerised than the RMPP, despite them both coming under the PSC, so hopefully it'll be easier.

More info on transfers can be found in the main Handbook and the AVC Handbook, both available via the RMCPP website.