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taking pension early

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.
plainpat
EX ROYAL MAIL
Posts: 410
Joined: 18 Jan 2010, 19:29
Gender: Male
Location: You can't get any further east in the UK without going for a swim in the North Sea

Re: taking pension early

Post by plainpat »

RobertT wrote:
dparr59 wrote:I took my pension at 50 in August last year I had in just over 25 years service when I left royal mail in 2006
there was then 3 choices on offer :
offer 1 is what I took was 18,500 lump sum and about £60 a week
offer 2 was £10,00 lump sum and £65 a week
offer 3 was no lump sum and £70 a week
A great example of why it's not a good idea to take your pension early!
Everybody's personal circumstances are different and will affect whether taking your pension early is a good idea or not Robert T

In my case, having other income (from Rental Properties and Investments) it was a very good idea for me to leave RM and take my RM pension early at the age of 57 1/2 yrs (in 2008 after 18 1/2 years service).

I was offered the choice of a lump sum a little over £20K (plus repayment of AVC contributions) and a pension of £66 a week, or no lump sum and a pension of £88 a week.

What I gained back in my life of course is the 40 hours a week I was spending at RM (plus traveling time to and from work), a social life again, no stress and pain from the job and a chance to utilise my time once again on my hobbies and interests outside work :Very Happy

I was fortunate enough to be in this position, I appreciate others are not.
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dparr59
Posts: 3
Joined: 09 Jun 2009, 19:41
Gender: Male

Re: taking pension early

Post by dparr59 »

Yes its not always a good idea to take your pension early but in my case i had a choice because as you know
after April 2010 this year you will not be able to take your pension until your 55.( unless you worked for the national coal board which can still take it at 50 ) :confused
I left royal mail at aged 47 in 2006 With A EVR payment of £35,000 enough to pay my mortgage off
and clear all my debt.
I now am now retired so it worked for me :Very Happy

A ex postman always said to me :
Remember the day you died is fixed in time , but taking your early pension isn't .
So from when you take your pension to the day you die could me longer or shorter who knows !


Thanks

David
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RobertT
EX ROYAL MAIL
Posts: 6682
Joined: 09 Sep 2007, 14:26
Gender: Male

Re: taking pension early

Post by RobertT »

Fair comments from both of you - everybody's situation is always different.

I hope you both have a great retirement. :Very Happy
Links to all RM pension related websites are here
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plainpat
EX ROYAL MAIL
Posts: 410
Joined: 18 Jan 2010, 19:29
Gender: Male
Location: You can't get any further east in the UK without going for a swim in the North Sea

Re: taking pension early

Post by plainpat »

RobertT wrote:Fair comments from both of you - everybody's situation is always different.

I hope you both have a great retirement. :Very Happy
Thank You Robert :Very Happy
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naughton
Posts: 57
Joined: 17 Jan 2010, 09:11
Gender: Male

Re: taking pension early

Post by naughton »

got my quote,does anyone know the latest date i have till , to make a decision.
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cwzoo
Posts: 1
Joined: 27 Jan 2010, 16:08
Gender: Male

Re: taking pension early

Post by cwzoo »

completely forgot about this flexible retirment and as i was not 50 untill yesterday only now waking up. however colleagues have told me the cut off date has been extended there is even a reference suggesting this on this chat site. so i have just phoned the pension helpline and they deny there is any such extention.is there anybody out there who officially knows if the deadline has been extended or not
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naughton
Posts: 57
Joined: 17 Jan 2010, 09:11
Gender: Male

Re: taking pension early

Post by naughton »

just spoke to pension people ,told me the deadline was extended from 15-1-2010 to 31-1 2010 -person didnt seem very convincing ,so i asked to talk to a manager ,but told they would ring me back,if they do ill ask about any extension.
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User avatar
POSTMAN
SITE ADMINISTRATOR
Posts: 32752
Joined: 07 Aug 2006, 03:19
Gender: Male

Re: taking pension early

Post by POSTMAN »

Is there an extension,i have an email query,seems this guy phoned up the pension peeps and there isn't one.
I Wrote-During Covid-Which is still relevant now
It's good to get these types of threads, the ridiculous my manager said bollox, so we can reassure ourselves that while the world is falling apart, Royal Mail managers are still being the low-life C***S they have always been.
My BFF Clash
The daily grind of having to argue your case with an intellectual pigmy of a line manager is physically and emotionally draining.
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naughton
Posts: 57
Joined: 17 Jan 2010, 09:11
Gender: Male

Re: taking pension early

Post by naughton »

no extension if you were interested had to be done for 31st jan ,if youve got forms and going for it must send option choice (form1/EL ) back or 15th feb-told this by pensions at chesterfield,
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careful
Posts: 60
Joined: 15 Oct 2007, 22:46

Re: taking pension early

Post by careful »

naughton wrote:no extension if you were interested had to be done for 31st jan ,if youve got forms and going for it must send option choice (form1/EL ) back or 15th feb-told this by pensions at chesterfield,
missed the cut off date just turn fifty 31st jan ballocks they said two months process your pension ballocks its my money i want it now before 6th april 2010 or will have to wait till i am 55 ballocks can they do this, can do any thing :cfo
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naughton
Posts: 57
Joined: 17 Jan 2010, 09:11
Gender: Male

Re: taking pension early

Post by naughton »

can only print what they told me ,give them a ring and explain,might make a exception.
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gunner243
Posts: 1
Joined: 10 Feb 2010, 12:17
Gender: Male

Re: taking pension early

Post by gunner243 »

I am a postman with approx 16yrs service and reduced my working hours in 2005, from full time to 28 hours per week. Can anyone tell me how this would effect my pension entitlement as i am about to fill in my application forms. Thanks.
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naughton
Posts: 57
Joined: 17 Jan 2010, 09:11
Gender: Male

Re: taking pension early

Post by naughton »

whens cut off date then?
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