what if

[happymackem]

after 40 years service i decided to resign from the job
what would i lose in the way of my pension etc
i have already sent a form to the pension place asking for my pension now (im 55)
how long do i have to give them can i resign the same day? do i need a form frpm my manager or would a letter from myself do the job?

[POSTMAN]

Moved to pension forum,no doubt Rob may be able to give you some info.

[RobertT]

after 40 years service i decided to resign from the job
what would i lose in the way of my pension etc

If you take your pension at 55(most of which will be final salary) it will be reduced by about 5% per year, so 25% in total.
If you don't take the pension it will be deferred for you to take at a later date.

i have already sent a form to the pension place asking for my pension now (im 55)
how long do i have to give them can i resign the same day? do i need a form frpm my manager or would a letter from myself do the job?

Just put in your notice a couple of weeks before your first pension payment is due.

[Thorby Bislam]

What if, instead of resigning at 55, you get ill health retirement. Is the pension still reduced by 25% ?

And does the 25% reduction apply to the monthly pension; the lump sum; or both ?

[RobertT]

What if, instead of resigning at 55, you get ill health retirement. Is the pension still reduced by 25% ?

No. more info here: http://www.royalmailpensionplan.co.uk/1 ... retirement" onclick="window.open(this.href);return false;

And does the 25% reduction apply to the monthly pension; the lump sum; or both ?

Both.

[Thorby Bislam]

cheers !