Retained Rights to take Pension between 50 & 55

[Gazzerwales]

Has anyone any experience of attempting to claim retained or protected rights to take a deferred pension between age 50 and 55, ie exemption from the 2010 pension changes. Part of the justification for exemption is being able to show that prior to 2003 staff were able to take your pension at age 50 from the RM scheme without requiring trustee permission. Anyone any evidence from past colleagues that this was possible? For those interested here is a link with more info:

http://www.pensionsadvisoryservice.org. ... rement-age" onclick="window.open(this.href);return false;

Thanks Gazzerwales

[RobertT]

The RM pension scheme hasn't got a protected retirement age, therefore we come under the current law and cannot touch our pension until aged 55, unless it's on ill health grounds.

[benn2261]

The RM pension scheme hasn't got a protected retirement age, therefore we come under the current law and cannot touch our pension until aged 55, unless it's on ill health grounds.

hi just a question about pensions again.i have 28 years in the final salary scheme and 4 years in the career scheme.i am 51 what i l;ike to know if i was to go at 55 if it`s still on offer of course. how much would my final salary be affected if i dropped down to a 32 contract would my final salary part be based on 32 hours or all the years up to now be counted. can anyone give me a idea what i might receive on 40 hours aswell as 32 if i go in another 4 years roughly.opg with reserve rights x phg. thanks.

[RobertT]

hi just a question about pensions again.i have 28 years in the final salary scheme and 4 years in the career scheme.i am 51 what i l;ike to know if i was to go at 55 if it`s still on offer of course. how much would my final salary be affected if i dropped down to a 32 contract would my final salary part be based on 32 hours or all the years up to now be counted.

Your pension will be based on your pensionable pay when you take it, so if you reduced your hours both your final salary and career average pension would be affected.

can anyone give me a idea what i might receive on 40 hours aswell as 32 if i go in another 4 years roughly.opg with reserve rights x phg. thanks.

Your NRA60 pension(pre 2010) would be reduced by about 25%, while your NRA65 pension(post 2010) would be reduced by 50%. The reductions equate to 5% per year, but are also at the discretion of the scheme actuary, so could vary.
You would have to do some calculations of your own based on your last statement to find out roughly the amount you'd get in money terms.

Further reading can be found here: http://royalmailpensionplan.co.uk/55/pensions-brochures" onclick="window.open(this.href);return false;
As an employee of 28 years, the 'AB' files on the above link will relate to your pension.

[benn2261]

hi just a question about pensions again.i have 28 years in the final salary scheme and 4 years in the career scheme.i am 51 what i l;ike to know if i was to go at 55 if it`s still on offer of course. how much would my final salary be affected if i dropped down to a 32 contract would my final salary part be based on 32 hours or all the years up to now be counted.

Your pension will be based on your pensionable pay when you take it, so if you reduced your hours both your final salary and career average pension would be affected.

can anyone give me a idea what i might receive on 40 hours aswell as 32 if i go in another 4 years roughly.opg with reserve rights x phg. thanks.

Your NRA60 pension(pre 2010) would be reduced by about 25%, while your NRA65 pension(post 2010) would be reduced by 50%. The reductions equate to 5% per year, but are also at the discretion of the scheme actuary, so could vary.
You would have to do some calculations of your own based on your last statement to find out roughly the amount you'd get in money terms.

Further reading can be found here: http://royalmailpensionplan.co.uk/55/pensions-brochures" onclick="window.open(this.href);return false;
As an employee of 28 years, the 'AB' files on the above link will relate to your pension.

hi thanks for the information robert t i know how to work it out roughly thanks.

[benn2261]

hi just a question about pensions again.i have 28 years in the final salary scheme and 4 years in the career scheme.i am 51 what i l;ike to know if i was to go at 55 if it`s still on offer of course. how much would my final salary be affected if i dropped down to a 32 contract would my final salary part be based on 32 hours or all the years up to now be counted.

Your pension will be based on your pensionable pay when you take it, so if you reduced your hours both your final salary and career average pension would be affected.

can anyone give me a idea what i might receive on 40 hours aswell as 32 if i go in another 4 years roughly.opg with reserve rights x phg. thanks.

Your NRA60 pension(pre 2010) would be reduced by about 25%, while your NRA65 pension(post 2010) would be reduced by 50%. The reductions equate to 5% per year, but are also at the discretion of the scheme actuary, so could vary.
You would have to do some calculations of your own based on your last statement to find out roughly the amount you'd get in money terms.

Further reading can be found here: http://royalmailpensionplan.co.uk/55/pensions-brochures" onclick="window.open(this.href);return false;
As an employee of 28 years, the 'AB' files on the above link will relate to your pension.

HI IS IT POSSIBLE TO TAKE A REDUNDANCY DEAL BETWEEN 50 TO 55 IN MY CASE 2 YEARS PAY AND STILL APPLY TO TAKE MY PENSION AT 55 EVEN IF I LEFT THE BUSINESS.

[easter bunny]

hi just a question about pensions again.i have 28 years in the final salary scheme and 4 years in the career scheme.i am 51 what i l;ike to know if i was to go at 55 if it`s still on offer of course. how much would my final salary be affected if i dropped down to a 32 contract would my final salary part be based on 32 hours or all the years up to now be counted.

Your pension will be based on your pensionable pay when you take it, so if you reduced your hours both your final salary and career average pension would be affected.

can anyone give me a idea what i might receive on 40 hours aswell as 32 if i go in another 4 years roughly.opg with reserve rights x phg. thanks.

Your NRA60 pension(pre 2010) would be reduced by about 25%, while your NRA65 pension(post 2010) would be reduced by 50%. The reductions equate to 5% per year, but are also at the discretion of the scheme actuary, so could vary.
You would have to do some calculations of your own based on your last statement to find out roughly the amount you'd get in money terms.

Further reading can be found here: http://royalmailpensionplan.co.uk/55/pensions-brochures" onclick="window.open(this.href);return false;
As an employee of 28 years, the 'AB' files on the above link will relate to your pension.

HI IS IT POSSIBLE TO TAKE A REDUNDANCY DEAL BETWEEN 50 TO 55 IN MY CASE 2 YEARS PAY AND STILL APPLY TO TAKE MY PENSION AT 55 EVEN IF I LEFT THE BUSINESS.

Of course. Anyone who has a 'deferred Pension' can claim their Pension at 55. But early payment will suffer a penalty.