Pension

[robbertwhitton]

Any thoughts on options re pension,am 55 this August with 35 years service.whats possible??

[Surreypostie]

You can take it early if you wish, 5% reduction per year. Who knows how long we have, you also get it 5 years longer if you do live, known many lads retire at 60 and been dead in a year.

Ring them up and they will send you out a quote, no obligation.

[robbertwhitton]

Many thanks,all gets a bit confusing or is it me? Have been in touch they would give me a quote a month before 55.or hope evr comes our way??

[RobertT]

You can use the calculators on the RMPP website which should give you a rough idea of what you might get. There are separate ones for Section A/B & C:

http://www.royalmailpensionplan.co.uk/s ... ur-pension" onclick="window.open(this.href);return false;
http://www.royalmailpensionplan.co.uk/s ... ur-pension" onclick="window.open(this.href);return false;

EVR is highly unlikely at your age since the new MTSF agreement.

[misterspock]

You can take it early if you wish, 5% reduction per year. Who knows how long we have, you also get it 5 years longer if you do live, known many lads retire at 60 and been dead in a year.

Ring them up and they will send you out a quote, no obligation.

I knew someone who worked in Tyneside Mail Centre who worked every shift under the sun and died two years after retiring

[Surreypostie]

I know people who have gone at 60 and been dead by 61. Nobody knows, you just have to make a decision.

[stroller]

RobertT,

What makes you think EVR is highly unlikely under the new MTSF agreement for robbertwhitton?

[stroller]

robbertwhitton,

I like you will be 55 in August with on years less service then you with 34 years, if you talk to 20 people about pensions I bet you have so many different opinions, this is my take on it, when I get to 55 I will be taking my pension NRA 60 and NRA 65 and coming out of the pension scheme completely, if I am still in service this is like giving yourself a pay rise as you will not be paying into a pension Scheme, some people are taking there NRA 60 pension and still paying into the pension scheme in my office.

Some people think you are crazy taking your pension at 55 with a 25% hit, I think although you are taking a 25% hit you are getting it for 5 years longer, it's all about opinions at the end of the day that's what makes the world go around.

Good luck with whatever you decide, I turned down VR last July waiting to get to 55 hoping to get offered it this year under the old MTSF agreement, but that deal has gone now and under the new MTSF agreement I might as well go if offered before I get to 55 as the pension won't be enhanced anymore.

[paulp]

if you take your pension at 55 and carry on working will your pension be taxable

[RobertT]

RobertT,
What makes you think EVR is highly unlikely under the new MTSF agreement for robbertwhitton?

For the same reason you are unlikely to get it.

With EVR you get 26 weeks pay plus an enhanced pension of 37.5% of the pension you would have got up to 65. So the younger you are, the more it will be enhanced by and the longer it will be paid out. Therefore it is more likely to cost more than the 104 weeks pay limit under the new MTSF agreement.

[RobertT]

if you take your pension at 55 and carry on working will your pension be taxable

Pension income is treated exactly the same as money you earn from your wages. So any income over £10,600, increasing to £11,000 from April 2016 will be taxable. But you don’t pay NIC’s on pension income.