Pension help

col456xyz · Post by **col456xyz** » 09 Feb 2016, 09:58

I am planning to take all my pension at 55
Could anyone tell me.
If I die in service after this will my daughter get a lump sum as I am not married...

Post by **oldrope** » 09 Feb 2016, 10:08

col456xyz wrote:I am planning to take all my pension at 55
Could anyone tell me.
If I die in service after this will my daughter get a lump sum as I am not married...

If you are in the old pension that was frozen and the new one and take both then no she will not,but if you only take the one that was frozen and keep the new one going then yes.

bluealbert · Post by **bluealbert** » 09 Feb 2016, 15:18

col456xyz wrote:I am planning to take all my pension at 55
Could anyone tell me.
If I die in service after this will my daughter get a lump sum as I am not married...

How many years have you in pal ? I'm 56 with 29yrs service can never understand pensions how much would I get if I took mine out now anybody no

col456xyz · Post by **col456xyz** » 09 Feb 2016, 15:37

30 years
No figures yet looking into options
By taking early
Pot one ..60 u will lose 25%
Pot two...65 u will lose 50%
Look at your last statement totals and deduct these percentages.
5% for every year you take it before 60 and 65
Sure this is how it is calculated unless anyone knows different

Surreypostie · Post by **Surreypostie** » 09 Feb 2016, 18:29

col456xyz wrote:30 years
No figures yet looking into options
By taking early
Pot one ..60 u will lose 25%
Pot two...65 u will lose 50%
Look at your last statement totals and deduct these percentages.
5% for every year you take it before 60 and 65
Sure this is how it is calculated unless anyone knows different

That is how it is worked out, those figures in the illustration are not exact amounts. Best thing you can do is wring them and they can sen you out some paperwork with all the figures on.

bluealbert · Post by **bluealbert** » 09 Feb 2016, 20:00

Thanks everyone but I think I'll try and keep pension going for a bit longer

Post by **RobertT** » 10 Feb 2016, 04:40

There are now pension calculators on the RMPP website allowing you to work out how much pension you're likely to lose by taking it early, although it only works properly if you're 54 & 8 months old or over.

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