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.
woody wrote:Hi I took mine after 23 years service 2 years ago at 55 best thing i ever done yes i lost a bit but i ploughed the 30k lump sum into premium bonds and getting around £800 a year return tax free and nearly £500 pounds a month pension go for it its better in your pocket than a failing pension fund
A couple of questions if you don’t mind:
When you give up work, can you live on £500 per month plus a non-guaranteed £800 per year?
The RM pension up to 2012 is funded by the government, while up to 2018 and it’s expected closure, it’s currently fully funded by RM. Why do you think it is failing?
woody wrote:Hi I took mine after 23 years service 2 years ago at 55 best thing i ever done yes i lost a bit but i ploughed the 30k lump sum into premium bonds and getting around £800 a year return tax free and nearly £500 pounds a month pension go for it its better in your pocket than a failing pension fund
A couple of questions if you don’t mind:
When you give up work, can you live on £500 per month plus a non-guaranteed £800 per year?
The RM pension up to 2012 is funded by the government, while up to 2018 and it’s expected closure, it’s currently fully funded by RM. Why do you think it is failing?
So the guy's who took BHS over probably would have done a better job in managing our pensions? And is MOYA GREENE the new Philip Green who know's does lightning strike twice?
woody wrote:Hi I took mine after 23 years service 2 years ago at 55 best thing i ever done yes i lost a bit but i ploughed the 30k lump sum into premium bonds and getting around £800 a year return tax free and nearly £500 pounds a month pension go for it its better in your pocket than a failing pension fund
A couple of questions if you don’t mind:
When you give up work, can you live on £500 per month plus a non-guaranteed £800 per year?
The RM pension up to 2012 is funded by the government, while up to 2018 and it’s expected closure, it’s currently fully funded by RM. Why do you think it is failing?
So the guy's who took BHS over probably would have done a better job in managing our pensions? And is MOYA GREENE the new Philip Green who know's does lightning strike twice?
The BHS pension scheme has got a deficit. The Royal Mail pension scheme hasn't, the government/taxpayer took that over as part of the privatisation deal.
woody wrote:Hi I took mine after 23 years service 2 years ago at 55 best thing i ever done yes i lost a bit but i ploughed the 30k lump sum into premium bonds and getting around £800 a year return tax free and nearly £500 pounds a month pension go for it its better in your pocket than a failing pension fund
A couple of questions if you don’t mind:
When you give up work, can you live on £500 per month plus a non-guaranteed £800 per year?
The RM pension up to 2012 is funded by the government, while up to 2018 and it’s expected closure, it’s currently fully funded by RM. Why do you think it is failing?
So the guy's who took BHS over probably would have done a better job in managing our pensions? And is MOYA GREENE the new Philip Green who know's does lightning strike twice?
The BHS pension scheme has got a deficit. The Royal Mail pension scheme hasn't, the government/taxpayer took that over as part of the privatisation deal.
So why are they the Royal Mail looking at closing/not funding it after 2018 as far as I can see it is an employer which should offer a pension scheme so why the cost cutting just for the sake of profit they will lose lots of staff probably they want but it's like cutting your nose off just to prove a point! But in any event lot's are going to leave RM in the next few year's as it is a business with a failed strategy and a bleak outlook for all those who remain in the BUSINESS!
When/if it closes we will all be transferred into the RM Defined Contribution Plan instead. There are already debates on here about the reasons they’re giving, so it’s up to you what you believe.
As a majority of the staff don’t seem to give a sh!t about the pension, I can’t see huge numbers leaving because of that. But I agree that their strategy going forward looks dodgy at best.
RobertT wrote:They say it will cost too much to keep it open.
When/if it closes we will all be transferred into the RM Defined Contribution Plan instead. There are already debates on here about the reasons they’re giving, so it’s up to you what you believe.
As a majority of the staff don’t seem to give a sh!t about the pension, I can’t see huge numbers leaving because of that. But I agree that their strategy going forward looks dodgy at best.
Thank's for your speedy reply I have always tried to get members involved in our pensions as a life of work it is hard enough but a life without money when you are too old to work not many think of it till it's too late but employers changing the goalposts every five minutes don't help! Thanks RobertT
I AM 56 and don't intend to take pension until 60 and will be happy to retire then.I would say unless you are desperate for the money hang on till 60.The NRA 65 is less important as it's only a small part of your pension. It's a good idea to get your mortgage out the way as soon as possible and save up a bit to tide you by.Remember the state pension won't kick in till 66 for most of us.
no matter what is said on here, it is entirely an individuals choice/circumstances/etc. I took mine early and don't regret it. and I have made more than the projected figures said I would have got, had I have waited .(up to now)....that said, Robert T does make some good points, but there are good points for both sides of this discussion. by taking it early you start to lose out by the time you get to 75. up til then, you come out about level pegging with someone who takes it at 60. if you live longer into your 80s and even 90s you will start to make more than someone who took it early. but, having said that, by the time you reach those ages, will you be in good enough health to still be enjoying your money?..you may only have a few marbles left upstairs and couldn't care less about money,..you may not be mobile enough to get out and spend it. you may be in a sunny days rest home having your cacked undies changed by the nurse!!.. I know I'm enjoying mine while I'm still fit enough and sane enough to enjoy it...but hey, that's just me.