HELP pension at 60

POSTIEGIRL · Post by **POSTIEGIRL** » 02 Nov 2016, 19:35

hi... I'm 60 in 2 weeks time and ive received my tick box choices letter to decide how it will be paid out. however... i was ill health retired from royal mail in 2010 ... so im currently on sickness benefits which gives me full housing benefit and council tax relief... i thought my RM pension could be chosen to take it when i actually retire for my state pension at the age of 67. it was meant to be just a top up for my state pension. however my letter indicates i will be receiving a lump sum on my birthday...which sounds great...but means that i will not be able to claim my housing and council tax relief...as my savings would be over the limit. it would also mean that each week i am eating away at my said lump sum which was meant to be a state pension top up... so by the time i actually retire at 67 i will have nothing from my RM pension... so... and here is my reason for the post... can i put it off til i reach state pension age at 67? ive emailed the pensions helpline 3 times in 5 days but not had any reply so thought i might try on here ? any advice would be great

beezet · Post by **beezet** » 03 Nov 2016, 09:24

I would phone them, tried to e-mail them also but they took at least 4 days to answer them by this time i had my answer by phoneing them(twice to get the right answer).

Hope you get a better service than I am getting, as i'm 65 this month and still not recieved my opions, they keep on telling me it was sent last week but I only have three weeks left, so they are going to send out another letter

POSTIEGIRL · Post by **POSTIEGIRL** » 03 Nov 2016, 09:49

its not a good service is it? im hesitant to phone as i have a stammer when i get worked up ... plus i digest things better if its down in black and white in an email and i can print it off to remind me... but if worst comes to worst i will have to... will give them another 24 hours ... (so much for email not being snail mail eh??) pffft

beezet · Post by **beezet** » 03 Nov 2016, 13:26

WHEN i phoned them they said letter is in the post, now where have I heard that
before

and they have send it second class

still waiting thats nearly a week.

POSTIEGIRL · Post by **POSTIEGIRL** » 03 Nov 2016, 15:10

considering my 60th is on the 19th and they cant pay me anything til they get my reply you would think they would pull their finger out ...pfft... what a pallaver !!!

jetblack · Post by **jetblack** » 03 Nov 2016, 18:07

Could be wrong, but aren't 50% of pension contributions disregarded for the purposes of housing/council tax benefit ? If they are you could reinvest your NRA60 into a SIPP perhaps ? Thereby reducing/minimising the hit to your benefits.
Just a thought.

heapsy · Post by **heapsy** » 03 Nov 2016, 18:10

jetblack wrote:Could be wrong, but aren't 50% of pension contributions disregarded for the purposes of housing/council tax benefit ? If they are you could reinvest your NRA60 into a SIPP perhaps ? Thereby reducing/minimising the hit to your benefits.
Just a thought.

Or how about AVCs, assuming the NRA65 isn't being taken?

Jefferson Starfish · Post by **Jefferson Starfish** » 03 Nov 2016, 18:38

heapsy wrote:
jetblack wrote:Could be wrong, but aren't 50% of pension contributions disregarded for the purposes of housing/council tax benefit ? If they are you could reinvest your NRA60 into a SIPP perhaps ? Thereby reducing/minimising the hit to your benefits.
Just a thought.
Or how about AVCs, assuming the NRA65 isn't being taken?

She left 6 years ago on IHR so avc's obviously won't be an option.

Post by **pj2001** » 03 Nov 2016, 19:59

As far as im aware you cannot defer taking your nra60 pension when you reach 60.

jetblack · Post by **jetblack** » 03 Nov 2016, 20:13

You can contribute to a SIPP till the age of 75 with whatever income you have at your disposal (up to100% of your income)

heapsy · Post by **heapsy** » 04 Nov 2016, 00:39

pj2001 wrote:As far as im aware you cannot defer taking your nra60 pension when you reach 60.

Someone who worked in our office actually did that by mistake. He didn't claim his pension until he was about 62/63. This was purely out of ignorance, and a stubborn, blinkered attitude whereby he didn't like to talk about such things. Cost him a few quid that did.

Post by **pj2001** » 04 Nov 2016, 23:33

Someone who worked in our office actually did that by mistake. He didn't claim his pension until he was about 62/63. This was purely out of ignorance, and a stubborn, blinkered attitude whereby he didn't like to talk about such things. Cost him a few quid that did.[/quote]

Don't understand why people don't realise that if you don't take your NRA 60 pension at 60 and choose to defer it you don't get back pay you lose it!

heapsy · Post by **heapsy** » 06 Nov 2016, 15:02

pj2001 wrote:Someone who worked in our office actually did that by mistake. He didn't claim his pension until he was about 62/63. This was purely out of ignorance, and a stubborn, blinkered attitude whereby he didn't like to talk about such things. Cost him a few quid that did.

Don't understand why people don't realise that if you don't take your NRA 60 pension at 60 and choose to defer it you don't get back pay you lose it!

[/quote]

Blinkered. The person I'm thinking about has always had that approach, and had a "you work until you're 65" mentality, which he did. So on top of that, he also lost the supplement, as he was a section C member of the pension scheme. You just cannot tell some people.

POSTIEGIRL · Post by **POSTIEGIRL** » 09 Dec 2016, 06:38

thanks guys ... i am just shocked ... ive never been au fait with financial stuff as my ex husband did all that for me... but thrown in the deep end now ... im also shocked i have to take it at 60 ... i assumed i would have a choice as my state pension age has now been put back to 66 ! i only knew i HAD to take it 4 weeks ago when i got my tick box choices letter and was completely baffled ! im currently ill health retired and on full housing benefit and council tax relief... so a lot of my pension will be swallowed up before i even get to state pension age ! but hey ho...