Pension Pot

P739 · Post by **P739** » 22 Feb 2017, 19:31

Can anybody help with this one i turn 55 this year and looking to take my pension i have 16 years service so does anyone have any idea how much i might get ? thanks...I called them but they told me to call back later in the year for my quote..

daveyeff · Post by **daveyeff** » 22 Feb 2017, 19:40

top of me head ballpark figure.(going by similar quotes) 20 grand lumper. 300 a month pension.

daveyeff · Post by **daveyeff** » 22 Feb 2017, 19:47

lad at ours took his last month 19 yrs service, he got 24 grand and 340 a month pension

Post by **rambo1** » 28 Feb 2017, 20:08

Do these figures include the 25% cut for the nra 60 and 50% cut for the NRA65 benefits that you would incur if TAKING your pension at 55, rather that retiring at 55 and NOT drawing on it til, respectively, 60 and 65?

daveyeff · Post by **daveyeff** » 01 Mar 2017, 18:06

yes. two lads have just had theirs. they took both NRA 60. and NRA 65. first lad had 25 yrs in. he got a £29,000 lump sum on his NRA 60. this was reduced by 25% to £21,750.(5% deduction per each yr you take it early) his NRA 65 lump sum was £7000,this was after his 50% reduction. so he got just short of £29000 with the two lump sums and he receives a pension of £380 per month. he is also £15 per week better off in his take home pay as he no longer pays a weekly pension contribution. the other lad. ( my brother) had 19 yrs and 4 months in. he received a total of £27000 off the 2 pensions and a monthly pension of £340. he is also £15 a week better off in his weekly pay.