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NRA 65 - should I take it before the end of March
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stephen500
- EX ROYAL MAIL
- Posts: 1458
- Joined: 02 Jun 2007, 04:04
NRA 65 - should I take it before the end of March
On page 12 of the agreement it states that our choices "will become more complicated..particularly in relation to NRA65 benefits" What is this all about? I want to take my NRA60 and 65 at 60 and at present expect to lose 25% on the latter. Is there a danger I will not be able to take NRA65 at 60? I cannot see how they can stop me, as current law allows me to take my pensions at 55. It just makes me uneasy. The booklets we have had previously stated that there is no point taking our pension before the changes as it would not benefit us? Well is leaving it there going to disadvantage us? I appreciate, I may have asked this before, it is hard to remember what I have asked, with all these changes. Any thoughts.
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stephen500
- EX ROYAL MAIL
- Posts: 1458
- Joined: 02 Jun 2007, 04:04
NRA 65 - should I take it before the end of March
Robert T gave this answer re Transition period and lessens my fears some what.
" The transitional CB scheme is essentially the same as above, but the intention is that it will only last for a short time maybe for 1-3 years, and will provide a NRA65 lump sum to sit alongside your existing NRA65 benefits. Although it'll also be possible to take it at 60 along with your NRA60."
Thanks Robert.
If you care to add any thing more, please do.
" The transitional CB scheme is essentially the same as above, but the intention is that it will only last for a short time maybe for 1-3 years, and will provide a NRA65 lump sum to sit alongside your existing NRA65 benefits. Although it'll also be possible to take it at 60 along with your NRA60."
Thanks Robert.
If you care to add any thing more, please do.
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RobertT
- EX ROYAL MAIL
- Posts: 6645
- Joined: 09 Sep 2007, 14:26
- Gender: Male
NRA 65 - should I take it before the end of March
There is no reason to take anything earlier than planned.
Everything we’ve already accrued is safe and nothing will change with regard to when we can take either the NRA60 or NRA65 pensions. The Cash Balance scheme is adding more value to those benefits we’ve already got, in the form of a lump sum!
What makes things a little bit more complicated is the fact that lump sum will effectively have 2 NRA’s! Its normal NRA is 65 alongside your current NRA65 benefits, or you also take it at 60 unreduced alongside your NRA60 benefits. Taking your benefits + the DBCB lump sum at any other age will incur a reduction.
Everything we’ve already accrued is safe and nothing will change with regard to when we can take either the NRA60 or NRA65 pensions. The Cash Balance scheme is adding more value to those benefits we’ve already got, in the form of a lump sum!
What makes things a little bit more complicated is the fact that lump sum will effectively have 2 NRA’s! Its normal NRA is 65 alongside your current NRA65 benefits, or you also take it at 60 unreduced alongside your NRA60 benefits. Taking your benefits + the DBCB lump sum at any other age will incur a reduction.
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stephen500
- EX ROYAL MAIL
- Posts: 1458
- Joined: 02 Jun 2007, 04:04
NRA 65 - should I take it before the end of March
ThanksRobertT wrote:There is no reason to take anything earlier than planned.
Everything we’ve already accrued is safe and nothing will change with regard to when we can take either the NRA60 or NRA65 pensions. The Cash Balance scheme is adding more value to those benefits we’ve already got, in the form of a lump sum!
What makes things a little bit more complicated is the fact that lump sum will effectively have 2 NRA’s! Its normal NRA is 65 alongside your current NRA65 benefits, or you also take it at 60 unreduced alongside your NRA60 benefits. Taking your benefits + the DBCB lump sum at any other age will incur a reduction.