Lump Sum at 55

6059820 · Post by **6059820** » 26 May 2018, 13:43

I reached 55 early May. RN Pension Team have calculated entitlements and I have confirmed chosen option. I have now been waiting for payment dates. It looks like too late for 31 May. Is lump sum paid before normal pension pay day which I assume now will be 30 June. I needed lump sum for house deposit

6059820 · Post by **6059820** » 26 May 2018, 13:46

Just to confirm. I no longer work for RM. I am in permanent full time employment so still have regular income and wii still have a future work pension

glenfiddich · Post by **glenfiddich** » 26 May 2018, 16:27

I think the date is 8 weeks after you apply

6059820 · Post by **6059820** » 27 May 2018, 09:03

Thanks - figures have been agreed. I am waiting for them to be processed. I wonder if anyone can tell me if lump sum is paid at separate date to monthly pension. My pension was due early May and I would like to get lump sum before 30 June. I have asked Pension Team and they did not understand my question.

Driver74 · Post by **Driver74** » 27 May 2018, 16:30

You should have been given a date from the pensions as to when you will receive it,it doesn’t matter whether it’s beginning middle or end of month but thats when you will get the lump sum the pension will be part payment if it’s middle of the month

glenfiddich · Post by **glenfiddich** » 27 May 2018, 16:50

I was asked to choose a date no sooner than 8 weeks from the date on pension letter so out came calendar and worked out to 12th June so I'm expecting payment on that day

feduppostie · Post by **feduppostie** » 27 May 2018, 18:01

ok really speculative question here so looking for roundabout answers

If I went at 55 I would have 31 years in the pension - most of them full time ( I would say 25 of them) IF I wanted to take everything out of my pension roughly how much would that be including all early taking penalties?

I have property abroad so would not to factor in buying a house - just wondering of it would be enough to sustain me until the government pension kicks in?

|Like I said looking for roundabout figures and no I would not make a decision without consulting a financial expert - just wondering if it would be even feasable

heapsy · Post by **heapsy** » 27 May 2018, 18:50

feduppostie wrote:ok really speculative question here so looking for roundabout answers

If I went at 55 I would have 31 years in the pension - most of them full time ( I would say 25 of them) IF I wanted to take everything out of my pension roughly how much would that be including all early taking penalties?

I have property abroad so would not to factor in buying a house - just wondering of it would be enough to sustain me until the government pension kicks in?

|Like I said looking for roundabout figures and no I would not make a decision without consulting a financial expert - just wondering if it would be even feasable

As with all the previous posts regarding the same subject. 5% reduction for every year you take your pension before the NRA, 60 or 65. So at 55, about 25% less on your NRA60, and roughly 50% on your NRA65. Nobody here can give you those figures because you haven't provided anything to work with. It's up to you to do the workings out.

feduppostie · Post by **feduppostie** » 27 May 2018, 19:20

Thanks I sort of knew the percentages but wanted to clarify

Post by **RobertT** » 28 May 2018, 09:17

feduppostie wrote:ok really speculative question here so looking for roundabout answers

If I went at 55 I would have 31 years in the pension - most of them full time ( I would say 25 of them) IF I wanted to take everything out of my pension roughly how much would that be including all early taking penalties?

I have property abroad so would not to factor in buying a house - just wondering of it would be enough to sustain me until the government pension kicks in?

|Like I said looking for roundabout figures and no I would not make a decision without consulting a financial expert - just wondering if it would be even feasable

My RM service sounds fairly similar to yours – hitting 31 years this year with the first 6-7 part time. But my pension alone won't be enough to live on if I take it at the NRA's of 60 & 65, let alone with early payment reductions at 55.

Your last annual statement will tell you how much you've accrued up to 31st March 2017. It doesn't actually tell you what your separate NRA60 & NRA65 amounts are, but and it's quite easy to work out from the figures given and also roughly what the last year of accrual(2017/18) was worth from those figures. Then take away the 5% per year from both NRA60 & NRA65 amounts.

If you qualify for the maximum state pension, you'll only be getting £164.34 per week based on current figures. But with being contracted out of the state second pension via the RM pension schemes, you may not get that much.

6059820 · Post by **6059820** » 28 May 2018, 11:44

My concern is that I applied in March (over 2 months before 55 birthday) and was told I was in plenty of time to get lump sum by 55. My 55 birthday now passed. All entitlements have been worked out and options chosen. I am just waiting for payment dates. I am worried about waiting another 8 weeks once I receive letter

glenfiddich · Post by **glenfiddich** » 28 May 2018, 14:41

Give em a ring sounds like something not quite right