Pension 21 years of the NRA60 pension at 55 years old

[garry6677]

I got £13240 lump sum for 14 years service and £2524 per year at 55 hope that helps

Was that nra60?

Yes

[moug26]

What would I get for 37 years service at 55 years old?

[arnold cheshire]

What would I get for 37 years service at 55 years old?

Should be a good payout

[Fatboyslim]

What would I get for 37 years service at 55 years old?

you have pm.

[stephen500]

Just out of curiosity how much of a lump sum would I get for 21 years of the nra60 pension at 55 years old ?

Have you got 21 years in the NRA60 or 21 years service?

Going off the figures some of our lads got recently I would think someone at 60 now with 21 years in the NRA60 would be looking at somewhere around 30-35k lump and c350 a month pension. This is just a guess. Contact the pension number on the back of your payslip and they will send out the forms to get a forecast. Obviously if you take it at 55 you will probably get 25% less than that (But you get it for 5 years longer)

Your lump sum will depend on whether you take the max lump sum (Section B).
Mine increases from around £26000 to around £55000, but my pension is reduced by 15% for taking the max lump sum. But in my opinion it is worth taking the max lump sum as it will take me 20 years to begin to lose money

[Steve_claret]

Your lump sum will depend on whether you take the max lump sum (Section B).
Mine increases from around £26000 to around £55000, but my pension is reduced by 15% for taking the max lump sum. But in my opinion it is worth taking the max lump sum as it will take me 20 years to begin to lose money

This is exactly my plan when taking my Section B NRA60 pension next year.

[stephen500]

Your lump sum will depend on whether you take the max lump sum (Section B).
Mine increases from around £26000 to around £55000, but my pension is reduced by 15% for taking the max lump sum. But in my opinion it is worth taking the max lump sum as it will take me 20 years to begin to lose money

This is exactly my plan when taking my Section B NRA60 pension next year.

I will tell you my plan and I hope all goes well. (I would like to go mid Dec 2020, 2 months early, but that depends on me clearing all debt etc by then)
In Feb 2021 take my NRA 60 with Max lump sum, losing 15% for max lump sum.
At the same time take NRA65 losing 25% + (15% for max lump sum) losing a total of 40%
Over all I am expecting: (night worker, PHG full night allowance, since I rejoined the pensions scheme 1981. Pensionable pay for £27000)
Both pensions combined (NRA60/65) around £10,000 per annum
Max lump sum: section B £55000
Max Lump sum CSDB £9000
DBSB lump sum of £5292 per annum as long as this temp scheme lasts (I hope it will last till Feb 2020!) But at least I have one year and two months of it already.
So max lump sum at present £69292. (till April 2019)
So £833 per month combined pension and lump sum of £69292 divided by 7 years, till my state pension comes in. I intend leaving at 60)
= £824 per month = £1662 per month. (I intend to divide the lump sum by 7 to supplement my RM pension)
Hopefully I will have an extra 2 years DBSB of £5292 per year or whatever the new scheme brings in.
I am fortunate that I don't have a mortgage.
I realise many are not as fortunate as me and I am sorry for that. But I am grateful my union compulsory enrolled me in the pension scheme, when I joined in 1981.
I can't do night work or any work for Royal Mail after 60. If inflation let's rip, I may have to do another small part time job elsewhere (but as long as inflation stays under 5% I am hoping my working years will be over.
I joined RM at 16 as a young postman.

[Steve_claret]

Your lump sum will depend on whether you take the max lump sum (Section B).
Mine increases from around £26000 to around £55000, but my pension is reduced by 15% for taking the max lump sum. But in my opinion it is worth taking the max lump sum as it will take me 20 years to begin to lose money

This is exactly my plan when taking my Section B NRA60 pension next year.

I will tell you my plan and I hope all goes well. (I would like to go mid Dec 2020, 2 months early, but that depends on me clearing all debt etc by then)
In Feb 2021 take my NRA 60 with Max lump sum, losing 15% for max lump sum.
At the same time take NRA65 losing 25% + (15% for max lump sum) losing a total of 40%
Over all I am expecting: (night worker, PHG full night allowance, since I rejoined the pensions scheme 1981. Pensionable pay for £27000)
Both pensions combined (NRA60/65) around £10,000 per annum
Max lump sum: section B £55000
Max Lump sum CSDB £9000
DBSB lump sum of £5292 per annum as long as this temp scheme lasts (I hope it will last till Feb 2020!) But at least I have one year and two months of it already.
So max lump sum at present £69292. (till April 2019)
So £833 per month combined pension and lump sum of £69292 divided by 7 years, till my state pension comes in. I intend leaving at 60)
= £824 per month = £1662 per month. (I intend to divide the lump sum by 7 to supplement my RM pension)
Hopefully I will have an extra 2 years DBSB of £5292 per year or whatever the new scheme brings in.
I am fortunate that I don't have a mortgage.
I realise many are not as fortunate as me and I am sorry for that. But I am grateful my union compulsory enrolled me in the pension scheme, when I joined in 1981.
I can't do night work or any work for Royal Mail after 60. If inflation let's rip, I may have to do another small part time job elsewhere (but as long as inflation stays under 5% I am hoping my working years will be over.
I joined RM at 16 as a young postman.

My numbers will be roughly the same as yours (started 1978) but I plan on leaving my NRA65 where it is for now as I will probably carry on working till I am 62 as my wife will be 60 in 2022 so we can retire at the same time hopefully. If we are short of money and can't make ends meet then she may have to carry on working for a few more years but I haven't told her yet.