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Topping up my pension

Royal Mail pension news and discussion.Please note the advise given in this forum is unofficial, please use the links we have for a more detailed response or see an independent financial adviser.
Riggwelter1689
Posts: 5
Joined: 13 Nov 2019, 14:55
Gender: Male

Topping up my pension

Post by Riggwelter1689 »

Looks like I may be offered I'll health retirement and I've been told it could amount to 34 weeks wages tax free and 16 weeks in lue taxable.
Is it just on my rate of pay or my add on allowances? I'll be 59 in June so was wondering if it would be benificial to put some of my lump sum into my pension plans 60 and 65
I started in Feb 1992
Kind regards Tony
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celtic1967
EX ROYAL MAIL
Posts: 136
Joined: 21 Apr 2011, 17:25
Gender: Male

Topping up my pension

Post by celtic1967 »

If you are full time, as I was when I got IHR and same age, you will get 34 weeks plus max 12 weeks PILON. You also get the opportunity to sell all your shares free of tax and NI
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celtic1967
EX ROYAL MAIL
Posts: 136
Joined: 21 Apr 2011, 17:25
Gender: Male

Topping up my pension

Post by celtic1967 »

Should have added the 34 weeks is tax free, you pay usual tax and NI on the Pilon
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