Can someone explain are we currently just paying into a lump sum currently to add to our other pensions or are we actually contributing in some way to pension as well ?
Many thanks
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Pension or Lump Sum
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RobertT
- EX ROYAL MAIL
- Posts: 6645
- Joined: 09 Sep 2007, 14:26
- Gender: Male
Pension or Lump Sum
Assuming the RMPP - we stopped accruing any more pension on 31st March 2018. Since then we've been building up a lump sum to take with those already accrued benefits, via the DBCBS
Links to all RM pension related websites are here
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Hawkey99
- Posts: 568
- Joined: 23 Oct 2011, 11:19
- Gender: Male
Pension or Lump Sum
Thanks Robert, When you say assuming the RMPP can you explain what you mean.?
So basically until the new scheme gets up and running we won't of increased our pensions at all but will just have a bloody big lump sum ?
If thats right.......No wonder the company was so pleased to get this deal done !
So basically until the new scheme gets up and running we won't of increased our pensions at all but will just have a bloody big lump sum ?
If thats right.......No wonder the company was so pleased to get this deal done !
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RobertT
- EX ROYAL MAIL
- Posts: 6645
- Joined: 09 Sep 2007, 14:26
- Gender: Male
Pension or Lump Sum
I mean assuming you're a member of the RMPP rather than the RMDCP.Hawkey99 wrote:Thanks Robert, When you say assuming the RMPP can you explain what you mean.?
Pensions are still increasing by inflation!So basically until the new scheme gets up and running we won't of increased our pensions at all but will just have a bloody big lump sum ?
The lump sum equates to a total 19.6% of pensionable pay per year, plus discretionary annual bonuses.
Of course it's right - it's been the case for over 2 years now! It's old news!If thats right.......No wonder the company was so pleased to get this deal done !
Links to all RM pension related websites are here
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Steve_claret
- MAIL CENTRES/PROCESSING
- Posts: 324
- Joined: 17 Dec 2011, 14:53
- Gender: Male
Pension or Lump Sum
A bloody big lump sum which you will more than likely have to pay some tax on when taking it with your NRA65 pension.Hawkey99 wrote: So basically until the new scheme gets up and running we won't of increased our pensions at all but will just have a bloody big lump sum ?
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NWpostie
- Posts: 3601
- Joined: 04 Aug 2007, 17:32
- Gender: Male
- Location: Sector 001 Borg Collective, 6 o f 9
Pension or Lump Sum
If you're sensible enough you can divide your lump sum by 7 and use that to tide you over til your state pension kicks in.
My plan is to take the max lump sum through my Flexi and Bonusplan, if there is a bit more I may have look into it a bit deeper.
I plan to take my NRA60 when it's due and pick my NRA65 when due, the other schemes whatever it will be, I will have to learn more about it when it's eventually put in place and make my retirement decision.
I have 8 years to go.
My plan is to take the max lump sum through my Flexi and Bonusplan, if there is a bit more I may have look into it a bit deeper.
I plan to take my NRA60 when it's due and pick my NRA65 when due, the other schemes whatever it will be, I will have to learn more about it when it's eventually put in place and make my retirement decision.
I have 8 years to go.
Six of Nine loves Seven of Nine, together in Electric Dreams.
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heapsy
- Posts: 2949
- Joined: 02 Jun 2007, 23:40
- Gender: Male
- Location: Drinking with Gangsters
Pension or Lump Sum
Your comment "divide your lump sum by 7 and use that to tide you over til your state pension kicks in" is exactly what I'm going to do with my AVCs. I'll leave the other pensions and take when they are due. With other things I have invested / saved into I will be able to retire at 60 and not pay tax for a few years. That way I'll have more pension later, as the cash savings reduce. Larger pension, larger increases.