Pension at 55

[Simmy50]

Hi, I'm an ex royal mail employee and was wondering if I could take all my pension at 55? I worked from 1991 to 2000 so I think Im section c category. I'm 54 and was looking to take my pension next year. I still receive an annual statement but really find it confusing.
It reads basic annual pension of £1049
Annual pension supplement £373
Pension increase amount £765
Current value of annual pension £2,188
If I can cash it all in what figure am I roughly looking at?
Thanks in advance.

[RobertT]

You have a defined benefit pension, which is a pension based on your length of RM service and your pay when you left.

RM pensions accrued up to 31st March 2012 are now funded by the government and come under the RM Statutory Pension Scheme.

You can't cash it in I'm afraid – government rules!
The only option is to take it as a pension for the rest of your life, or else transfer it into another defined benefit scheme, which you would have to be an active employee member of.

Take a look at the RMSPS website for more info: https://www.royalmailsps.co.uk/" onclick="window.open(this.href);return false;

[roadrunner bill]

So if you worked from 1991 to 2012.. that would be 21 years in section c pension.. giving a much bigger pension pot ?


Is that correct ?

[RobertT]

So if you worked from 1991 to 2012.. that would be 21 years in section c pension.. giving a much bigger pension pot ?
Is that correct ?

Generally the longer the service, the bigger the pension. But obviously the number of hours worked and any pensionable allowances will come into it as well.

[roadrunner bill]

Ok.. thank you..