Notice period for retirement and claiming pension.

[onejontwo]

Because of the working conditions at Royal Mail, my wife having asthma,(and so would be very vulnerable if I was to bring covid home) hardly any covid safe measures in place and approaching 64 on my Birthday in a few months, I have decided to take early retirement! The question I am asking is as it's my long weekend i am hoping to sort things out and not actually go back in work (apart from nipping in to empty my locker) so could I actually forfeit my notice period and quit from Monday and inform the pension to claim asap?

[deltaforce]

Notice period is a week. I’m not sure what their response will be if you don’t give notice. You could give notice then go sick. Pension application from start to finish 3- 4 months

[onejontwo]

Notice period is a week. I’m not sure what their response will be if you don’t give notice. You could give notice then go sick. Pension application from start to finish 3- 4 months

Forgot to mention I've been with Royal Mail for 13 years, so does the one week still apply as I thought it was 1 week notice for each year?

[deltaforce]

I gave a week recently, that was after 39 years service.

[RobertT]

For anyone who joined RM in the last 3-4 years, I believe it says on their contract that 4 weeks notice is required. For anyone in the job longer, it's 1 week.
Although some also say if you're paid weekly then you only need to give 1 weeks notice.

The 1 weeks notice for each year(up to a max of 12 weeks) relates to RM if they want to fire you or make you redundant. Often waived in favour of PILON.

Ultimately, if you just tell them you're leaving there and then, what can they do?

It's crossed my mind how I'll leave, and just walking out one day is a definite maybe.

As already mentioned, expect a wait of 3-4 months, and maybe more, to get your pension/s.

[FAB]

If your coming up to 64 I hope you have already been taking your NRA60 pension?

[RobertT]

If your coming up to 64 I hope you have already been taking your NRA60 pension?

Good point!

I'm generally not a fan of taking benefits before NRA, but deferring taking them after NRA is a complete no, no.

[onejontwo]

If your coming up to 64 I hope you have already been taking your NRA60 pension?

Yes I've been taking that for a good few years now.

[onejontwo]

So is it a case of:-

1) Hand notice of resignation in
2) Work 1 week notice (or hopefully not)
3) Apply for both pensions
4) Apply for £750 financial supplement
5) Relax and put feet up

In that order?

[stephen500]

Because of the working conditions at Royal Mail, my wife having asthma,(and so would be very vulnerable if I was to bring covid home) hardly any covid safe measures in place and approaching 64 on my Birthday in a few months, I have decided to take early retirement! The question I am asking is as it's my long weekend i am hoping to sort things out and not actually go back in work (apart from nipping in to empty my locker) so could I actually forfeit my notice period and quit from Monday and inform the pension to claim asap?

I appreciate your fears over covid, but be aware claiming your pension whilst working or claiming it after you leave are two different processes.
Ie if you claim, whilst working you go through RMPP and start the ball rolling for RMSPS with them.
if you claim after you finish you have to claim from both RMSPS and RMPP seperatly.
Be aware that it can take up to around 17 weeks or longer and if you leave, you may be without a pension for a while.
This presumes you have pensions with RMSPS and RMPP.
Longer service people are due to give 1 weeks notice.

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[onejontwo]

Because of the working conditions at Royal Mail, my wife having asthma,(and so would be very vulnerable if I was to bring covid home) hardly any covid safe measures in place and approaching 64 on my Birthday in a few months, I have decided to take early retirement! The question I am asking is as it's my long weekend i am hoping to sort things out and not actually go back in work (apart from nipping in to empty my locker) so could I actually forfeit my notice period and quit from Monday and inform the pension to claim asap?

I appreciate your fears over covid, but be aware claiming your pension whilst working or claiming it after you leave are two different processes.
Ie if you claim, whilst working you go through RMPP and start the ball rolling for RMSPS with them.
if you claim after you finish you have to claim from both RMSPS and RMPP seperatly.
Be aware that it can take up to around 12 weeks or longer and if you leave, you may be without a pension for a while.
This presumes you have pensions with RMSPS and RMPP.
Longer service people are due to give 1 weeks notice.

I take your point. But are there any advantages either way of claiming it whilst in work over claiming it after finishing work as there will only be 1 weeks difference between the two?

[NorthernBoy]

I take your point. But are there any advantages either way of claiming it whilst in work over claiming it after finishing work as there will only be 1 weeks difference between the two?

Are you assuming that your pension will be paid straight away or within a week? I think in Stephens post he states it could take up to 12 weeks.

If getting the pension straight away is crucial I would not make any rash decisions about stopping work on Monday until you have got some facts from the pension people.

Good luck to you.

[NWpostie]

To err on the side of caution I would remain in work and wait til your pension actually starts paying out before actually resigning, do your sums first, because once you leave that's it, no money, what if there's a delay or more paperwork back and forth, 12 weeks is 3 months without money, any longer you could be looking at another 4 weeks maybe, you would risk getting into debt very quickly and it would be hard to get out of.

[stephen500]

Because of the working conditions at Royal Mail, my wife having asthma,(and so would be very vulnerable if I was to bring covid home) hardly any covid safe measures in place and approaching 64 on my Birthday in a few months, I have decided to take early retirement! The question I am asking is as it's my long weekend i am hoping to sort things out and not actually go back in work (apart from nipping in to empty my locker) so could I actually forfeit my notice period and quit from Monday and inform the pension to claim asap?

I appreciate your fears over covid, but be aware claiming your pension whilst working or claiming it after you leave are two different processes.
Ie if you claim, whilst working you go through RMPP and start the ball rolling for RMSPS with them.
if you claim after you finish you have to claim from both RMSPS and RMPP seperatly.
Be aware that it can take up to around 17 weeks or longer and if you leave, you may be without a pension for a while.
This presumes you have pensions with RMSPS and RMPP.
Longer service people are due to give 1 weeks notice.

I take your point. But are there any advantages either way of claiming it whilst in work over claiming it after finishing work as there will only be 1 weeks difference between the two?

As others have said. Don't think you will finish on Monday and have your pension the week after. I applied for mine 6 months in advance and got mine on time, but other have applied well before and waited months for theirs. I predict it will take you at least 17 weeks to get your pension, especially wit covid ramping up. It all depends whether you can live on your resources until you get your pension and as I have said, I wouldn't bank on getting it until at least 17 weeks are up and then you will have to wait another 12 weeks at least for your excess cash balance scheme.
if you leave as well, you will have to ring both the RMSPS and RMPP and also will not be able to claim unemployment benefit as you chose to leave.
Think long and hard.

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[stephen500]

I take your point. But are there any advantages either way of claiming it whilst in work over claiming it after finishing work as there will only be 1 weeks difference between the two?

Are you assuming that your pension will be paid straight away or within a week? I think in Stephens post he states it could take up to 12 weeks.

If getting the pension straight away is crucial I would not make any rash decisions about stopping work on Monday until you have got some facts from the pension people.

Good luck to you.

I was wrong quoting off the top of my head. It is up to 17 weeks.

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