Notice period for retirement and claiming pension.

[stephen500]

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.

I think it is up to around 17 weeks, I did say 12, but then I had another look.

17.jpg

[barcajr]

Wouldn't be advisable to quit your job until your pension is paid out as you wouldn't have any income coming in for a couple of months, with the danger of using up your savings and risk getting into debt. Also, by quiting your job, wouldn't be able to claim benefit for the period between quiting your job and getting your pension

[onejontwo]

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.

I think it is up to around 17 weeks, I did say 12, but then I had another look.
17.jpg

The chart you so kindly inserted states "NRA= normal retirement age) which I assume is 65. As I am 1 year and 2 months off this age are the figures still relevant to me? Ie. can I substitute NRA for 63 and 10 months?

[onejontwo]

Wouldn't be advisable to quit your job until your pension is paid out as you wouldn't have any income coming in for a couple of months, with the danger of using up your savings and risk getting into debt. Also, by quiting your job, wouldn't be able to claim benefit for the period between quiting your job and getting your pension

With family issues I need to retire pretty much straight away. I have done my sums and if I tighten my belt I should be able to manage for a few months , then when I get my two small RM pensions struggle a bit less until my state pension kicks in in 2 years and 2 months time.

[RobertT]

The chart you so kindly inserted states "NRA= normal retirement age) which I assume is 65. As I am 1 year and 2 months off this age are the figures still relevant to me? Ie. can I substitute NRA for 63 and 10 months?

You can take your pension any time after age 55, but if you take it before NRA the figures will be reduced. In the case of the RM pensions that's 5% per year, pro rata for part years.
So in your case about 6%.

[onejontwo]

The chart you so kindly inserted states "NRA= normal retirement age) which I assume is 65. As I am 1 year and 2 months off this age are the figures still relevant to me? Ie. can I substitute NRA for 63 and 10 months?

You can take your pension any time after age 55, but if you take it before NRA the figures will be reduced. In the case of the RM pensions that's 5% per year, pro rata for part years.
So in your case about 6%.

Ah I see. So the weeks are a countdown to when you receive your pension regardless of what age you apply for them.

[RobertT]

The chart you so kindly inserted states "NRA= normal retirement age) which I assume is 65. As I am 1 year and 2 months off this age are the figures still relevant to me? Ie. can I substitute NRA for 63 and 10 months?

You can take your pension any time after age 55, but if you take it before NRA the figures will be reduced. In the case of the RM pensions that's 5% per year, pro rata for part years.
So in your case about 6%.

Ah I see. So the weeks are a countdown to when you receive your pension regardless of what age you apply for them.

Yes, although it's really just a guide, nothing is set in stone.

In practice they're might be hold ups due to Covid and the fact that our pensions are administered by 2 different organisations, neither of which are particularly efficient.
So for most people it's probably best to apply for your pension before you plan to leave, but that obviously depends on your own circumstances.

If you don't contact them to take it before NRA, they should contact you no less than 3-4 months before NRA.
There's a bloke in my office who'll be 60 in June and he got his initial quote last week.

[rogersh]

It is apparent your main concern is the possibility of contracting & transmitting covid to your vulnerable partner. Perhaps you could discuss your concerns with the manager that you feel the workplace is not safe & request unpaid leave. You may be able to use this leave as your notice.