Pension pay day

[xpostman]

After you turn 60 when do you start to receive your pension?

[hatter68]

After you turn 60 when do you start to receive your pension?

My NRA 60 pension is paid on the last working day of each month.

[tractorboy2]

Yes , but do you receive it the same month you turn 60 , or the following month ?

[RobertT]

Assuming there's no hold ups in the pension application process, then if your birthday is on the 10th of the month for example, you should get any lump sums due on that date, allowing for weekends/bank holidays, etc. With the pension itself being paid on the last working day of the month.

There may be delays in paying out all cash from AVC's and for any DBCBS money that's taxable, but you should get everything within 12 weeks.

[Steve_claret]

Yes , but do you receive it the same month you turn 60 , or the following month ?

My NRA60 lump sum and pension were both paid a month late but that was because I was caught up in the transition of the RMSPS from the PSC to Capita. Hopefully they will have got their act together by now but now with Covid who knows?

[hatter68]

Yes , but do you receive it the same month you turn 60 , or the following month ?

Yes I got it on same month

[tractorboy2]

Thanks for the answers above.

[stephen500]

Assuming there's no hold ups in the pension application process, then if your birthday is on the 10th of the month for example, you should get any lump sums due on that date, allowing for weekends/bank holidays, etc. With the pension itself being paid on the last working day of the month.

There may be delays in paying out all cash from AVC's and for any DBCBS money that's taxable, but you should get everything within 12 weeks.

But be aware that if your birthday is half way through the month, then it is likely for that month you will receive pro rata payments and then the next month a full payment on the last banking day of the month.

[xpostman]

Thank you everyone for your responses.

[Guilf]

On a related matter, what if you ask for your pension payments to start on your 60th birthday but Capita are a bit slow in administering the process? Would you get back pay if they didn't complete the process until a month or 2 after when you had initially asked for the payments to start? Assuming that you had given them say 4 months notice in advanced.

[deltaforce]

If it’s due on your 60th yes they will, as was my case when I was 65

[hatter68]

On a related matter, what if you ask for your pension payments to start on your 60th birthday but Capita are a bit slow in administering the process? Would you get back pay if they didn't complete the process until a month or 2 after when you had initially asked for the payments to start? Assuming that you had given them say 4 months notice in advanced.

They should be contacting you 3 months before you turn 60. You then tell them if you want to receive your NRA 60 pension. Then fill in relevant forms and send back. Think both RMPP and RMSPS NRA 60 pensions have to be paid at same time, so if you have filled in documentation correctly should all go smoothly.

[Guilf]

Thanks for the response. I'm looking to take mine this year at the age of 58 so I will have to initiate the process. I'm intending to give them 4 months notice so hope that's enough to get it all wrapped up prior to my birthday!