Leaving at 55

[Fester2020]

A couple of questions I need help with please.
1)Once I have "set the ball rolling" by sending back my paperwork for taking both NRA60 & 65 at aged 55 can I leave the company before my early retirement date or do I have to wait until last day?
2) Is the latest pension scheme, the one that started in 2018 included in NRA65 figures as it isn't clear on my paperwork?
Thanks in advance.

[RobertT]

You can leave the company whenever you want to, but you can't get your pension until at least your 55th birthday.
Going by previous posts on this forum, many people have had to wait to get theirs beyond when they actually wanted it, due to heavy workload of the folks at the PSC and Capita(who are crap anyway).
So it might be best to wait until you've got a definite date for receiving your first pension payment.

The DBCBS is usually used to provide a tax free lump sum when taking NRA65 benefits, but you can chose to take it independently. This recent thread might tell you more:
viewtopic.php?f=27&t=99992

[Fester2020]

Thank you.

[spaceman07]

Fester2020 - I'm doing the same as you looking to leave at 55 and take my pension. I've done just over 32yrs service to date and can take my pension 29/05/2022 (age 55).
I was going to ask the same question as you, can i leave earlier? Although obviously I'd have to wait until 55 for pension payments.
Also I'm in 2 pension schemes with RM one is with capita the other not even sure without checking. So I'll be getting options from 2 different schemes I'd expect. I'm a total novice regarding pensions, do you take each scheme independently and just choose the options you like for each scheme? Also i was always led to believe any lump some payment was all tax free. Gee this is complicated but doubly so if your in 2 seperate schemes lol.

[RobertT]

The way I understand things, is the process for taking your pension while still employed by RM is slightly different to being a deferred member. So leaving after you've started the process might put a spanner in the works and you may have to wait longer to get your pension?
Perhaps something to ask the PSC and Capita, unless someone else has personal experience?

You'll get options forms from both the RMSPS(Capita) and RMPP(RM's PSC).

25% can normally be taken tax free, but the DBCBS muddies the waters as that can be taken as part of your NRA65 or separately.

Basically, if you want the maximum lump sum possible, you can take a 25% lump sum from both the main pension and from the DBCBS, and therefore the reminder of the DBCBS will be paid as a taxable lump sum. Although as that will come under normal PAYE rules, how much tax you pay will depend on other income.
But if you want to use the DBCBS to provide the NRA65 lump sum, you'll get a bigger pension in return.

[spaceman07]

Cheers Robert

[Chelseablue]

Great age to go at esp way things are going , good luck uve earned it .

[stephen500]

As Robert T says, if you leave Royal Mail before taking your pension, you will have to apply all over again and seperately to both schemes. It is best to apply through RMPP for both, whilst still working and from memory, you must not leave until you have a pension payment date.
Although I would advise you to double check this.
It is up to you if you want to leave at 55, but that is a big hit to take. 50% loss of your NRA 65 and 25% loss of your NRA 60. Although your losses for yoru DBCBS should be a lot less. Some thing to think about.

[Fester2020]

As I don't have a crystal ball I can't predict the future but I am prepared to take the loss of benefits and have abit of a life now and worry about the future as it comes. My wife has a pension that we are not going to touch until her NRA.
One further question-if I wait until retirement date before leaving what happens to the supplement? By that I mean, At the time of signing paperwork I am still employed by RM but I believe that you have to have left the business to get the supplement so does the supplement payment kick at a later date?

[Fester2020]

As I don't have a crystal ball I can't predict the future but I am prepared to take the loss of benefits and have abit of a life now and worry about the future as it comes. My wife has a pension that we are not going to touch until her NRA.
One further question-if I wait until retirement date before leaving what happens to the supplement? By that I mean, At the time of signing paperwork I am still employed by RM but I believe that you have to have left the business to get the supplement so does the supplement payment kick at a later date?

[RobertT]

One further question-if I wait until retirement date before leaving what happens to the supplement? By that I mean, At the time of signing paperwork I am still employed by RM but I believe that you have to have left the business to get the supplement so does the supplement payment kick at a later date?

In theory you should get the supplement automatically, as (I think) RM should tell the RMSPS and RMPP that you've left the company. Although it would still take at least a few weeks to be worked out and paid to you.

However, there was a thread on here fairly recently where someone had to chase it up. So my advice would be to:

1. Tell the pensions people you're planning on leaving the company and maybe they'll include it on the paperwork?
2. If not, tell them you want your supplement as soon as you've left.

[spaceman07]

How soon can you apply for your pension? When will your pension date be? I'm not sure you'll have to apply again.

[Fester2020]

One further question-if I wait until retirement date before leaving what happens to the supplement? By that I mean, At the time of signing paperwork I am still employed by RM but I believe that you have to have left the business to get the supplement so does the supplement payment kick at a later date?

In theory you should get the supplement automatically, as (I think) RM should tell the RMSPS and RMPP that you've left the company. Although it would still take at least a few weeks to be worked out and paid to you.

However, there was a thread on here fairly recently where someone had to chase it up. So my advice would be to:

1. Tell the pensions people you're planning on leaving the company and maybe they'll include it on the paperwork?
2. If not, tell them you want your supplement as soon as you've left.

Thanks again Robert T

[Fester2020]

How soon can you apply for your pension? When will your pension date be? I'm not sure you'll have to apply again.

I've recently sent back estimate paperwork and looking at end of June to say ,.

[spaceman07]

Fair play I'm sure you won't miss it lol. Nobody asks how your coping or anything just crack on. Revisions will be a joke as per, trying to get it down to 35hr eventually but we'll still be doing 40 odd. They need to sort the job out so that your able to get done in your duty time with a full break. If your having to constantly claim overtime (which some people don't want) or have to cut off on any particular day there's something wrong! Also should be able to do it at a sensible pace. Van sharing knackered it to an extent, you get some partners twice as slow as others and sometimes put with someone that doesn't know where their going even and they're supposed to be doing the large parcels lol