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NRA 60 and NRA 65 benefits and the new scheme

Royal Mail pension news and discussion.Please note the advise given in this forum is unofficial, please use the links we have for a more detailed response or see an independent financial adviser.
markis
Posts: 92
Joined: 14 Feb 2008, 15:04

NRA 60 and NRA 65 benefits and the new scheme

Post by markis »

Are the previous schemes that closed still paying out at NRA 60 and NRA 65 as I would like to know as I will be coming up to 60 soon.
FAB
Posts: 234
Joined: 06 May 2017, 22:57
Gender: Male

Re: NRA 60 and NRA 65 benefits and the new scheme

Post by FAB »

Yes. There payouts are unchanged. If your approaching 60 soon you should be hearing from RMSPS and RMPP shortly.
Wednesday
Posts: 143
Joined: 12 Mar 2010, 16:40
Gender: Male

Re: NRA 60 and NRA 65 benefits and the new scheme

Post by Wednesday »

Help!So I am nearing 60,is the NRA 60 pension just a case of taking the pension or taking a reduced pension and the tax free lump sum,or should I be seeking further advice as I am still working and could avoid tax?
RobertT
EX ROYAL MAIL
Posts: 6644
Joined: 09 Sep 2007, 14:26
Gender: Male

Re: NRA 60 and NRA 65 benefits and the new scheme

Post by RobertT »

Wednesday wrote:
23 Sep 2021, 18:03
Help!So I am nearing 60,is the NRA 60 pension just a case of taking the pension or taking a reduced pension and the tax free lump sum,or should I be seeking further advice as I am still working and could avoid tax?
If you take your benefits early then you lose 5% per year, plus you'll pay tax if you're still working. But you don't get any extra for deferring it past NRA, other than annual inflationary increases, which you'd get anyway when your pension is in payment.

So there's no real benefit in not taking it at NRA despite the fact you might be still working and paying tax on it.
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