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NRA 60 and NRA 65 benefits and the new scheme
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markis
- Posts: 92
- Joined: 14 Feb 2008, 15:04
NRA 60 and NRA 65 benefits and the new scheme
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.
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FAB
- Posts: 234
- Joined: 06 May 2017, 22:57
- Gender: Male
Re: NRA 60 and NRA 65 benefits and the new scheme
Yes. There payouts are unchanged. If your approaching 60 soon you should be hearing from RMSPS and RMPP shortly.
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Wednesday
- Posts: 143
- Joined: 12 Mar 2010, 16:40
- Gender: Male
Re: NRA 60 and NRA 65 benefits and the new scheme
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?
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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
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.
Links to all RM pension related websites are here