Adios @55!

[aled34]

Hello, will have done 33 years as a section C member come early next December and was wondering how early I could start the ball rolling as regards to receiving all my pensions, supplements and a small AVC amount on time and getting out of this s**t show! I worked a full day 7 1/2 hours extra shift last week and got a net payment of £60 extra - sod that again!( probably the only company in the country that pays less per hour overtime than a basic hour!!) Looking to take a few months break then get a part time warehouse job where it’s cool in the Summer and warm and dry in the Winter with the added bonus of no menacing dogs lurking around every corner, no more driving crappy knackered vans for six hours a day and getting some time off every Xmas without being shattered! With an ageing workforce I suspect many more are thinking along the same lines!

[RobertT]

You can't apply for your pension until about 3-4 months before age 55. Someone might be along shortly for a more accurate time frame, or else contact the PSC for clarification.

By the sound of it you're a similar age as me and with a similar amount of service too. I know how you're feeling as I'm seriously thinking of going before the Yuletide bedlam starts, because I'm not sure I can do another Christmas!

In my case I was planning on going about this time next year anyway, but am fed up of the s**t show that is Royal Mail, so thought I may as well go 6 months earlier!

I'm not in a position to give financial advice, but I would strongly suggest you think long and hard about taking your pension early. I can understand the logic of taking it alongside a part time job and being in roughly the same position money wise. But those early payment reductions will be with you for life and it may hinder your chances of retiring completely in the future.
But that's just my opinion and it's obviously your choice, based on your own circumstances.

Good luck for the future.

[vmaxv4]

90 Days Before your 55th birthday
PSC will contact you for NRA60 6 Months Before

[Shirtbuttons]

Your on £8 an hour after tax when you do overtime
My kid earns that as a pt job flipping burgers in between uni.

[spaceman07]

My sentiments entirely mate, Im just in the process of taking my NRA60 at 55 i decided to leave the rest. They never contacted me i had to set the ball rolling 3.5 months before my 55th birthday. You have the same service as me, mines due at the end of this month though.
I'm thinking of doing something similar getting something part time but decided to stick it out for the time being. Can't see me going on much after 55 though as like you say it's a sh!t show!

[NorthernBoy]

My sentiments entirely mate, Im just in the process of taking my NRA60 at 55 i decided to leave the rest. They never contacted me i had to set the ball rolling 3.5 months before my 55th birthday. You have the same service as me, mines due at the end of this month though.
I'm thinking of doing something similar getting something part time but decided to stick it out for the time being. Can't see me going on much after 55 though as like you say it's a sh!t show!

When you get your NRA60 figures, can you let us know what the % reduction is as compared to your most nra60 projection. On the website it says approximately 5% a year, but it would be good to know the exact % reduction.

I am sure there are a lot of members who will be thinking about taking at 55, so this info would be useful.

Many Thanks.

[NWpostie]

Before you jump ship, I would advise building a lot of savings to cushion you over the months after claiming your pension as it may not always be a smooth process and possibly some delays, so I would hedge your bets and plan accordingly.

[spaceman07]

@NorthernBoy - They don't tell you in any correspondence they just say reduced pension but it is 25% mate. I just wanted the extra income on the monthly pension to live on. The lump sum i invested elsewhere, I could of not taken it at all and obviously the monthly would have been more. Fortunately I'm in a good position without any pension but like Robert always says i wouldn't advice taking it early if your not. If you've got another job lined up fair enough. It all depends on the individuals circumstances though but if you can cope with the reduction all's good.

Ps. Sorry about not quoting your text, still can't fathom out how you do it lol.