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.
trythat wrote:Robert I can't remember if you've discussed this before, but I assume our pension upto 2008 doesn't change in value as long as you take after reaching 60? Just that we're hoping to retire at 55 and live on our savings until 60 and then take our pre 2008 pension at 60 or later. As we're not far off 55, I'd like to confirm our thoughts are on track, don't really want to work at RM any longer than we have to now
Your NRA60 pension is actually everything upto 2010, so that’s your final salary part to 2008 and the first two years of the average salary scheme. That part is currently going up with inflation each year and you can take that at 60 without any reductions regardless of whether you’re still employed by RM or not.
Sixty is the optimum age to take your NRA60 pension as it won’t be reduced and it won’t increase either, other than by inflation. So there is no real benefit in deferring it until after then.
I’m still in my late forties so have a while to go yet, although I’m keeping my options open as to whether I stay at RM or not. But your plans sound quite similar to mine and I think I’m on track, so I think you may well be too.
trythat wrote:Robert I can't remember if you've discussed this before, but I assume our pension upto 2008 doesn't change in value as long as you take after reaching 60? Just that we're hoping to retire at 55 and live on our savings until 60 and then take our pre 2008 pension at 60 or later. As we're not far off 55, I'd like to confirm our thoughts are on track, don't really want to work at RM any longer than we have to now
Your NRA60 pension is actually everything upto 2010, so that’s your final salary part to 2008 and the first two years of the average salary scheme. That part is currently going up with inflation each year and you can take that at 60 without any reductions regardless of whether you’re still employed by RM or not.
Sixty is the optimum age to take your NRA60 pension as it won’t be reduced and it won’t increase either, other than by inflation. So there is no real benefit in deferring it until after then.
I’m still in my late forties so have a while to go yet, although I’m keeping my options open as to whether I stay at RM or not. But your plans sound quite similar to mine and I think I’m on track, so I think you may well be too.
Thanks again Robert, with your answer we are on track so hopefully another year or so and then we can finsih. Thanks again
