Hello All,
I took EVR almost a year ago. I now work for the Police and my pension is run by the County Council. Would I be better pulling my RM pension and putting in my new one, or leaving it until it's time to collect?
I am 38 and had 19 years service.
Obviously, I am worried that I will still have any in RM come retirement age. Is it protected, or at the mercy of any future RM owners?
Thanks for any advice and keep fighting the fight, the work you do IS appreciated by the public. (If not your manager!!!)
Sparx
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Pension pull-out? Yes or No?
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Dogs of War
- Posts: 473
- Joined: 06 Nov 2009, 21:00
- Gender: Female
Re: Pension pull-out? Yes or No?
Keep your RM pension.
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Judgee
- EX ROYAL MAIL
- Posts: 2259
- Joined: 23 Oct 2007, 15:18
Re: Pension pull-out? Yes or No?
It's not always possible to transfer some pensions. You also usually lose out a fair bit of its value in the transfer process due to administration costs etc. I have 3 pensions from various employers, all pretty much just chugg away on thier own building up over time. Your RM pension should be safe. My advice... just leave it and forget about it til retirement comes round 
For me that day can never be too soon! 
For me that day can never be too soon! Union what Union? Do we have a union?
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RobertT
- EX ROYAL MAIL
- Posts: 6548
- Joined: 09 Sep 2007, 14:26
- Gender: Male
Re: Pension pull-out? Yes or No?
Your RM pension is based on your salary when you left the business and it will increase with inflation every year until you take it.
As a general rule it's always better to keep final salary pensions where they are rather than transfer them as transfer values tend to be low.
As a general rule it's always better to keep final salary pensions where they are rather than transfer them as transfer values tend to be low.
Links to all RM pension related websites are here
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borisblank
- Posts: 12
- Joined: 27 Mar 2010, 10:09
- Gender: Male
Re: Pension pull-out? Yes or No?
You can get a form from the Council to see if its worth transferring your RM pension. Grab the form from the Council, complete it, hand it back in and they will contact RM to provide you (and them) with a detailed statement of the Transfer Value of your RM pension, the Council will then contact you with details of a what your Council pension will be IF you go ahead and transfer the pension across. You are NOT committed to the transfer unless you agree to do so AFTER you have received the Transfer Value so no harm in getting the information. In simple terms, you are only asking a question, its not in any way binding.
As mentioned above, the current Council pension scheme will likely not be as good as the RM one and chances are you won't want to transfer the RM one across but you won't really know until you have all the details to hand and can see for yourself what the financial impact would be.
Oops! Just saw the date of this thread - sorry guys, half asleep I'm afraid! Ah well, the information may be useful to someone else
As mentioned above, the current Council pension scheme will likely not be as good as the RM one and chances are you won't want to transfer the RM one across but you won't really know until you have all the details to hand and can see for yourself what the financial impact would be.
Oops! Just saw the date of this thread - sorry guys, half asleep I'm afraid! Ah well, the information may be useful to someone else