pension supplement amount

[postmanpleb]

Hi all
This may have been answered else where, I have looked but not found. I took my pension 2 years ago, but only escaped from RM last August. So from the date when I escaped I should have received my pension supplement for my NR 60 pension. I was assured by a phone call in August to RMSP that all would be automatically sorted. However nearly six months later, despite lots of phone calls it has only just been kind of sorted. I say this because I received a letter this week stating I will get it from the end of this month. Included will be 6 months of backpay to the sum of 415 pounds, I rang up and asked how this figure was arrived at but didn't get very far, someone will look into for me. The question I would like an answer to is in my paperwork the figure quoted for my temporary pension supplement is about the 1400 mark and then " the supplement quoted may be subject to an actuarial reduction if paid before normal retirement age" . So does this look right an annual supplement of about 800 instead of 1400 because I retired early. I am a section C member, started in 1989.

Cheers

[NorthernBoy]

How many years did you retire before age 60? It’s 5% reduction for each year reduction

[postmanpleb]

I took my pension aged 56 & left Royal Mail aged 58, allowing for 5% for each year taken early is 20 %, so their sums still don't look right.

[fly-catchers]

The supplement is reduced by 5% per year and that figure is divided by the number of years it will be paid until your State Pension. That amount is them paid each year increasing with inflation up to 5% RPI

[Wullie10]

It is ridiculous that it takes so long to sort out. The supplement payment could be a deciding factor some people decide to leave and take a lower paid job elsewhere.

[NorthernBoy]

It is ridiculous that it takes so long to sort out. The supplement payment could be a deciding factor some people decide to leave and take a lower paid job elsewhere.

Yes, the fact that you get the supplement if you left RM is often overlooked. Although not a large amount it means that taking your pension earlier will be higher than otherwise at it stops at SP age. Something to think about.