avc

[the mad woman]

is it worth starting to pay in if am now 62

[RobertT]

is it worth starting to pay in if am now 62

All pension contributions via your RM pay benefit from both tax relief and PSE, which means that each £1 gross that goes into your pension/s, only actually costs you £0.68. That applies to the RMPP, RMDCP and AVC’s.
But make sure you don’t pay in too much and unintentionally opt yourself out of PSE as some have done: http://www.royalmailchat.co.uk/communit ... 27&t=76631" onclick="window.open(this.href);return false;

If you’re in Section C of the RMPP you can pay into Bonusplan which also attracts a small extra contribution of RM.

At your age, I assume you’re only planning on working a couple more years? So you’re not going to amass a huge sum of money and so it won’t generate a very big annuity and annuities are really bad value for money anyway. But with the ‘perks’ available for saving into a pension as mentioned above, it’s actually a great way to save regardless of what you use it for.

As AVC’s and the RMDCP are defined contribution or money purchase schemes, there is the opportunity to take all the pot as cash, although not necessarily all tax free. More info here: https://www.moneyadviceservice.org.uk/e ... on-schemes" onclick="window.open(this.href);return false;

In short, I would say any free money is worth taking for however long!