Pension advice

[shazzbat]

Looking for some advice/help.

I joined Royal Mail in 1978, I took my pension in 2010 when the change to registered pension scheme change from 50 -55 as I was 53 at the time,I then joined the new scheme, not sure which one it’s called, that same year.

I no longer work for Royal Mail as I took VR in 2017.

I am wondering now I’m nearly 61 am I able to access the pension I was enrolled into in 2010, or will it be when I am 65.

Any help would be appreciated.

[Steve_claret]

Looking for some advice/help.

I joined Royal Mail in 1978, I took my pension in 2010 when the change to registered pension scheme change from 50 -55 as I was 53 at the time,I then joined the new scheme, not sure which one it’s called, that same year.

I no longer work for Royal Mail as I took VR in 2017.

I am wondering now I’m nearly 61 am I able to access the pension I was enrolled into in 2010, or will it be when I am 65.

Any help would be appreciated.

You can take your NRA65 benefits early but on a reduced basis. Roughly you will lose about 5% per year so for 4 years in your case will cost you approx 20% reduction.

[shazzbat]

You can take your NRA65 benefits early but on a reduced basis. Roughly you will lose about 5% per year so for 4 years in your case will cost you approx 20% reduction.[/quote]

Thanks Steve_claret I thought that may be the case.

[RobertT]

NRA60 benefits relate to service up to 31st March 2010, NRA65 is between 1st April 2010 and 31st March 2018 when the RMPP closed to future accrual.

The earliest it was possible to take your pension changed from 50 to 55 on 6th April 2010.

You say you joined the 'new scheme', so:

Did build up any NRA65 pension from 2010 to 2017?
If so, the 5% per year reduction will apply if taking it before NRA.

Or did you actually join the RM Defined Contribution plan administered by Zurich?
If so, you'll have a pot of money with your name on it, with options. Info: https://www.moneyadviceservice.org.uk/e ... on-schemes" onclick="window.open(this.href);return false;

[shazzbat]

NRA60 benefits relate to service up to 31st March 2010, NRA65 is between 1st April 2010 and 31st March 2018 when the RMPP closed to future accrual.

The earliest it was possible to take your pension changed from 50 to 55 on 6th April 2010.

You say you joined the 'new scheme', so:

Did build up any NRA65 pension from 2010 to 2017?
If so, the 5% per year reduction will apply if taking it before NRA.

Or did you actually join the RM Defined Contribution plan administered by Zurich?
If so, you'll have a pot of money with your name on it, with options. Info: https://www.moneyadviceservice.org.uk/e ... on-schemes" onclick="window.open(this.href);return false;

I’m not 100% sure, I seem to recall getting something from Zurich, but not really sure.
Anyone know how I find out?

Many thanks

[RobertT]

It sounds to me as if you're more likely to be in the RMDCP with Zurich.
But you should have been getting statements each year from which ever scheme you're in!
Perhaps you still have an old payslip? That will tell you.

If not, I suggest you get in touch with the 3 different RM pension schemes you could come under, to see if they have any record of you. Links to their contact details below:

RM Defined Contribution Plan(Zurich)
RM Pension Plan
RM Statutory Pension Scheme

[shazzbat]

It sounds to me as if you're more likely to be in the RMDCP with Zurich.
But you should have been getting statements each year from which ever scheme you're in!
Perhaps you still have an old payslip? That will tell you.

If not, I suggest you get in touch with the 3 different RM pension schemes you could come under, to see if they have any record of you. Links to their contact details below:

RM Defined Contribution Plan(Zurich)
RM Pension Plan
RM Statutory Pension Scheme

Many thanks RobertT

I will use the links to find out which I’m in. So many schemes and I’m easily confused. Again many thanks to all who replied.