Can you take your DBCBS pot anytime after 60

thegreatestfreddy · Post by **thegreatestfreddy** » 24 Jun 2019, 18:15

Hi ...

Just wondered if you can take your DBCBS pot anytime after 60 ... ?

I am currently in receipt of my NRA60 pension and may decide to go part time ...

I would not want to take my NRA65 pension but may as I suggest be interested in taking some of my DBCBS pot if permitted ...

If I were to do this and go part-time could I continue to pay further into the DBCBS hence continuing to build it up .. !??

Sorry if a bit blurry ...

Hopefully someone may help on this ...

Thanks,
Freddy

heapsy · Post by **heapsy** » 24 Jun 2019, 20:30

As far as I know, the DBCBS is linked to your NRA65 pension. The idea being that it will provide a lump sum. Not sure if you could take it early, probably not, RobertT will probably know. I can tell you that if you take any pension benefit, then you cannot still contribute to that particular element of your pension.

Post by **RobertT** » 25 Jun 2019, 04:31

As heapsy says, the DBCBS is there to provide a lump sum when you take your NRA65 pension. You can't take them separately as far as I know and once you've taken your NRA65 benefits, at whatever age, you are no longer an active member of the RMPP and so can't pay into it any more.

thegreatestfreddy · Post by **thegreatestfreddy** » 25 Jun 2019, 06:09

Many thanks as ever for your clarification in this

Post by **stephen500** » 26 Jun 2019, 17:58

RobertT wrote:As heapsy says, the DBCBS is there to provide a lump sum when you take your NRA65 pension. You can't take them separately as far as I know and once you've taken your NRA65 benefits, at whatever age, you are no longer an active member of the RMPP and so can't pay into it any more.

https://www.cwu.org/wp-content/uploads/ ... ow-res.pdf
According to the 2017 pay agreement, you can take the DBCB lump sum at 60 as long as you take it with your NRA60 benefits. Which I plan to do.
However since you have taken yours, I don't know where you stand. Although as far as I am aware you can take any pension after 55 (reduced).
Although this says you can take at 60 unreduced, as long as you take it at the same time.
I don't know whether the DBCBS is the same as the DBCB scheme?

heapsy · Post by **heapsy** » 26 Jun 2019, 18:44

I'll have to look at this more closely. At the moment I'm hammering the AVCs. With this on top, there may not be as much urgency. With 30 years and counting already, I am almost certainly going at 60.

Post by **RobertT** » 26 Jun 2019, 19:22

stephen500 wrote:https://www.cwu.org/wp-content/uploads/ ... ow-res.pdf
According to the 2017 pay agreement, you can take the DBCB lump sum at 60 as long as you take it with your NRA60 benefits. Which I plan to do.

That was subject to Cabinet Office approval of the DBCBS being linked to our pre 2012 RMSPS benefits – see the text on page 11 of the document you linked to.
Going by a few posts on here and a recent pm, it seems as if that approval has been given, as there are people who've taken their DBCBS pot along with their NRA60 pensions. It was probably a formality anyway?

However since you have taken yours, I don't know where you stand.

If you've already taken your NRA60 pension, then the DBCBS has to be taken with your NRA65. That is covered on the RMPP website: https://www.royalmailpensionplan.co.uk/ ... erent-ages" onclick="window.open(this.href);return false;

Although as far as I am aware you can take any pension after 55 (reduced).

Yes, but there is no option to take your DBCBS separately from either your NRA60 or NRA65, as far as I'm aware.
Unless you're a section F member of the RMPP(those ex DC'ers who are now paying into the DBCBS), they can take their pot anytime after 55 as it's basically just a DC pension for them.

I don't know whether the DBCBS is the same as the DBCB scheme?

It stands for Defined Benefit Cash Balance Scheme.

thegreatestfreddy · Post by **thegreatestfreddy** » 28 Jun 2019, 06:27

Thanks guys for rapid and informative comment as ever ...

I guess I am going to have to contact Pensions dept for absolute clarity ...

Don’t really want to take NRA65 early so may have to wait until then to take my DBCBS lump sum along with that...

Just a further thought ...

If I do go part-time, obviously that will affect my contributions into DBCBS so obviously affecting my lump sum taken from that..

But, would my NRA65 annual pension be affected after going part-time...?? (Obviously my NRA60 was based on ‘final salary’ but I don’t think NRA65 is.. ?? and of course is ‘frozen’ at 2018 value)

heapsy · Post by **heapsy** » 28 Jun 2019, 06:34

thegreatestfreddy wrote:Thanks guys for rapid and informative comment as ever ...

I guess I am going to have to contact Pensions dept for absolute clarity ...

Don’t really want to take NRA65 early so may have to wait until then to take my DBCBS lump sum along with that...

Just a further thought ...

If I do go part-time, obviously that will affect my contributions into DBCBS so obviously affecting my lump sum taken from that..

But, would my NRA65 annual pension be affected after going part-time...?? (Obviously my NRA60 was based on ‘final salary’ but I don’t think NRA65 is.. ?? and of course is ‘frozen’ at 2018 value)

You can take your DBCBS at 60, along side your NRA60 without losing any. What you can't then do, is continue paying in to it. Yes, you can leave your NRA65 where it is until 65. I'm thinking of doing this myself. I have a private pension I will take at 60, so don't need the NRA65 until later. Not sure about whether your NRA65 pension would be affected.

Post by **RobertT** » 28 Jun 2019, 14:42

thegreatestfreddy wrote:Thanks guys for rapid and informative comment as ever ...

I guess I am going to have to contact Pensions dept for absolute clarity ...

Don’t really want to take NRA65 early so may have to wait until then to take my DBCBS lump sum along with that...

Just a further thought ...

If I do go part-time, obviously that will affect my contributions into DBCBS so obviously affecting my lump sum taken from that..

But, would my NRA65 annual pension be affected after going part-time...?? (Obviously my NRA60 was based on ‘final salary’ but I don’t think NRA65 is.. ?? and of course is ‘frozen’ at 2018 value)

You're right to say you'll get a lower lump sum because you'll be paying in less. But your NRA65 will not go down by going part time.

Although we are no longer accruing any more actual pension, what we've already built up is still increasing by inflation each year.

vmaxv4 · Post by **vmaxv4** » 01 Jul 2019, 07:31

I am in receipt of my Nra 60.
I have just asked for & received my Early Pension Estimate (EPE) for my Nra 65.
However there is a reference under the figures as follows.
Hope this helps..

thegreatestfreddy · Post by **thegreatestfreddy** » 03 Jul 2019, 06:19

vmaxv4 wrote:I am in receipt of my Nra 60.
I have just asked for & received my Early Pension Estimate (EPE) for my Nra 65.
However there is a reference under the figures as follows.
Hope this helps..

If you’re in receipt of your NRA60 and you take (early) your NRA65 (including your DBCBS lump sum) can you still continue to work part time for the company and are you able to continue making payments into a company pension of some description going forward .. ??

Post by **RobertT** » 03 Jul 2019, 14:44

thegreatestfreddy wrote:If you’re in receipt of your NRA60 and you take (early) your NRA65 (including your DBCBS lump sum) can you still continue to work part time for the company and are you able to continue making payments into a company pension of some description going forward .. ??

You can carry on working for RM for as long as you want or are able to, regardless of whether you've taken your pension/s or not. That can be full time or part time.

You will still be able to pay into the RMDCP now administered by Scottish Widows if you've taken all your NRA60 & NRA65 benefits.

You will then probably be auto-enrolled into the CDC scheme when that is implemented.

Post by **rogersh** » 03 Jul 2019, 15:43

"now administered by Scottish Widows" - Thanks for pointing that out Robert . Obviously a recent change & I may well have received some mail from Scottish widows which i disregarded.
Anyway the log in details remain the same on visiting the existing RMDCP - Money4Life site.

thegreatestfreddy · Post by **thegreatestfreddy** » 04 Jul 2019, 22:01

RobertT wrote:
thegreatestfreddy wrote:If you’re in receipt of your NRA60 and you take (early) your NRA65 (including your DBCBS lump sum) can you still continue to work part time for the company and are you able to continue making payments into a company pension of some description going forward .. ??
You can carry on working for RM for as long as you want or are able to, regardless of whether you've taken your pension/s or not. That can be full time or part time.

You will still be able to pay into the RMDCP now administered by Scottish Widows if you've taken all your NRA60 & NRA65 benefits.

You will then probably be auto-enrolled into the CDC scheme when that is implemented.

Thanks Robert for all your help and knowledge as ever ...

Will request an EPE I think and have a look at my options for going down to 2 or 3 days a week I think ..

Regards,
Freddy