750 pension advice money - Transitional scheme

[stephen500]

I am nearly at the end of the process of taking both my pensions (NRA60 65 and DBCBS) and should be entitled to the £750 for pension advice.
However I cannot get this until after I have taken my pension?
So I should need the advice now?
I have to decide (and I have) how to take my DBCBS monies and whether to maximise their tax effiency or invest in an annunity or just take as cash?
But I now have to fund any advice or search for advice here or on the internet?
Surely that money is needed before the process begins, not after.

[Jefferson Starfish]

So get the advice if you need/want it and then pay yourself back after you've got the £750. Or more like £500 after deductions.

[stephen500]

So get the advice if you need/want it and then pay yourself back after you've got the £750. Or more like £500 after deductions.

Personally I will be using mine for a return flight to Japan, as the money does not HAVE to be used for advice.

[Hawkey99]

Did you both leave Rm or just take your pensions.

[Hawkey99]

For info to anybody thinking of accessing the £750 for financial advice.

I have just had an email from the Pension Service Centre and they have said the process for applying for this money has to be applied for through Royal Mail and isn’t anything to do the the pensions team.......What a strange set up......

[RobertT]

For info to anybody thinking of accessing the £750 for financial advice.

I have just had an email from the Pension Service Centre and they have said the process for applying for this money has to be applied for through Royal Mail and isn’t anything to do the the pensions team.......What a strange set up......

That doesn't match what was announced 12 months ago:

https://www.royalmailchat.co.uk/communi ... 27&t=87638" onclick="window.open(this.href);return false;

[Hawkey99]

Contents of email I received today......

"With regards to the £750 unfortunately we do not hold any information on the criteria within the pension teams and don’t want to mislead you. Therefore you will need to address this with HRS Pay Services as they are responsible for any payments and would be able to confirm to you the information you need.

The supplement can only be included in with the calculation if you leave employment on the same day as taking your benefits, and then it will only be the NRA65 supplement that can be involved."

[Hawkey99]

In the CWU Bulletin it mentions leaving the business. Perhaps as Im not leaving the business yet I won't be entitled to it at all.

"The pension administration team will liaise with the payroll team to confirm when the eligibility criteria has been met (i.e. an RMPP member is drawing their NRA 65 pension and leaving the business) and the £750 payment will be triggered and paid automatically."

"The £750 payment can be used by eligible employees towards the cost of obtaining financial advice on retirement."

[RobertT]

The £750 advice payment comes from the 4 pillars agreement and that clearly says, you only get the money if you're taking your NRA65 and leaving the business during the transitional period. Page 11:
https://www.cwu.org/wp-content/uploads/ ... ow-res.pdf" onclick="window.open(this.href);return false;