When can I access my Royal Mail pension?
You'd normally be able to start taking some of your pension benefits at 60, and some at 65. These are called Age60 benefits and Age65 benefits. You can start taking some, or all, of your benefits as early as 55. This is the minimum age set by the Government.
What happens to my pension when I leave Royal Mail?
If you leave Royal Mail, you'll stop saving money into your RMDCP pension pot. Royal Mail will stop adding money too. If you're under 55, you can't use your money yet. ... If you're 55 or over, you can start taking the money in your RMDCP pension pot if you want to.
How much is a Royal Mail pension worth?
Your contribution towards your benefits is 6% of your pensionable pay. You will build up a cash lump sum at a rate set by Royal Mail. Currently, the rate is 19.6% of each year's pensionable pay with further discretionary increases to the lump sum being targeted each year.
How do I access my pension plan?
To get a pension, you can seek employment with an organization that offers pension benefits and then work there long enough to become eligible. Large private corporate employers may also offer pension benefits, but it's not as common as it used to be.
Can I take my Royal Mail pension as a lump sum?
The RMPP lets you build pension savings with help from Royal Mail. When you retire, you get a regular income for life, with the option to take a tax-free lump sum.
Can I take my Royal Mail pension at 50?
You can start taking some, or all, of your benefits as early as 55. This is the minimum age set by the Government. If you take your benefits early, the amount you get will be reduced.
Do I have to take my Royal Mail pension at 60?
You can take your benefits at any time after age 55 if you have left Royal Mail's employment. Benefits taken before your Normal Retiring Age (see below) will be reduced for early payment. Normal Retiring Age is age 60 for benefits you built up before 1 April 2010 and age 65 for benefits built up after this date.