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pension traced

I have recently traced a lost pension with royal mail, although it is not a large amount. I no longer work for royal mail and have not for over 20 years , can I ask for my pension pot to be paid to me so that I may invest it elsewhere ? I am aged 50 and self employed.

Comments

  • hyubh
    hyubh Posts: 3,665 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    horti1 wrote: »
    I have recently traced a lost pension with royal mail, although it is not a large amount. I no longer work for royal mail and have not for over 20 years , can I ask for my pension pot

    You won't have a 'pot' as such, you'll have defined benefits in the scheme. Find out when the normal pension age is, and from when you can draw the pension (if different) with reductions.

    By the by - the government in its wisdom has recently transformed the Royal Mail final salary scheme into an unfunded 'pay as you go' one like the schemes for teachers, police, fire and the NHS. As such, the general taxpayer will pay whatever it takes to fulful historical promises, including (as I expect it is with your deferred pension) uprating by RPI or at least CPI.
  • xylophone
    xylophone Posts: 45,426 Forumite
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    http://www.royalmailpensionplan.co.uk/
    You might find some information here.
  • dunstonh
    dunstonh Posts: 118,602 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    can I ask for my pension pot to be paid to me so that I may invest it elsewhere ?

    No. It would require an IFA to sign off on it and no IFA is going to do that as it would be a really bad idea.

    It is a very good pension. You wouldnt want to move it as no alternative is going to do better.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • atush
    atush Posts: 18,731 Forumite
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    No you can't move it (unless you fall under a limited amt of people who are so ill they won't live long and or have no spouse or dependents).

    Anything You could do with it, would not pay as much as the pension you have.

    Have you been self employed long? what other pension arrangements have you made? have you paid voluntary NI contributions?
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