old age pensions

Discussion in 'Royal Naval Reserve (RNR)' started by neppy, Apr 30, 2008.

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  1. if you do not have a pension yet, check with the pension peeps in newcastle and find out what your pension should be and keep a copy, do this in 10 years if you have not got your pension. Then check out your pension when you get it as they are putting the amounts down so you get a lower pension.
  2. Sounds like complete gobbledegook to me Neppy. The FORECAST you receive from Newcastle is just that - a forecast. I first sent for mine in 1990 and based the probability of retirement at 60 on that forecast, plus my Naval pension, works pension, and savings being able to tide me over the five years until the state pension kicked in. So I retired in 1995, and haven't had a financial problem since.
    What are the new regulations that make you think that that situation has changed?

  3. Do you accrue pensionable pay when you are reservist with the RNR?
  4. No. It does come up for discussion every so often though, and if it does happen, it will probably be at the expense of bounty.

  5. 2 badge mango you are already getting it so you have no worries. by the sound of it
  6. I have my OAP which is enhanced by SERPS which was accrued mostly by RNR sercice. Don't forget that NI is paid when doing training
  7. True Neppy, but I did work it out in considerable detail before deciding to retire at sixty. I was not in a highly paid job, but had saved a few bob and had pensions as stated in my original post. Added to that the fact that I would pay less tax and no NI, was what made me decide in favour.
    I do not regret my decision.
    My original question remains. What are the new regulations that make you think that the situation has changed?


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