Pension ? New posty

[Si9975]

Hi I'm new to the life of a posty, I'm only 3 weeks in lol. But just wondering how this pension scheme works ? Am I automatically enlisted in it or do I have to ask? I'm only 25 so this pension thing is new to me lol

[Shaman Mao]

You have to wait for a year before you can join the pension scheme. If I remember rightly you will be contacted towards the end of the year so you can decide what contribution you want to make (3, 4 or 5% -rising to 6% soon I believe).

[terry2972]

You can join straight away by opting in or if not they will automatically enroll you after 3 months then you can opt out.

[RobertT]

More info can be found here:
http://www.zurich.co.uk/royalmaildcplan ... uction.htm" onclick="window.open(this.href);return false;

[Barbel]

I was there 3 months before I was automatically enrolled and didn't have to wait a year.

[Si9975]

Thanks all :)

[maximus12]

Automatically enrolled at 3 months, at which point its a 1% contribution from you and the same from RM once you have completed a years service you can them up the contributions.

[Lounge Lizard]

If you're with Royal Mail aged only 25 there's little sense in thinking about a pension. Read some of the other threads on this forum and you'll realise your body will be well knackered long before pension age.

[RobertT]

If you're with Royal Mail aged only 25 there's little sense in thinking about a pension. Read some of the other threads on this forum and you'll realise your body will be well knackered long before pension age.

A pension is there to provide an income for your future self and the OP is doing exactly the right thing in thinking about it at their age, as the sooner you start saving the better off your going to be in old age.

[NumptyBumpty]

If you're with Royal Mail aged only 25 there's little sense in thinking about a pension. Read some of the other threads on this forum and you'll realise your body will be well knackered long before pension age.

All the more reason to join the pension scheme.

[TrueBlueTerrier]

If you're with Royal Mail aged only 25 there's little sense in thinking about a pension. Read some of the other threads on this forum and you'll realise your body will be well knackered long before pension age.

Except of course if you retire early because of "wear and tear" then you are more likely to need the pension to survive, and every year of not paying in, is another year of free contributions from Royal Mail, and another year lost when you do decide to start saving for retirement.

But then I have been saving for retirement since the 80s so my view is definitely pro pension fund as soon as able.

[wiganpostie]

One of our lot has 40 plus years in and has just had a pension pot calculation done... for the grand sum of..wait for it...£220,000 (it sounds ridiculously high, but he is a totally genuine bloke so I have no reason to disbelieve him).

So, the sooner you start the better.