PENSION CONSULTATION

Malatesta1954 · Post by **Malatesta1954** » 29 Nov 2007, 15:49

PENSIONS

ADAM WHAT HAS CHANGED?

On the 8th February, 2007, through their brief given to all employees and the media, Royal Mail stated:

â€œConsultations will take place on ways to safeguard an affordable final salary scheme for all existing employeesâ€

Malatesta1954 · Post by **Malatesta1954** » 29 Nov 2007, 15:52

How does a CARE scheme work?

The CARE scheme will work by Royal Mail calculating your pensionable earnings each year which increase by the rate of inflation (to a maximum of 5% for each year). Therefore, in essence you build up a slice of your pension each year.

So what is better â€“ a final salary scheme or a CARE scheme?

Without a doubt the final salary scheme is better than a CARE scheme.

Indeed, a distinguished pension expert, Des Hamilton of the Pensions Advisory Service, is quoted as saying â€œwhatever claims companies and their advisors make for CARE schemes, they will only cost less to the employer if they provide lower pensions to employees.â€

Senior Service · Post by **Senior Service** » 29 Nov 2007, 19:34

Yeah all well and good but can i still come in early and use my car on delivery

ps above just tongue in cheek!

Post by **TrueBlueTerrier** » 30 Nov 2007, 14:50

Senior Service wrote:Yeah all well and good but can i still come in early and use my car on delivery

ps above just tongue in cheek!

What no overloaded bags as well, you are learning

jafferpants · Post by **jafferpants** » 30 Nov 2007, 15:59

It's certainly a strange old world we live in these day's. On the one hand we are all killing ourselves with drink and stress not to mention obesity through eating to much leading to an early grave. On the other hand you cant have your pension because your living to long.

yes i'm confused as well.

L Tommo · Post by **L Tommo** » 30 Nov 2007, 16:12

No cracks about the Mrs today Jaffs???

SAY ELLO TO THE GOOD LADY WIFE FROM ME PLEASE MATE...

Post by **TrueBlueTerrier** » 30 Nov 2007, 16:22

Perhaps he has too many of these

Fluke · Post by **Fluke** » 30 Nov 2007, 16:58

The only way we can safeguard the final salary scheme is if we were to successfully lobby the Government. This would mean we would have to force our National leadership to run a political campaign the like of which we have lacked for some years, to force the Government to allow a different use of the escrow money and perhaps the use of the assets held by Royal Mail Property Holdings to cut the deficit.

Could we not just Gordon give a bung out of the political fund through a third party?

lovenotmoney · Post by **lovenotmoney** » 30 Nov 2007, 17:10

The time to fight for our pensions has just gone. Our union has agreed in principle to changes in the pension scheme.

As has just been demonstrated by our members no matter what you say to most of them if the executive recommend to vote a certain way they will.

I believe at the end of the consultation process the executive will recommend acceptance of the pension changes with the loss to many of us of tens of thousands of pounds.

What seems to be forgotten in all of this is that we are a public service owned by the government! When will they wake up to the fact that it's the government who should pay.

Unless our executive recommend strike action over pensions we can all wave bye bye to the money.

EVERYBODY OUT!

BELIAL · Post by **BELIAL** » 30 Nov 2007, 17:14

With the prospect of large scale redundancy now an odds on certainty, the corresponding decline in employer and employee contributions is not going to improve the strength of the pension fund.

Given this fact ,any best guesses for the timing of the next pension consultation about moving the retirement age to 70, obviously with the option to go at 60 with a 45% penalty.

It's a slippery slope we've stepped on ,there's only one way we're going and we're gathering speed

strangler · Post by **strangler** » 30 Nov 2007, 17:17

BELIAL wrote:With the prospect of large scale redundancy now an odds on certainty, the corresponding decline in employer and employee contributions is not going to improve the strength of the pension fund.

Given this fact ,any best guesses for the timing of the next pension consultation about moving the retirement age to 70, obviously with the option to go at 60 with a 45% penalty.

It's a slippery slope we've stepped on ,there's only one way we're going and we're gathering speed

jafferpants · Post by **jafferpants** » 30 Nov 2007, 17:54

L Tommo wrote:No cracks about the Mrs today Jaffs???

SAY ELLO TO THE GOOD LADY WIFE FROM ME PLEASE MATE...

Iv'e given her your regards tommo she say's she's thinking of trading me in and linking up with you and the guys on here as you'll treat her better.

we went shopping to-day. woman ask's if we wanted a bag, i said no thanks i married one. oh s**t iv'e done it again

BELIAL · Post by **BELIAL** » 30 Nov 2007, 21:30

Not again