VR supply chain

[Chilli pepper]

We have just recieved a preference form for VR with a table showing how to work out what you are worth that's ok but it gets more complicated if you have taken your pension ,what I am asking is can anyone explain in easy terms how to work things out I am 57 with 26 years service in and took my pension at 55 but still pay into the cdp will I still be entitled to 2 years pay or will this be greatly reduced am finding it very confusing ! Thanks .

[POSTMAN]

Moved to union room,and welcome.

[baldrick]

We have just recieved a preference form for VR with a table showing how to work out what you are worth that's ok but it gets more complicated if you have taken your pension ,what I am asking is can anyone explain in easy terms how to work things out I am 57 with 26 years service in and took my pension at 55 but still pay into the cdp will I still be entitled to 2 years pay or will this be greatly reduced am finding it very confusing ! Thanks .

I don't know what cdp is, but if it's a Royal Mail pension, you would get the pension accrued from that (slightly enhanced) plus 26 weeks VR payment.

If you are not paying into any RM pension you would get the maximum 104 weeks VR payment at 57 with 26 years service.

So if cdp is an RM pension scheme, you might want to consider whether it's worth opting out to get the maximum VR payment.

[Chilli pepper]

Thanks for that baldrick cdp is indeed career defined pension introduced by rm to replace the old pension will consider your suggestion and make enquiries ,just doesn't seem fair to me that someone not paying any pension at all should get more !

[baldrick]

just doesn't seem fair to me that someone not paying any pension at all should get more !

A lot of people who had already taken their RM pension, and expected to get the maximum VR payment got caught out by the new RM Workplace pension which they were compulsory enrolled in January 2013. I opted out at the time as I was intending to take VR.

[stodgy88]

i came out as well, had a small deduction ,rang the pension place ,was told that every now and then you get enrolled again,sound unbelievable ,but i keep a close watch on my wage slip.

[Chilli pepper]

Thanks for your replies , still a bit unsure I contacted union for their views they said it probably wouldn't work opting out of new pension to get max VR as they would class me as being in pension scheme so all in all still confused as to which way to go but will keep on trying to work out what's best.

[baldrick]

I don't know if you can opt out now, or how that would work if you are 57. You could try contacting the RM Pensions people to ask them.

[Chilli pepper]

Tried rm pensions it's like banging your head against a brick wall just keep getting fobbed off and goin round in circles the said I will have to ask HR have tried that got nowhere ! What a shambles .

[dvbuk55]

Anybody know what happens to shares when you retire?

[RobertT]

Anybody know what happens to shares when you retire?

If you're 60 or over when you leave RM you get to keep your shares regardless of the normal 3/5 year holding period.