my pension has halfed .

[RobertT]

I will do more research and take financial advice before making my decision

A wise decision. I'm no expert on pension transfers, but my understanding is that transfers out of final salary pensions need to be 'signed off' by an IFA. However 99% of IFA's won't be prepared to do that because they know that it's not in the best interests of their client and it may be deemed as mis-selling and could lead to a compensation claim in the future.

but I do find it strange that anybody would have any faith in our goverment to honour their pension commitments to us when they have such huge debts.

I just think that the government have more chance of honouring our pension than RM do.

I have already had two years state pension stolen from me as I will now get it at 67 rather than 65 if it still exists by then.

Me too.

Think about it for a moment,does it sound feasable that a scheme where thousands of people make relatively modest contributions to their pension pot and yet they get a huge amount back relative to their investment can keep paying out at the same level.
To me it just looks like a pyramid scheme.

No it doesn't sound feasible, which is why it was changed from final to career average salary, and for new starters is now just a money purchase pension. And when or if RM are privatised it will probably change again.

It used to be far too generous, particularly for section A&B members, the company took a 13 year 'pension holiday' and the money in the scheme was badly invested. Add that to the business that RM has lost over the years due to losing it's monopoly, more competition, DSA, etc.

[macphee1]

Even though we make relatively small contributions to our pension,Royal Mail make a much larger contribution.This was an answer to a question I asked about 18 months ago.

Even though the pension has changed to Career Salary Defined Benefit the
contribution have not changed. You pay a standard contribution of 6% of
your pay into your pension and Royal Mail contribute 20% into your pension.
As 6% is the standard amount you are not able to increase this amount. The
only way you can make further payments to your pension is to pay Additional
Voluntary Contributions (AVC's).

[RobertT]

Even though the pension has changed to Career Salary Defined Benefit the contribution have not changed. You pay a standard contribution of 6% of your pay into your pension and Royal Mail contribute 20% into your pension.

Because the government have taken over the pre April 2012 pension liabilities and the Royal Mail have now effectively started a brand new scheme from scratch from that date, personally I wouldn't have thought they pay as much as 20% any more.

In practice they have to pay in enough to ensure the scheme is fully funded and can pay out what they say it will, and technically that could be 0%.

But whatever they pay, let's hope they're not tempted to take another 'pensions holiday'.

[Ellen Ripley]

.
I have already had two years state pension stolen from me as I will now get it at 67 rather than 65 if it still exists by then.

That is correct if you are male, but if female you've had seven years state pension stolen - not so long ago women would receive state pension at 60.

Ellen

[fishtank]

.
I have already had two years state pension stolen from me as I will now get it at 67 rather than 65 if it still exists by then.

That is correct if you are male, but if female you've had seven years state pension stolen - not so long ago women would receive state pension at 60.

Ellen

Or you could argue that men have been robbed of many more years given the fact that the increase in retirement age is allegedly driven by increased life expectancy and female life expectancy is already between 4 and 8 years longer than male.
You could actually make an argument for women having to work longer than men to balance the actual amount of pension received,in an age of supposed equality you certainly cannot find an argument to retain the earlier retirement age.

[Ellen Ripley]

.
I have already had two years state pension stolen from me as I will now get it at 67 rather than 65 if it still exists by then.

That is correct if you are male, but if female you've had seven years state pension stolen - not so long ago women would receive state pension at 60.

Ellen

Or you could argue that men have been robbed of many more years given the fact that the increase in retirement age is allegedly driven by increased life expectancy and female life expectancy is already between 4 and 8 years longer than male.
You could actually make an argument for women having to work longer than men to balance the actual amount of pension received,in an age of supposed equality you certainly cannot find an argument to retain the earlier retirement age.

So you conveniently forget completely that most women need to take time out of work to bring up the kids, usually have had far less opportunity to gain employment with men size pension rights, and generally women have far less accumulated wealth than men by the time they reach 60 years old. These are all facts of the situation.
There are a few reasons why women tend to live longer than men; they generally look after themselves better and healthier.
Men do tend to drink more, eat less healthy and have far more testosterone which is apparently a contributor to men’s shorter life expectancy…
So you old boys do have the choice of giving up the pies and the booze and cutting your nuts off if you really want to live a bit longer.

Ellen

[fishtank]

So you conveniently forget completely that most women need to take time out of work to bring up the kids, usually have had far less opportunity to gain employment with men size pension rights, and generally women have far less accumulated wealth than men by the time they reach 60 years old. These are all facts of the situation.
There are a few reasons why women tend to live longer than men; they generally look after themselves better and healthier.
Men do tend to drink more, eat less healthy and have far more testosterone which is apparently a contributor to men’s shorter life expectancy…
So you old boys do have the choice of giving up the pies and the booze and cutting your nuts off if you really want to live a bit longer.

Ellen

I didn't forget anything Ellen,i'm aware of the fact that most women are still the primary carer although that is changing but i thought that we were talking about state pension which does provide NI contribution protection for the primary carer.
My point was only semi-serious but if you took two equal people,a man and a woman and they led identical lives chances are the woman would receive more back from her state pension than the man simply because she lived longer.
As for the reasons why,who knows? but in my case i can rule out the pies and the booze,the testosterone i can do nothing about and having subjected my poor dog to that fate i will pass on the castration...he still hasn't forgiven me....and less of the old.

[k979aaa]

why have we not kicked up about our pensions been nearly halfed . if you have your annual statements from august each year look back at them . we have been stitched up and nobody has said a word.

I did see royalmails rape of our pensions on this site.

[stephen500]

You cannot read pension statements before the change to the new scheme and compare them with the new.
The new illustration, in parts fails to add in projected increases as did the old one.
If I put what reasonable projections for growth and inflation in, then my pension is very much on a par with the old one.
It may be because I have only 8 years till 60 and will have about 30 years in the old scheme and the rest in the new.
But for me, even though it's not as good as the old scheme, it is a lot better then private ones out there.
Thank goodness at retirement it is not coverted to an annunity!
Imagine the drop then...think long and hard about changing...annunities are scary!!!