Royal Mail in threat to axe pension fund

[stodgy88]

when you get to sixty(males) if you arent working you get jobseeker allowance (around sixty quid ) but pension credit makes your money up to £130 single £190 couple,so what happens if i finish at 60 ,do i get £60 plus say £70 royalmail pension so ive payed all my pension in for nothing and if my lumpsum is over £10,000 i lose £1 for every £500 above that figure am i wrong.

[RobertT]

when you get to sixty(males) if you arent working you get jobseeker allowance (around sixty quid ) but pension credit makes your money up to £130 single £190 couple

At the moment pension credit applies from 60,but from April 2010 that's going up in line with the increase in womens state pension age. So by 2020 men will have to be 65 to get it.

so what happens if i finish at 60 ,do i get £60 plus say £70 royalmail pension so ive payed all my pension in for nothing

That essentially is true,but when you reach State Pension age you will get £95 + any S2P you may have from other employments + your RM pension,taking you over the £130 limit.

and if my lumpsum is over £10,000 i lose £1 for every £500 above that figure am i wrong.

I've never heard that one before,but if you do lose £1 for every £500 over £10,000 then on a £20,000 lump sum you would lose £20!

The 'paying into a pension or relying on the state' question all comes down to how well you want to live in retirement. If you have a very small pension or no pension at all and no means of changing that,then it probably is cost effective not to pay into a pension.But you must then be prepared to live very cheaply in retirement,which could be for 20 years or more - a long time to live without lifes little indulencies.
If you want to live well in your old age you have to forget about state benefits and save.

[winchpostie]

any more news about this pension?

[NWpostie]

I went in the POPS scheme just after the POSSS scheme closed in 1987, missed it by a few months, the benefit on the old scheme where very generous being a civil service pension, the POPS compared to what we have now looks better, however since them the POSSS was merged with the POPS so there is little to differ between the two, now the CAS is taking over.

Its goes to show no pension is cast in stone, quite frankly I would be prepared to cash in all my pension money and take my chances, it wouldn't surprise me if the Government reneges its promises on safeguarding our Pension and basically rob us blind.

I have seen too many pension schemes collapse and the pensioners left out in the cold, with the uncaring unfeeling Government dragging their feet on any resolution, there aremany incidence of this , just google them, the life boat fund is still paid for by us, not the Govt or taxpayers, http://www.guardian.co.uk/business/2010/mar/11/pensions" onclick="window.open(this.href);return false;


In short I don't believe in Pension anymore and quite concerned as to what is going to happen to my money which was handed over on trust and invested on my behalf, I do not trust any of the Governments promises, they are not worth the paper they're written on.

[heapsy]

The 'paying into a pension or relying on the state' question all comes down to how well you want to live in retirement. If you have a very small pension or no pension at all and no means of changing that,then it probably is cost effective not to pay into a pension.But you must then be prepared to live very cheaply in retirement,which could be for 20 years or more - a long time to live without lifes little indulgencies.
If you want to live well in your old age you have to forget about state benefits and save.RobertT

You are quite right mate. I cannot get this idea that people have of trying to get more from the state, so they don't have to save thing. What people forget is that the government could move the goal posts. That is to say, what applies now may not be the rule when we come to retire. If you ask me, that is one hell of a gamble, tring to outwit the government. What happens if the qualifying criteria for benefits has changed? Look at the way the tax codes are about to change. In 20 years or so, we could have a tax free allowance of, say, £15000 or so. Also, you cannot second guess what the cost of living might be years ahead. People cannot afford not to save, even if it is a little and often, it is better than nothing.

[BELIAL]

Bit of a funny one pensions , when you think about it. You hand over your hard earned cash to a stranger who says he'll give it back with an extra return in a bit.
Leaving aside the fact that is now the norm for said stranger to claim he can't pay you what he promised and he is free to increase his 'management' charges at will ,and it does seem like you are handing someone a very big stick/threat to beat you with; ever considered the nature of the transaction.?

granny Smith, "here's my pension money ,invest wisely and provide me with security "


Pension fund manager "no worries granny ,it's in safe hands"

" can you give us a good return on this Mr Insurance company manager ? "


Insurance Co manager "no worries ,we pay top rates"

"granny Smith due to market trends your premiums have increased by 15% this year"

It don't grow on trees and it ain't complex

[fishtank]

Well you have to wonder Belial if you can't take them down the miss-selling route.
"Were you sold a pension that is absolutely no f***ing use to you now?
Call mypensionisworthlessthanshite on 0123456789......quoting reference thievingbastards.

[heapsy]

Well you have to wonder Belial if you can't take them down the miss-selling route.
"Were you sold a pension that is absolutely no f***ing use to you now?
Call mypensionisworthlessthanshite on 0123456789......quoting reference thievingbastards.

Lol

[RobertT]

What happens if the qualifying criteria for benefits has changed?

There are plans in the pipeline to increase state pension to about £140 per week but abolish means tested benefits like pension credit, so if you have no other pension/savings, that's all you'll have to live on. Not exactly something to look forward to!

http://www.thisismoney.co.uk/pensions/a ... _page_id=6" onclick="window.open(this.href);return false;

[BELIAL]

What happens if the qualifying criteria for benefits has changed?

There are plans in the pipeline to increase state pension to about £140 per week but abolish means tested benefits like pension credit, so if you have no other pension/savings, that's all you'll have to live on. Not exactly something to look forward to!

http://www.thisismoney.co.uk/pensions/a ... _page_id=6" onclick="window.open(this.href);return false;

You finally getting your head around the pension thingy RobT? Where does that vanishing surplus come from?

[RobertT]

You finally getting your head around the pension thingy RobT? Where does that vanishing surplus come from?

Not quite sure what you mean by that Belial !

[Broxi51]

We need to mover our pensions over to the same one as the PM. Heard on Jeremy Vine today that a minister needs to be made up to PM
for one day and then he will get an annual pension of 50% of the PM's annual salary. Approx £70k per annum.

[TrueBlueTerrier]

We need to mover our pensions over to the same one as the PM. Heard on Jeremy Vine today that a minister needs to be made up to PM
for one day and then he will get an annual pension of 50% of the PM's annual salary. Approx £70k per annum.

You could attack it another way - there is a facebook cause just started http://www.causes.com/causes/574744-cut ... =139388180" onclick="window.open(this.href);return false;

Why should politicians get treated differently

Posted by Mick Clarkeat 14:47

Please help us fight the cause to get politicians pensions moved to the CPI instead of the RPI, they are ripping this country off big style while all other pensions are linked to the retail prices index.

It is not fair!!!!
.

If you are on facebook why not join.

[Broxi51]

We need to mover our pensions over to the same one as the PM. Heard on Jeremy Vine today that a minister needs to be made up to PM
for one day and then he will get an annual pension of 50% of the PM's annual salary. Approx £70k per annum.

You could attack it another way - there is a facebook cause just started http://www.causes.com/causes/574744-cut ... =139388180" onclick="window.open(this.href);return false;

Why should politicians get treated differently

Posted by Mick Clarkeat 14:47

Please help us fight the cause to get politicians pensions moved to the CPI instead of the RPI, they are ripping this country off big style while all other pensions are linked to the retail prices index.

It is not fair!!!!
.

If you are on facebook why not join.

Have done so. Thank you