New pension & Lump sum booster

[chuckychucks]

So all this pension stuff confuses the hell out of me.
I noticed today on my payslip that I had a deduction of £5.57 which I assume is the lump sum booster 1%
But the ‘PSE Adj RMCPP EE’ has increased as well by roughly £3.60, now I’m guessing that this is something to do with the new CDC pension but I didn’t realise that I would be paying more under the new scheme even if it is only a small amount.

Can someone with the knowledge explain if I am correct that pension contributions have now increased under the new scheme.

Thanks for any advice.

[freespeech]

So all this pension stuff confuses the hell out of me.
I noticed today on my payslip that I had a deduction of £5.57 which I assume is the lump sum booster 1%
But the ‘PSE Adj RMCPP EE’ has increased as well by roughly £3.60, now I’m guessing that this is something to do with the new CDC pension but I didn’t realise that I would be paying more under the new scheme even if it is only a small amount.

Can someone with the knowledge explain if I am correct that pension contributions have now increased under the new scheme.

Thanks for any advice.

Technically they are "still" 6% of pensionable pay BUT your pensionable pay has increased as there is no deduction for the lower earnings limit as there was in the previous scheme.

[Rommagic]

We 7 per cent now with booster?.

[Dexydog]

6% plus 1% is 7%, yes?!
The finer points of this new pension hasn't been communicated fully imho.
All we hear is, it's fabulous.
I honestly have my doubts about it.

[mr hil.]

I have just done a back of a fag packet calculation and the new pension will give me about £4,000 pension per year plus £11K lump sum and £6K lump sum booster after ten years. Add this to my existing pensions with RM and I will be on about £15K per year plus state pension. and a further £50-£80K cash lump sums as well.

All this at todays prices and not including pay rises and other adjustments,

[yubin282]

6% plus 1% is 7%, yes?!
The finer points of this new pension hasn't been communicated fully imho.
All we hear is, it's fabulous.
I honestly have my doubts about it.

Yeah its sounds fabulous, but they won't give us any evidence. I have doubts too.

[Wullie10]

I have just done a back of a fag packet calculation and the new pension will give me about £4,000 pension per year plus £11K lump sum and £6K lump sum booster after ten years. Add this to my existing pensions with RM and I will be on about £15K per year plus state pension. and a further £50-£80K cash lump sums as well.

All this at todays prices and not including pay rises and other adjustments,

And ten years of a Labour government I wouldn't get too excited

[yellowbelly]

I have just done a back of a fag packet calculation and the new pension will give me about £4,000 pension per year plus £11K lump sum and £6K lump sum booster after ten years. Add this to my existing pensions with RM and I will be on about £15K per year plus state pension. and a further £50-£80K cash lump sums as well.

All this at todays prices and not including pay rises and other adjustments,

And ten years of a Labour government I wouldn't get too excited

Yep, income will be above the current personal allowance, so will (as it stands) be taxed

[yellowbelly]

I have just done a back of a fag packet calculation and the new pension will give me about £4,000 pension per year plus £11K lump sum and £6K lump sum booster after ten years. Add this to my existing pensions with RM and I will be on about £15K per year plus state pension. and a further £50-£80K cash lump sums as well.

All this at todays prices and not including pay rises and other adjustments,

Let's hope you don't have to make use of a care home in the future, just had to put a close relative into a care home for respite and it's 900 quid a week and I would imagine that's cheaper than other areas of the country to me. Soon makes a hole in any savings people have got.

[yellowbelly]

Just had a look at my pay chit's since the collective plan was implemented and am a bit confused.

The FAQ's about the pension state:

How do I know my Lump Sum Booster is being taken each pay day from the Collecive Plan?

If you are making 1% Lump Sum Booster contributions via Pension Salary Exchange (PSE), your pay slip will
show this as RMCPP PSE LSB Adj. If you are making Lump Sum Booster contributions via non-PSE your pay slip
will show this as RMCPP LSB EE

My pay chit states (on the left hand side of the chit):

PSE Adj LSB EE -£5.05

So there's a mixture of the PSE and EE!! I'm assuming it's within PSE as it's a negative amount on the L/H side of the pay chit but have
they screwed up the labelling by adding the 'EE' which can also imply it's not PSE?