RM Collective Pension Plan Charges

[Jonathan Alsatian]

I've looked through the handbook and can't see a single mention of what their annual administration charges are. I'd like to see how they compare with another workplace pension I have so I can decide if its worth sweeping money across from one to the other. Anyone got a link to the relevant information on charges and admin fees? Thanks in advance

[Jaggs]

Page 8 of the Scheme Design Statement might be what you want. Some of Royal Mails contributions go to covering the expenses of running the scheme.

Also you can't transfer into the Collective plan at the moment and you can only transfer out if you leave the scheme and you are only allowed to rejoin once.

[RobertT]

To add to Jaggs comments:

It sounds like your other workplace pension is individual DC? While the RMCPP is Collective DC.
They're clearly different types of scheme offering different benefits, therefore charges aren't the major factor.

So what you really need to be thinking about is whether transferring out and having a pot of money with options from age 55(57 from 2028), meets your retirement plans better than a lump sum and pension for life at 67(reduced if taken earlier).

In practice, that will vary with the individual based on their own circumstances, choices, etc.

The only logical time to consider transferring out, is after you've left the company.