r.p.i

[don]

Is the final salary pension we used to have still given the retail price index inflation rise each year or has it been given the lesser one the consumer price index asking because the civil service pensions have been moved to the consumer one.

[snoopywonderdog]

From Royal Mail Pension Booklet regarding Pension Payments and increases. Dated August 2008.
The part of your pension above GMP will be increased each year in line with Pension Increase Review Orders which are issued by the Goverment.
These are Normally based on the increase in the RETAIL PRICE INDEX for the 12 months up to the September of the year before.
As I have just received this booklet must presume it is the most up to date one,

[easter bunny]

RPI or 5% whatever the lowest..That is set in stone. RMPP is not part of the Public sector pension changes the Government are set to change. I

[DGP1]

RPI or 5% whatever the lowest..That is set in stone. RMPP is not part of the Public sector pension changes the Government are set to change. I

Not yet!!!!!

[easter bunny]

Even when it does come into the hands of the Government , they have said that any pension whose rules states that RPI is to be used will not be affected. Ours is one...Btw, the RMPP Payrise for next April will be known on Tuesday when Septembers inflation figures are published....

[RobertT]

Any change from RPI to CPI could cost us a lot of money:
http://blogs.telegraph.co.uk/finance/ia ... -pensions/" onclick="window.open(this.href);return false;

[BELIAL]

Oh dear ,the Condems have already announced that CPI will be the new inflation measure

[don]

So the royal mail pension has it in the rules that rip is the measure,okay till the government takes it over they will find a way round that you can bet on that.

[easter bunny]

The Government cannot changed our pension rules, only the trustees can....

[RobertT]

The Government cannot changed our pension rules, only the trustees can....

Sorry bunny but I disagree with you there.
It's the trustees job to safeguard the pensions that we have already built up and make sure the pension members get the best deal, but going forward RM(at present) or the government(in the future) can do what they want.

For example:
It was RM that changed from final salary to career average and also brought in the defined contribution scheme for new members. The trustees had no control over that at all. Infact under current rules, going forward, RM doesn't have to provide a pension for it's employees at all. Although from 2012 with the introduction of Personal Accounts/NEST all companies will have to.

[easter bunny]

The Government cannot changed our pension rules, only the trustees can....

Sorry bunny but I disagree with you there.
It's the trustees job to safeguard the pensions that we have already built up and make sure the pension members get the best deal, but going forward RM(at present) or the government(in the future) can do what they want.

For example:
It was RM that changed from final salary to career average and also brought in the defined contribution scheme for new members. The trustees had no control over that at all. Infact under current rules, going forward, RM doesn't have to provide a pension for it's employees at all. Although from 2012 with the introduction of Personal Accounts/NEST all companies will have to.

No it was the trustees who voted to change the Pension Plan following a consultation..

All Trustee Directors are appointed and removed by Royal Mail, with the agreement of the Unions and the eligible pensioner membership where appropriate. Five Trustee Directors are nominated by Royal Mail,four by the Unions and one is selected by a pensioner ballot. The Chairman is appointed by Royal Mail after agreement with the Unions.

Lionel Sampson came to a meeting of the Reps/Officers at our CWU branch a few years ago explaining the new Pension changes in 2008. The CWU board members actually voted for the changes saying they had no option .

He did also say that as long as inflation doesnt climb over 5%,Pension Plan members will be no worse off...

Finally, the RM is the sponsoring employer , they have no imput in the plan other than financing it. The Trustees control the day to day running of it...

I expect the FSA would take a dim view if the RM did.....Goes back to the days of ASW and Mirror Group ...

[RobertT]

Lionel Sampson came to a meeting of the Reps/Officers at our CWU branch a few years ago explaining the new Pension changes in 2008. The CWU board members actually voted for the changes saying they had no option.

They obviously knew RM were/are in dire straits and realised that the company has to offer a less generous pension.

Finally, the RM is the sponsoring employer , they have no imput in the plan other than financing it. The Trustees control the day to day running of it...

Ultimately it's the employer who decides whether to pay into a pension plan for it's workers in the first place - not the trustees! RM have an obligation to fund the deficit, but under current laws DO NOT HAVE to pay into a pension scheme going forward (due to change on 2012). If RM wanted to change the pension again, perhaps to a defined contribution scheme, yes by law there has to be consultation, but at the end of the day there's not a lot the trustees, the CWU or us the workers could do about it.

The trustees relationship with RM:
http://royalmailpensionplan.co.uk/51/re ... p-with-rmg" onclick="window.open(this.href);return false;

[belle smith]

He did also say that as long as inflation doesnt climb over 5%,Pension Plan members will be no worse off..

well Sampsons a lying bastard then!

Lionel Sampson came to a meeting of the Reps/Officers at our CWU branch a few years ago explaining the new Pension changes in 2008. The CWU board members actually voted for the changes saying they had no option.

They obviously knew RM were/are in dire straits and realised that the company has to offer a less generous pension.

Sampson has been for a long time been aware that the pension scheme was in trouble....he's complicit in it's problems.