12 Apr 2018, 15:58
12 Apr 2018, 16:13
12 Apr 2018, 16:45
12 Apr 2018, 17:40
Superdude201 wrote:The booklet showed that you would pay in less per week, however royal mail's contributions are higher than they were on the other pension scheme, so you are paying £4 less a week, but are actually having more money being put into the pension overall due to RMs higher contributions. That's how I read and understood it. If you're part time there is a certain threshold where you're better off on the old scheme though, depending on your contracted hours.
Think royal mail's % rate is 13.6% on the DBCBS, not 10%
12 Apr 2018, 18:20
12 Apr 2018, 19:10
12 Apr 2018, 20:14
13 Apr 2018, 15:22
13 Apr 2018, 16:08
13 Apr 2018, 16:11
magicw wrote:I understand that only Basic Pay is Pensionable. You couldn't account for the Variation in Over Time / Scheduled Attendances ( although they are contracted ) and I m not sure on Delivery Supplement as I joined after 2008. But my Basic Pay at Present is £412 per week and I used to have a Contributional Pensions Pay of £401 . Fair enough don't know were the £11 is dropped but no big deal.
Now however I have a Contributional pensions pay of Only £329 a week but my Basic Pay is the Same. Why has it dropped £80 a week or basically £3750 a year of my pay isn't considered pensionable under tbe new scheme.
Still haven't had an explanation as to Why or How???? I Appreciate that RM are now making a bigger 13.6% Contribution to my pension as apposed to previous 9% and I am paying £4 a week less but still
6% so net contribution is still bigger than before! But how can they Judge £3750 of my annual earnings to be None Pensionable? Its not overtime / SA or Delivery Supplement , its contracted basic Pay.
13 Apr 2018, 21:11
14 Apr 2018, 11:21
magicw wrote:Yep my choice. I obviously didn't review the information properly enough. I saw that my contribution would remain 6% and RMs would increase to 13.6% I missed the point were my Pensions Contributional pay would drop from £401 per Week to Just £329. I accept the error was mine for not reading the small print.
its this bit I don't Get?
..You have the LED or Lower Earnings Deduction to account for. Roughly £64 a week of your pay is non pensionable. This was introduced on 1st April 1987 as a way of keeping the Final Salary pension open
ESPECIALLY AS RM ARE NOW CLOSING THE FINAL PENSION SALARY SCHEME. I didn't vote Yes because I didn't want to do my colleagues out of their pension rights.
I joined post 2008 so only the RDMCP available to me! if this is a post 1987 ruling why did it not apply to the RDMCP scheme? Why has it been applied to the New Scheme.
My pensionable pay is my pensionable pay! MY basic pay hasnt changed since day one of my employment, so how can the Scheme provider now deem I actually cant have nearly £4k or my pay taken into pension consideration?
15 Apr 2018, 10:11
15 Apr 2018, 12:30
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