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Thank You - RobertT

09 Nov 2019, 19:09

When the time comes I will be voting RobertT in the employee recognition awards for his valuable contributions to taking time out to deal with pension related enquiries to members.

Although I am now a retired RM employee I have benefited from Roberts knowledge and appreciate the time and effort he puts in to deal with the wide range of questions explained in a way that is easy to understand.

Hopefully others will nominate also.

Thank You - RobertT

09 Nov 2019, 21:11

nightmail wrote:When the time comes I will be voting RobertT in the employee recognition awards for his valuable contributions to taking time out to deal with pension related enquiries to members.

Although I am now a retired RM employee I have benefited from Roberts knowledge and appreciate the time and effort he puts in to deal with the wide range of questions explained in a way that is easy to understand.

Hopefully others will nominate also.


I couldn't have said it any better myself , not much point seeking independent financial advice when you have Robert around , he has been inspirational on this forum and many posties owe him a debt of gratitude for his help and guidance :Applause

Thank You - RobertT

09 Nov 2019, 21:28

nightmail wrote:When the time comes I will be voting RobertT in the employee recognition awards for his valuable contributions to taking time out to deal with pension related enquiries to members.

Although I am now a retired RM employee I have benefited from Roberts knowledge and appreciate the time and effort he puts in to deal with the wide range of questions explained in a way that is easy to understand.

Hopefully others will nominate also.


Ditto

Thank You - RobertT

10 Nov 2019, 00:17

rogersh wrote:
nightmail wrote:When the time comes I will be voting RobertT in the employee recognition awards for his valuable contributions to taking time out to deal with pension related enquiries to members.

Although I am now a retired RM employee I have benefited from Roberts knowledge and appreciate the time and effort he puts in to deal with the wide range of questions explained in a way that is easy to understand.

Hopefully others will nominate also.


Ditto


Yep . i agree . it's better than calling Sheffield for info . Keep up the good work Roberto !

Thank You - RobertT

10 Nov 2019, 10:43

Thanks very much for the kind words. :oops: It's very nice of you! :thumbup

I know pensions can be hard to understand especially with all the various changes to the RM schemes over the years. Then you have the state pension, tax implications, PSE, etc. It can be a bit of a minefield!

I don't know everything there is to know and I don't always agree with everyone, particularly with those wanting to take their pensions early. But I try to put things as clearly as possible and help in making the right decision, pointing people in the direction of other websites that give more in depth info.

When I first joined this forum lots of posts were about the RM pension being crap and many posties seemed to want to opt out. And that's back when it was final salary and still a decent scheme!
Now there's a lot of discussion about AVC's, retiring early, how to avoid tax, etc.

So I think many posties attitudes towards their retirement has changed and if I've had a small part to play in that, then that's great. But there are plenty of others who've contributed a lot to these forums too! :thumbup

Thank You - RobertT

10 Nov 2019, 20:02

This is a great and much needed I think thread.

I and I 'm sure Teebs will agree as well, also publicly thank Robert for his help in this forum.
Pensions and especially ours are a minefield and he seems to know what the hell it's all about.

I'm proud of the help we give out and proud of the members who take their time to help others.
Robert really does excell in this part of the forum and I have no idea how this part of the board would work without him!

Thanks mate, much appreciated! :Applause

Thank You - RobertT

11 Nov 2019, 01:59

Yes, well deserved acknowledgement of RobertT. Much appreciated Bobby :Applause :Applause
I’d also like to thank all the people who give their time and efforts to run royalmailchat, thank you :Applause :Applause

Thank You - RobertT

11 Nov 2019, 07:57

I'd just like to happily take the opportunity to also thank RobertT for his contributions on this pension thread.

Thank You - RobertT

11 Nov 2019, 15:36

Thanks very much for the kind words. :oops:

And can I just second renrag40's comment about those people who run royalmailchat. I used to run my own local news website in my spare time, and know how much time these things can take up and how much hard work they can be.

Personally I've found out much more on RMC than I ever have on the shop floor and I think it's become a valuable knowledge base for all things Royal Mail.

Thanks everyone who's made it what it is. :thumbup

Thank You - RobertT

11 Nov 2019, 18:40

HERE HERE :Applause :Applause

Thank You - RobertT

13 Nov 2019, 00:53

Always Appreciated :Applause .... Common-Sense Advice :thumbup ..... Priceless :cuppa

Thank You - RobertT

13 Nov 2019, 19:15

I don't think Robert add much to this forum.......

I think he IS this forum.

I cannot personally ever than you enough for the numerous questions you have answered for me and others.

I am a huge believer in that what you put out in this world will come back to you in spades and I am very confident this will happen to you.

You deserve the very best of futures sir.

I am extremely grateful for all of your help.

Thank You - RobertT

15 Nov 2019, 16:40

That's a very nice thing to say Hawkey99, but there are many others whose contributions are valuable to this forum aswell. :thumbup

Thank You - RobertT

19 Nov 2019, 20:18

I would also like to thank Robert and Royal Mail Chat for providing this forum, although I have to keep signing in every two or three days which is becoming rather frustrating.

And while I am here ask a question on our new pension scheme if we ever get their.

13.6 percent contributions on Royal Mail behalf works out on my pensional pay at just under £70 a week free money, being a London Postie.

I also believe, and I hope Robert corrects me on this, the minimum contribution any company has to make is 5%. Bearing in mind this, does anyone on this site seriously believes Royal Mail under their new regime will honor their 13.6 contributions, and not lower it to the minimum allowed contributions allowed by this Tory Government which I believe is 5%.

I welcome your comments.

Thank You - RobertT

20 Nov 2019, 01:49

Hi Westham, the employer contributions are 15.6% of which 13.6% goes into the cash balance fund along side your 6%. It is not “free money”....... it is part of your remuneration package..... always remember, you have earned it..... any reduction in the employer contributions would be a pay cut for the employee..... that is not an effective pay cut, it is an actual pay cut. To put into perspective, how would you feel if RM announced they were going to reduce your basic pay by £45 per week? This is the equivalent of reducing the employer contributions down to the legal minimum. Up in arms? We all should be because it would be little short of theft!

Thank You - RobertT

20 Nov 2019, 21:21

Thank you Renrag40 for your detailed reply.

Thank You - RobertT

24 Nov 2019, 12:50

westham000 wrote:I would also like to thank Robert and Royal Mail Chat for providing this forum, although I have to keep signing in every two or three days which is becoming rather frustrating.

And while I am here ask a question on our new pension scheme if we ever get their.

13.6 percent contributions on Royal Mail behalf works out on my pensional pay at just under £70 a week free money, being a London Postie.

I also believe, and I hope Robert corrects me on this, the minimum contribution any company has to make is 5%. Bearing in mind this, does anyone on this site seriously believes Royal Mail under their new regime will honor their 13.6 contributions, and not lower it to the minimum allowed contributions allowed by this Tory Government which I believe is 5%.

I welcome your comments.

Only just replying to this as I've been on holiday.

RM currently pay a total of 15.6% into the DBCBS, 2% of which goes towards paying for death and IHR benefits.
The planned RM contribution rate for the CDC scheme is 13.6%.
Employees pay 6% with both schemes.

The current total minimum amount that has to go into a workplace pension is 8% of pensionable earnings, which is made up of:

3% - employer
4% - employee
1% - tax relief

Details here: https://www.pensionsadvisoryservice.org ... ave-to-pay

In practice some employers might not include all earnings, such as RM's use of the LED.

All the propaganda says RM will be introducing the CDC scheme when the legislation goes through, assuming it does! But 13.6% is a generous contribution rate and is obviously expensive for the company, at around £400 million per year.

Any decision to cut the percentage going into CDC would also cut the potential growth rates(in money terms) as well as the pay outs to us. Plus as renrag40 says, a drop in employer rates is effectively a drop in pay!

There's been quite a lot of work put in towards the introduction of CDC, such as a government consultation, the lobbying of MP's, being included in the Queens Speech, etc. None of which would have happened if CDC wasn't agreed during the 4 Pillars negotiations, as RM are the only company currently seriously planning on introducing it.
So for them to turn around and say sorry we don't want to do it anymore, is unlikely in my opinion.

In practice I suspect whether RM will be able to afford CDC in the long run may depend on them reducing the workforce to the numbers they want to, or else it will only last for perhaps just a few years?

I'm not particularly into politics, but it was the Tories that introduced auto-enrolment, which is a phased plan that started in 2012, to ensure that all workers have access to a pension scheme. Previously there was no compulsion for any company to offer a pension to their employees at all, let alone pay into it.
So for some people 3% from their employer is 3% more than they were getting before.

Thank You - RobertT

25 Nov 2019, 14:29

renrag40 wrote:Hi Westham, the employer contributions are 15.6% of which 13.6% goes into the cash balance fund along side your 6%. It is not “free money”....... it is part of your remuneration package..... always remember, you have earned it..... any reduction in the employer contributions would be a pay cut for the employee..... that is not an effective pay cut, it is an actual pay cut. To put into perspective, how would you feel if RM announced they were going to reduce your basic pay by £45 per week? This is the equivalent of reducing the employer contributions down to the legal minimum. Up in arms? We all should be because it would be little short of theft!


ALWAYS makes my Blood Boil when you hear any Employer going on about Pensions, and how much they are costing the Company! :mad While at the same time throwing ridiculous ammounts of money at the Top Excutives .... In Bonuses .... "Golden" Hellos & "Golden" Handshakes. The Business Community is totally devoid of any Moral Compass. :thumbdown Surely the least anyone should expect in Old Age is a Decent Pension? :cuppa

Thank You - RobertT

26 Nov 2019, 21:43

Thank you Robert for your in-depth explanation on our pension.

So the minimum contributions into a works pension scheme is 8%.

Royal Mail are paying 15.6% which is 7.6% more then they need to pay, nearly twice what they are required to pay. Robert worked it out at 4 hundred million a year. Hope I’m wrong, I think Rico will either turn us into a gig company, and do away with pensions, holidays, sick pay etc, or substantially reduce their pension contributions, which has already been pointed out would be a substantial pay cut.

This really is a defining moment for us, and all the more reason to support our union the CWU.

Thank You - RobertT

27 Nov 2019, 05:52

westham000 wrote:Thank you Robert for your in-depth explanation on our pension.

So the minimum contributions into a works pension scheme is 8%.

Royal Mail are paying 15.6% which is 7.6% more then they need to pay, nearly twice what they are required to pay. Robert worked it out at 4 hundred million a year.

8% is the total minimum percentage that has to go in, of which only 3% has to be off the employer.
Current total contributions into the DBCBS is 21.6%, of which RM pay 15.6%. So RM are actually paying 12.6% more than they have to by law.
Although 2% of their contribution goes towards IHR and death in service payments.

Hope I’m wrong, I think Rico will either turn us into a gig company, and do away with pensions, holidays, sick pay etc, or substantially reduce their pension contributions, which has already been pointed out would be a substantial pay cut.

That would be a worst case scenario, and if Rico gets everything he wants then it could become a reality.

This really is a defining moment for us, and all the more reason to support our union the CWU.

Agreed! :thumbup

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