20 Nov 2019, 20:21
24 Nov 2019, 11:50
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.
25 Nov 2019, 13:29
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!
26 Nov 2019, 20:43
27 Nov 2019, 04:52
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.
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.
27 Nov 2019, 17:10