14 Sep 2020, 09:40
Just been checking pay statements over the past few years and I've noticed an increase to pensionable pay every April. All the amounts on the left hand side of the payslip stay the same except pension (as these are 6% of pensionable pay). The increases were 3.6%, 3.0% and 2.2% for the last three April's back to 2018. I didn't check 2017 so that may or may not be the same.
Does anyone have any idea what these are? I thought they were related to the Cash Balance % increase but they aren't.
14 Sep 2020, 14:41
Back in 2014 the link between pay and pension increases was removed. Since then our pension contributions have increased by inflation each year. We had one of those big red booklets about it.
If you take a look at the pension section of the my royal mail website, you may find more info.