One year of the collective pension plan

[Jaggs]

Probably a bit sad of me but I looked up what I'd built up in the collective plan after 1 year

Annual income of £367.92
Lump sum of £1751.38

My contributions have been roughly £2000 so I think I'm probably getting a good deal out of it if I make it to retirement as the break even point from employee contributions looks like it will be one year unless I'm missing something.

[ted_e_bear]

Just had a look it's a bit less for me at £347/£1041 presumably I'm a bit older than you so won't be paying in for as long.

Where do you see how much you've paid in I can't see it, I'll keep looking for the relevant section ?

[Jaggs]

Just had a look it's a bit less for me at £347/£1041 presumably I'm a bit older than you so won't be paying in for as long.

Where do you see how much you've paid in I can't see it, I'll keep looking for the relevant section ?

I don't think there is somewhere on the site to see what you've contributed. I just know roughly what I pay each week and multiplied it by 52.

I suspect the difference in amounts might be because I have a couple of pensionable allowances and pay the lump sum booster which I don't think you can be.

[ted_e_bear]

Just had a look it's a bit less for me at £347/£1041 presumably I'm a bit older than you so won't be paying in for as long.

Where do you see how much you've paid in I can't see it, I'll keep looking for the relevant section ?

I don't think there is somewhere on the site to see what you've contributed. I just know roughly what I pay each week and multiplied it by 52.

I suspect the difference in amounts might be because I have a couple of pensionable allowances and pay the lump sum booster which I don't think you can be.

Ah that'll be it then I'm on the standard ft 'legacy' delivery postie pay no extras.

[NWpostie]

Is there a dedicated CDC pension website where I can look this up ?


Thanks.

[RobertT]

Probably a bit sad of me but I looked up what I'd built up in the collective plan after 1 year

Annual income of £367.92
Lump sum of £1751.38

My contributions have been roughly £2000 so I think I'm probably getting a good deal out of it if I make it to retirement as the break even point from employee contributions looks like it will be one year unless I'm missing something.

Nothing sad about that at all!

Gross employee contributions are 6% of pensionable pay, plus another 1% for the lump sum booster.
But factoring in tax relief and salary sacrifice, each £1 is only actually costing you 72p net, so your £2,000 is probably more like £1,400.

As a matter of interest, what's your transfer value?

[Jaggs]

Is there a dedicated CDC pension website where I can look this up ?


Thanks.

https://rmcollectiveplan.com/

You should have been sent login details last year.

[Jaggs]

Probably a bit sad of me but I looked up what I'd built up in the collective plan after 1 year

Annual income of £367.92
Lump sum of £1751.38

My contributions have been roughly £2000 so I think I'm probably getting a good deal out of it if I make it to retirement as the break even point from employee contributions looks like it will be one year unless I'm missing something.

Nothing sad about that at all!

Gross employee contributions are 6% of pensionable pay, plus another 1% for the lump sum booster.
But factoring in tax relief and salary sacrifice, each £1 is only actually costing you 72p net, so your £2,000 is probably more like £1,400.

As a matter of interest, what's your transfer value?

Transfer value of the income for life is £4362.87 and the transfer value of the lump sum is £1306.53

[RobertT]

Transfer value of the income for life is £4362.87 and the transfer value of the lump sum is £1306.53

An increase of around 300% on your total net contributions.

[ted_e_bear]

Probably a bit sad of me but I looked up what I'd built up in the collective plan after 1 year

Annual income of £367.92
Lump sum of £1751.38

My contributions have been roughly £2000 so I think I'm probably getting a good deal out of it if I make it to retirement as the break even point from employee contributions looks like it will be one year unless I'm missing something.

Nothing sad about that at all!

Gross employee contributions are 6% of pensionable pay, plus another 1% for the lump sum booster.
But factoring in tax relief and salary sacrifice, each £1 is only actually costing you 72p net, so your £2,000 is probably more like £1,400.

As a matter of interest, what's your transfer value?

Transfer value of the income for life is £4362.87 and the transfer value of the lump sum is £1306.53

Ah, mines different again, surprisingly for me the IFL transfer value is higher at £5271
Lump sum is lower as I expected £943

[Jaggs]

Probably a bit sad of me but I looked up what I'd built up in the collective plan after 1 year

Annual income of £367.92
Lump sum of £1751.38

My contributions have been roughly £2000 so I think I'm probably getting a good deal out of it if I make it to retirement as the break even point from employee contributions looks like it will be one year unless I'm missing something.

Nothing sad about that at all!

Gross employee contributions are 6% of pensionable pay, plus another 1% for the lump sum booster.
But factoring in tax relief and salary sacrifice, each £1 is only actually costing you 72p net, so your £2,000 is probably more like £1,400.

As a matter of interest, what's your transfer value?

Transfer value of the income for life is £4362.87 and the transfer value of the lump sum is £1306.53

Ah, mines different again, surprisingly for me the IFL transfer value is higher at £5271
Lump sum is lower as I expected £943

the income for life transfer value will probably be higher if you are closer to retirement age than me.

[Jaggs]

Transfer value of the income for life is £4362.87 and the transfer value of the lump sum is £1306.53

An increase of around 300% on your total net contributions.

I do wonder what might happen with transfers out. My understanding is that they still come under DC rules so no need for taking financial advice for transfer values of over 30k but I can see that maybe changing for schemes like this.

[RobertT]

I do wonder what might happen with transfers out. My understanding is that they still come under DC rules so no need for taking financial advice for transfer values of over 30k but I can see that maybe changing for schemes like this.

As far as I'm aware the lump sum element(inc booster) is classed as DB, in the same way as the Cash Balance is. But it will obviously take much longer to hit the £30k mark.

The pension part is DC because it only provides a targetted return and can go down, rather than a guaranteed amount you get with DB.

CDC schemes were specifically classed as DC/money purchase in the legislation, but if they catch on, who knows what might change in the future?

[Ted the dog]

Off topic a bit I retired last December due to to ill health received my nra 65 early with no penalties what would happen to my collective pension plan had about £120 in it

[ted_e_bear]

Off topic a bit I retired last December due to to ill health received my nra 65 early with no penalties what would happen to my collective pension plan had about £120 in it

Prob best bet is to contact them and see what the procedure is

https://rmcollectiveplan.com/