Cash Balance Scheme (2018-2024)

[Whinealot]

Apologies if this has been asked before (recently). When this scheme was introduced it was sold to us by RM that the scheme was a transitional one and would be moved in to the new scheme once it was up and running. Is there any movement to suggest this is happening? Or have we been misled? TIA

[RobertT]

I think you've got the wrong end of the stick somewhere along the line.

The DBCBS was set up as a stop gap scheme until the legislation enabling the new CDC/RMCPP to be implemented was done.
The only problem was that took 6.5 years instead of the expected 2-3 at the most.

The DBCBS is part of the RMPP and is intended to fund a lump sum when taking those benefits. Although the original plan was for it to be used with RMSPS benefits as well, but the Cabinet Office refused permission for that.

There have never been any plans to move it into the RMCPP!

[Whinealot]

Ok I must have been wrong then! I’m sure the CWU were also trying to do some thing with it too. Must be the other scheme u mention! Ok thanks for the clarification

[RobertT]

There is a possibility that other pensions might be allowed to be transferred into the RMCPP at some point. That potentially includes the DBCBS as well as the RMDCP, AVC's(Flexiplan & Bonusplan) and personal pensions

But at the moment that isn't an option and it'll be up to the RMCPP trustees to decide if they want to allow it.

[Whinealot]

There is a possibility that other pensions might be allowed to be transferred into the RMCPP at some point. That potentially includes the DBCBS as well as the RMDCP, AVC's(Flexiplan & Bonusplan) and personal pensions

But at the moment that isn't an option and it'll be up to the RMCPP trustees to decide if they want to allow it.

Many thanks for the clarification Robert. Most helpful!