Pension shocker

[maisymoo04]

well sayin that lizard if i do pop me clogs me bird is goin to be F@@@@ LOADED the jammy get

[Lounge Lizard]

well sayin that lizard if i do pop me clogs me bird is goin to be F@@@@ LOADED the jammy get

Such is life , and death

[heapsy]

Is that allowing for the fact that the two elements are now split up?
(The pension you can take at 60 and the rest at 65)

How can it have dropped by that much when you add both together?!?!?

Best go see where mine's been tidied up to as I didn't pay as much attention as I obviously should have!

Spoken to pensions helpline about this very sunject today. I too, like many on here had a real shock today. The lad on the other end admited that the new statements were very confusing. He also assured me that your benefits from last year are preserved, and have in fact increased. He said that for the sake of one or two lines of information being omitted this had caused a lot of problems. He also added that hopefully next year we would have a clearer format. Hes also confirmed that you can still split your pension and take your final salary and first 2 years of the new one without loss, at 60. Hope this helps.

[maisymoo04]

THATS IF WE OUR STILL HERE NEXT YEAR HEAPSY

[dubdaz]

I'd like to ask the our pension trustees if they think this years pamphlet really does the job its supposed to, i.e. giving your average postman (me) an easily understandable forecast of what he may expect to receive when he retires (other than a Royal Shafting!).
I don't think it does and when you consider the trustees are paid a lot more than us, is this good enough?

[End of the road]

I like many took my 60 pension in April ( two years early and took the 10% hit)

I did not get any statement and neither did anyone else who took there pension early, so i gave the pension people a ring.It truns out we are not getting a statement this year and we can only egt one under special circumstances. Ok furry muff, but some of us continue to pay into the 65+ scheme and where looking forward to the projection as we wanted to see if it was worth continuing to pay nearlly £30 a week into something we may never get back anything near what we put in.

Anyone know what level of sick retirement/ death in service level this new scheme provides because from what I can make out its next to zero.

[stephen500]

I have not read all of the replies to this thread. But I will add my thoughts on the presentation change for the new pension illustration. THIS MAY SEEM COMPLICATED, BUT STICK WITH IT. IT WILL SHOW THAT YOU PENSION HAS NOT CHANGED FROM LAST YEAR, JUST THE WAY OF PRESENTING IT.
If you look at "Nra 60" you will see that it only includes CSDB pension calculations for the last two years. See the box on the left and you will see that the two years CSDB pension and lump sums added together make up the sums for Csdb on NRA 60. Therefore to get a truer picture of what you would get at 60 you need to take, for a rough calculation and this does not include inflation, this years CSDB pension and lump sum box and times it by the amount of service to go.
Mine was roughly £294 and I have ten years to go. So £294 times ten = £2940 and like wise for the lump sum. Add this figure to the NRA 60 CSDB, pension and lump sum blocks, figures and you will get a rough calculation of CSDB benefits at 60. However you will need to take 25% off the CSDB pension and when you times this by three you will get the CSDB lump sum.
Example:
"your pension"
FINAL SAL PENSION AT 31ST MARCH 2010 £7927
CSDB PENSION FOR YEAR ENDING 31ST MARCH 2010 £294 (ONE BLOCK)*
CSDB PENSION BLOCK TILL 31ST MARCH 2009 £294*
TOTAL PENSION £8518
FINAL SAL LUMP SUM AT 31ST MARCH 2010 £23781
CSDB LUMP SUM FOR YEAR ENDING 31ST MARCH 2010 £882 *
CSDB LUMP SUM BLOCK UP TILL 31ST MARCH 2010 £889*
TOTAL LUMP SUM £25552
NRA 60 BENEFITS
FINAL SALARY PENSION £7927
CSDB PENSION £590 * NOW THIS IS THE TWO PENSION BLOCKS 2009 AND 2010 ADDED TOGETHER. YOU NEED TO TIMES THE 2010 BLOCK £294, OR WHAT IT IS FOR YOU BY THE SERVICE TILL 60 THAT YOU HAVE LEFT, IN MY CASE THIS IS TEN YEARS. SO FOR ME I ADD £590 (2009 AND 2010) TO £294 TIMES TEN WHICH EQUALS £3560 AND ADD THIS TO THE FINAL SALARY PENS, BUT MINUS 25% OF THE CSDB PENSION FOR LEAVING EARLY SO IT BECOMES £2670.
SO TOTAL PENSION £7927 FINAL SAL + £2670 =£10597
THEN ON TO THE LUMP SUMS IN NRA 60.
FINAL SALARY LUMP SUM £7927
CSDB LUMP SUM £1770 (2009 AND 2010 BLOCKS ADDED) PLUS £294 TIMES MY SERVICE (TEN YEARS) £2940 TIMES THREE £8820 MINUS 25% (LEAVE AT 60) £6615 (PLUS CSDB LUMP SUM ALREADY EARNED £1770 = £8385.
So TOTAL LUMP SUM BECOMES
£23781 FINAL SAL PLUS
£8385 CSDB PROJECTED TEN YEARS, NO INFLATION.
£32163 TOTAL LUMP SUM
MAX TAX FREE LUMP SUM IS HARDER TO WORK OUT, BUT WOULD PROBALLY COME IN AT £61000 APPROX.
TOTAL PENSION
FINAL SAL £7927
CSDB PENSION (ADJUSTED TO LEAVE AT 60) £294 TIMES SERVICE (TEN YEARS FOR ME) =£2940 MINUS 25% £2205 PLUS 2009, 2010 BLOCKS £590 = £2495.
TOTAL PENSION £10422.
COMPARE ABOVE TO MY “IF YOU RETIRE AT 60” 2009 ILLUSTRATION (LAST YEAR)
FINAL SAL PENSION £7925
CSDB PENSION £2855
TOTAL PENSION £ 10780
FINAL SAL LUMP SUM £23855
CSDB LUMP SUM £9323
TOTAL LUMP SUM 33098
TOTAL MAX TAX FREE LUMP SUM £61678
PENSION AFTER MAX TAX FREE LUMP SUM £ 9252.
you will see that there is not much difference between last years leaflet and this years. If there are any errors in my calculations it is because the 2009 and 2010 blocks are not reduced for leaving at 60. I am reasonably sure I am right>

[POSTMAN]

f***ing ell stephen
Kudos for post that btw.

[POSTMAN]

I like many took my 60 pension in April ( two years early and took the 10% hit)

I did not get any statement and neither did anyone else who took there pension early, so i gave the pension people a ring.It truns out we are not getting a statement this year and we can only egt one under special circumstances. Ok furry muff, but some of us continue to pay into the 65+ scheme and where looking forward to the projection as we wanted to see if it was worth continuing to pay nearlly £30 a week into something we may never get back anything near what we put in.

Anyone know what level of sick retirement/ death in service level this new scheme provides because from what I can make out its next to zero.

That can't be right,if you are paying into a pension you must still get a statement!

[studmuffin]

all i want to know is, in clear speaking black and white english is,

is my pension worth more than last year ? if not why not ?

i want to know in exact numbers, { not adding supplements you may, or may, not get...}what i will get at 60&65 and how much the lump sums are

it aint hard is it ????

i have been in this job for 22 years, and if there is easy answer to any question { and there usally is} you can bet your bottom dollar, that rm and the union, will baffle, confuse, 'water down the truth' do ANYTHING, apart from give you a straight answer

[maisymoo04]

hahahaha i no studmuffin phoned them up today pension crew and i ended up puttin the phone down the bird on the other end just came out with all s@@@ which i did not have a f@@@@@ clue about 60 this 65 this pension plan ab pension plan c,o my god

[Lincox]

It,s called the Flexibility Pension, so that Royal Mail can manipulate it as they see fit, per pro the Flexibility Agreement. Somewhere along the line they have to make 8-10 billion disappear, Should be quite easy as they are pretty good at making a fair few letters disapp0ear each year.

[k979aaa]

And so it remains to be that was for-told has come to pass and that our futures are bought and sold on a whim and a prayer for the 13 year pension holiday did not play any part in this fiasco nor did the Tory and new labour governments nor the Tory new democrats!. It is only now with the benefit of hindsight that those who chose to remove the blinkers from their eyes that they are all one and the same and will leap into each others beds as they do so into our own pockets too line their own selfish deeds!. It would not surprise me one bit if the entire financial crisis was concocted as to keep the working folk down and bring them into line with the workers of Asia and Africa and make us work till we die as they do if you think this is far fetched ask yourself where has all the money gone? that the bank of England has given too all the banks?. For they the banks are holding on to all of it and charging exorbitant interest on loans and restricting the free supply of money which impacts on the market as most our pension fund's depend upon the market we are held to ransom by the very banks we all will be paying for the rest of our lives!.

[stephen500]

if you go to page 3 of this thread you will see on my original post I have added some attachments. This makes clearer my sums and includes my 2009 and 2010 statement.
As you will see from the two statements the total figures I come too roughly equal my 2009 statement projections for retiring at 60.