Pension Update

[nataddick]

I was under the impression that Royal Mail were not able to retrospectively change benefits that had already accrued which is why they were able to change from final salary to career average - but only post 2008. Royal Mail tried to 'sell' the retention of final salary service as if they were doing everyone a favour whereas they couldn't change it back then, as I am certain the law prohibited it.

Here is a useful link that seems to confirm that view:- http://www.pensionsadvisoryservice.org. ... ur-pension" onclick="window.open(this.href);return false;

The key point under Changes to benefits you have already earned is 'the trustees are satisfied that the value of your benefits already built up (worked out by the scheme actuary)will be the same or greater as your rights before the change;'

So, I think we did more detail about the proposal to determine exactly what it is that they are up to. Surely Royal Mail's actuaries and the Government Actuaries must have agreed on the exact liabilities of the scheme as part of the State Aid process ? It begs the quesion if not,why not? Need to know more about this - the press are going to love it - underestimating state aid by £2 billion

[nataddick]

Just found another useful link:-

http://www.worksmart.org.uk/money/my_em ... ur_pension" onclick="window.open(this.href);return false;

[stephen500]

I don't know for sure what is up.
But it appears that pre 2008 benefits are safe.
It appears that RM want to stop uprating future years by the rise in our salary. I am guessing that inflation rises are not affected. I have heard they want to give a 5 year guarantee. So that appears to mean to be that if your final salary was this year £21000 then for the next five years it would rise by our salary and inflation and then freeze except for inflation rises? But what use is a 5 year G if we have a pay freeze!
Any way that's my thoughts on what may happen. In reality no one outside the PEC/Royal Mail or the Trustees knows.
I have written to Dave Ward (who replied). Moya Greene and Michael Fallon (Minister) have so far not responded to my e-mails.
As I have not many years to go, it will prob not affect me too much.
But that's not the point, the Cwu hopefully can protect us all.

[Cut Off King]

Whatever the changes......

Its not for our benifit !

[UnhappyGremlin]

Whatever the changes......

Its not for our benifit !

It never is. We've already taken one hit. They're back for another. Thing is, when this one is done, it's likely they will be back again and again. They won't be satisfied until we drop down dead on the job(on postie duty I mean).

[stephen500]

Whatever the changes......

Its not for our benifit !

It never is. We've already taken one hit. They're back for another. Thing is, when this one is done, it's likely they will be back again and again. They won't be satisfied until we drop down dead on the job(on postie duty I mean).

Hey death means I wouldn't have to work again and my missus get's the death in serviice ben!

[UnhappyGremlin]

Whatever the changes......

Its not for our benifit !

It never is. We've already taken one hit. They're back for another. Thing is, when this one is done, it's likely they will be back again and again. They won't be satisfied until we drop down dead on the job(on postie duty I mean).

Hey death means I wouldn't have to work again and my missus get's the death in serviice ben!

Unless they propose a reduction in the available benefits.

[aiden01]

anyone have any updates on the proposed 60 day cosultation all gone very quiet is it happening or have rm,s ball,s dropped off just a thought.

[stephen500]

anyone have any updates on the proposed 60 day cosultation all gone very quiet is it happening or have rm,s ball,s dropped off just a thought.

Talks postponed till after conference!

[aiden01]

Thanks for quick reply stephen 500 did,nt know that.

[heapsy]

anyone have any updates on the proposed 60 day cosultation all gone very quiet is it happening or have rm,s ball,s dropped off just a thought.

Talks postponed till after conference!

There shouldn't be any talks. Why would the union want to talk about shafting the members? ... again