defered members pension security

[rockinrev]

ive a big question! how secure is my pension.i am a defered pension holder,i can draw my pension now as im 55,or wait untill im 60.how secure is my pension,as it is gov backed but then what happens if rm gets privatised ? is my pension still secure or not?

[borders]

have a read in the Royal Mail Pension Forum , seems to me who knows ? the goal posts seem to shift regularly.....

[rockinrev]

i find nobody in the royal m pensions or the union wants to give any sort of answer ,or even reply to an email. to sit here after doing 20 yrs on royal mail not knowing weather my pensions going to disappear when I reach 60 is a bit worrying !

[borders]

agreed.

[RobertT]

ive a big question! how secure is my pension.i am a defered pension holder,i can draw my pension now as im 55,or wait untill im 60.how secure is my pension,as it is gov backed but then what happens if rm gets privatised ? is my pension still secure or not?

The pension was taken over by the government to help make RM more attractive for privatisation, so it won't become less secure when the company is floated. Plus deferred members pensions can't be changed, while current employee pensions could be. So I don't think you have too much to worry about.

[viking]

I have been trying to find out how much is in my "pension pot" as i am now at the age when i shall be able to take my pension , albeit reduced for early payment. Ive been told by pensions at chesterfield that it takes 13 weeks to reply with the figure WHY so long. I have already received my statement of what my reduced pension would be so why does it take them an extra 13 weeks to find out how much is in my pension pot

[RobertT]

I have been trying to find out how much is in my "pension pot" as i am now at the age when i shall be able to take my pension , albeit reduced for early payment. Ive been told by pensions at chesterfield that it takes 13 weeks to reply with the figure WHY so long. I have already received my statement of what my reduced pension would be so why does it take them an extra 13 weeks to find out how much is in my pension pot

Assuming you're in the final salary scheme, you won't have a 'pension pot' as such because it's a defined benefit scheme based on length of service and level of pay, and not an account with a load of money in it . But saying that it will still have a monetary value.

I don't know why it would take 13 weeks to work out the 'value', presumably the actuaries will have to look at it, and I'm not sure it's really relevant anyway. But a common way of working out the rough 'value' at aged 60 would be to multiply your yearly pension by 20 and then add on any lump sum. I'm not 100% sure about before 60, but as a guess, if you're thinking of taking your pension at 55 for example, the multiplication factor would be probably be around 18 or 19.