At last, Royal Mail is now introducing this valuable benefit which my wife has enjoyed for years at the bank she works for.
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Pension Salary Exchange
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nataddick
- MAIL CENTRES/PROCESSING
- Posts: 362
- Joined: 10 Jun 2010, 09:47
- Gender: Male
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Pinky 1
- Posts: 1510
- Joined: 01 Mar 2009, 11:38
- Gender: Male
- Location: Wales
Re: Pension Salary Exchange
From nataddick's link .........
In late summer 2015, Royal Mail will be launching pension salary exchange, or PSE. A number of FTSE 100 companies whose employees are based in the UK have introduced PSE. We would like to offer you the same opportunity.
If you are a member of the Royal Mail Pension Plan (RMPP) or Royal Mail Defined Contribution Plan (RMDCP) and you are eligible, you will be automatically enrolled in PSE, unless you tell us you wish to opt out.
Both CWU and Unite/CMA have given their support to the introduction of PSE.
What is pension salary exchange?
Put simply, PSE is a way for eligible employees who pay National Insurance contributions (NICs) to increase the amount of money they take home each week or month, without changing the overall level of contributions made to their Royal Mail pension or the Royal Mail benefits they receive.
By changing the way pension contributions are made, eligible employees – who are enrolled into PSE – will make a saving on their NICs.
As a result of launching PSE, Royal Mail will also pay lower NICs.
For eligible employees who pay NICs, the increase in take-home pay will be equal to the NICs that would otherwise have been made on an employee’s pension contribution.
PSE does not involve any changes to the overall level of contributions made to your pension or to your Royal Mail pension benefits. It will also have no effect on other Royal Mail benefits, such as overtime, bonuses and sick pay.
You do not need to take any action at this time. You will receive more information, including the full eligibility criteria, in due course.
Find out more
For more information on how PSE works visit http://www.myroyalmail.com/pensions" onclick="window.open(this.href);return false;, keep an eye out for your pension salary exchange Courier Special, landing at employees’ homes shortly, and watch RMtv.
Note: Royal Mail reserves the right to withdraw, suspend or amend PSE or any Royal Mail pension arrangement at any time.
In late summer 2015, Royal Mail will be launching pension salary exchange, or PSE. A number of FTSE 100 companies whose employees are based in the UK have introduced PSE. We would like to offer you the same opportunity.
If you are a member of the Royal Mail Pension Plan (RMPP) or Royal Mail Defined Contribution Plan (RMDCP) and you are eligible, you will be automatically enrolled in PSE, unless you tell us you wish to opt out.
Both CWU and Unite/CMA have given their support to the introduction of PSE.
What is pension salary exchange?
Put simply, PSE is a way for eligible employees who pay National Insurance contributions (NICs) to increase the amount of money they take home each week or month, without changing the overall level of contributions made to their Royal Mail pension or the Royal Mail benefits they receive.
By changing the way pension contributions are made, eligible employees – who are enrolled into PSE – will make a saving on their NICs.
As a result of launching PSE, Royal Mail will also pay lower NICs.
For eligible employees who pay NICs, the increase in take-home pay will be equal to the NICs that would otherwise have been made on an employee’s pension contribution.
PSE does not involve any changes to the overall level of contributions made to your pension or to your Royal Mail pension benefits. It will also have no effect on other Royal Mail benefits, such as overtime, bonuses and sick pay.
You do not need to take any action at this time. You will receive more information, including the full eligibility criteria, in due course.
Find out more
For more information on how PSE works visit http://www.myroyalmail.com/pensions" onclick="window.open(this.href);return false;, keep an eye out for your pension salary exchange Courier Special, landing at employees’ homes shortly, and watch RMtv.
Note: Royal Mail reserves the right to withdraw, suspend or amend PSE or any Royal Mail pension arrangement at any time.
"Cara yn bod 'n briod , dydy 'n fawr at ca a hun 'n anad berson a 'ch angen at blina achos 'r bwyso chan 'ch buchedd "
" I like being married,, it's great to find that one special person you want to bother for the rest of your life "
" I like being married,, it's great to find that one special person you want to bother for the rest of your life "
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POSTMAN
- SITE ADMINISTRATOR
- Posts: 32702
- Joined: 07 Aug 2006, 03:19
- Gender: Male
Re: Pension Salary Exchange
LTB 238/15 Pension Salary Exchange (PSE) ??" (Important Information)
TO ALL BRANCHES WITH POSTAL MEMBERS
Dear Colleague
Pension Salary Exchange (PSE) – (Important Information)
The Government is introducing changes to UK pensions in April 2016 which will have the effect of increasing National Insurance Contributions for members of Defined Benefit Schemes including the Royal Mail Pension Plan (RMPP).
Please find attached a Joint Statement agreed between CWU, Unite and Royal Mail Group on the introduction of Pension Salary Exchange (PSE), designed to offset the impact of the above mentioned Government changes. We have also attached an advance copy of a letter we are sending to members’ home addresses this week explaining Pensions Salary Exchange.
Background
Members of the Royal Mail Pension Plan (RMPP) are currently contracted out of the state second pension, which means that RMPP members and the company pay reduced National Insurance Contributions (NICs) on the relevant earnings. In April 2016 the Government is introducing a new single tier state pension and ending contracting out for approved Defined Benefit Pension Schemes. This will mean that from April 2016 members of RMPP will face an increase in their level of National Insurance Contribution.
The union has been in discussion with Royal Mail through the pension policy committee (PPC) established as part of the Agenda for Growth Agreement, on a change to the way pension contributions are made which will reduce the impact of the increase in NICs for both RMPP members and the employer.
How Pension Salary Exchange works
PSE will change the way pension contributions are made for members of the RMPP and the Royal Mail Defined Contribution Plan (RMDCP). Members will no longer make a direct contribution to the pension scheme – instead their pay will be reduced by the amount of their pension contribution and the employer’s contribution to the pension scheme will increase by the same amount:
· The total pension contribution is unchanged and there is no effect on pension benefits
· Members save National Insurance contributions – this will reduce the effect of the increase in NICs for RMPP members in April and for RMDCP members will produce an increase in take home pay (RMDCP members pay a full National Insurance contribution at present and are therefore not affected by the changes which the Government is introducing in April 2016)
· This also has the effect of reducing the additional cost of National Insurance contributions for Royal Mail
PSE will have no effect on pension benefits or anything pay related (such as death in service payments). Pre exchange pay will be known as “basic weekly or monthly pay”. Pension accrual will be based on this amount, as will future pay rises, pay related allowances and overtime payments (where overtime is a multiplier of hourly rates).
About 86% of Defined Benefits schemes now operate on a similar basis.
Affect for Pension Plan Members
Changes to National Insurance Contributions take effect in April 2016 but the intention is to introduce PSE in late summer this year, before the NIC changes take place. The immediate effect will be to increase take home pay for both RMPP and RMDCP members. After April 2016, when the full rate of NICs become payable for members of the RMPP, PSE will reduce the effect of the increase in NICs for RMPP members. RMDCP members will continue to enjoy an increase in take home pay after April 2016.
Savings for members of different schemes
The examples below have been prepared by the union’s pension advisors First Actuarial and are based on before tax earnings of £24,000 a year.
Scheme / Member
Annual Saving
RMPP Section A/B
£156
RMPP Section C
£132
RMDCP 4% Contribution
£120
RMDCP 5% Contribution
£144
RMDCP 6% Contribution
£168
The above example shows the immediate savings. As a result of Government changes which will increase National Insurance contributions for RMPP members from April 2016, an RMPP Section B member earning £20,000 a year before tax is projected to have to pay additional level of NIC of £199 a year – introduction of PSE would reduce this to £55. A Section B member earning £25,000 a year before tax would face an increase of £269 a year in NICs which would be reduced to £89.
Will PSE be automatic for everyone?
PSE will work on an opt out basis – anyone not wanting to change the way in which pension contributions are made will be able to choose to opt out before the scheme begins or at any time thereafter.
Scheme members earning under £10,000 a year basic pay will not be eligible for PSE – this is to ensure that no one will lose out in terms of entitlement to certain income related benefits or that pay after salary exchange falls below minimum wage. Royal Mail and CWU are continuing to discuss how this exemption would work in detail (some members might have a basic pay of less than £10,000 a year but their regular total earnings level might be significantly higher). Both parties would in principle wish to extend the savings from PSE to as many pension plan members as possible but at the same time want to ensure that appropriate safeguards are in place.
Any member who is not eligible, or who opts out, will continue to pay contributions as they do now.
Introduction of PSE
PSE will be introduced in late summer this year. Royal Mail is placing an insert in the Courier which is due out this week. Both the company and the union are planning further communications closer to the launch date. PSE is being introduced in Royal Mail Group. The union will be holding discussions with other companies employing members of the Royal Mail Pension Plan with a view to extending these arrangements.
Summary
The introduction of Pension Salary Exchange is designed to offset the impact of unavoidable Government changes to UK pensions in April 2016, which will mean higher National Insurance Contributions for Employees and the Employer from April 2016. There is no adverse impact from Pension Salary Exchange on the individual pension benefits and entitlements of CWU members. There is no adverse impact from Pension Salary Exchange on any element of pay.
Please ensure the content of this LTB is circulated immediately to all CWU reps and our members in the workplace. Any enquiries on the above LTB should be addressed to the DGS (P) Department.
Yours sincerely
Dave Ward Ray Ellis
Deputy General Secretary (P) Assistant Secretary
TO ALL BRANCHES WITH POSTAL MEMBERS
Dear Colleague
Pension Salary Exchange (PSE) – (Important Information)
The Government is introducing changes to UK pensions in April 2016 which will have the effect of increasing National Insurance Contributions for members of Defined Benefit Schemes including the Royal Mail Pension Plan (RMPP).
Please find attached a Joint Statement agreed between CWU, Unite and Royal Mail Group on the introduction of Pension Salary Exchange (PSE), designed to offset the impact of the above mentioned Government changes. We have also attached an advance copy of a letter we are sending to members’ home addresses this week explaining Pensions Salary Exchange.
Background
Members of the Royal Mail Pension Plan (RMPP) are currently contracted out of the state second pension, which means that RMPP members and the company pay reduced National Insurance Contributions (NICs) on the relevant earnings. In April 2016 the Government is introducing a new single tier state pension and ending contracting out for approved Defined Benefit Pension Schemes. This will mean that from April 2016 members of RMPP will face an increase in their level of National Insurance Contribution.
The union has been in discussion with Royal Mail through the pension policy committee (PPC) established as part of the Agenda for Growth Agreement, on a change to the way pension contributions are made which will reduce the impact of the increase in NICs for both RMPP members and the employer.
How Pension Salary Exchange works
PSE will change the way pension contributions are made for members of the RMPP and the Royal Mail Defined Contribution Plan (RMDCP). Members will no longer make a direct contribution to the pension scheme – instead their pay will be reduced by the amount of their pension contribution and the employer’s contribution to the pension scheme will increase by the same amount:
· The total pension contribution is unchanged and there is no effect on pension benefits
· Members save National Insurance contributions – this will reduce the effect of the increase in NICs for RMPP members in April and for RMDCP members will produce an increase in take home pay (RMDCP members pay a full National Insurance contribution at present and are therefore not affected by the changes which the Government is introducing in April 2016)
· This also has the effect of reducing the additional cost of National Insurance contributions for Royal Mail
PSE will have no effect on pension benefits or anything pay related (such as death in service payments). Pre exchange pay will be known as “basic weekly or monthly pay”. Pension accrual will be based on this amount, as will future pay rises, pay related allowances and overtime payments (where overtime is a multiplier of hourly rates).
About 86% of Defined Benefits schemes now operate on a similar basis.
Affect for Pension Plan Members
Changes to National Insurance Contributions take effect in April 2016 but the intention is to introduce PSE in late summer this year, before the NIC changes take place. The immediate effect will be to increase take home pay for both RMPP and RMDCP members. After April 2016, when the full rate of NICs become payable for members of the RMPP, PSE will reduce the effect of the increase in NICs for RMPP members. RMDCP members will continue to enjoy an increase in take home pay after April 2016.
Savings for members of different schemes
The examples below have been prepared by the union’s pension advisors First Actuarial and are based on before tax earnings of £24,000 a year.
Scheme / Member
Annual Saving
RMPP Section A/B
£156
RMPP Section C
£132
RMDCP 4% Contribution
£120
RMDCP 5% Contribution
£144
RMDCP 6% Contribution
£168
The above example shows the immediate savings. As a result of Government changes which will increase National Insurance contributions for RMPP members from April 2016, an RMPP Section B member earning £20,000 a year before tax is projected to have to pay additional level of NIC of £199 a year – introduction of PSE would reduce this to £55. A Section B member earning £25,000 a year before tax would face an increase of £269 a year in NICs which would be reduced to £89.
Will PSE be automatic for everyone?
PSE will work on an opt out basis – anyone not wanting to change the way in which pension contributions are made will be able to choose to opt out before the scheme begins or at any time thereafter.
Scheme members earning under £10,000 a year basic pay will not be eligible for PSE – this is to ensure that no one will lose out in terms of entitlement to certain income related benefits or that pay after salary exchange falls below minimum wage. Royal Mail and CWU are continuing to discuss how this exemption would work in detail (some members might have a basic pay of less than £10,000 a year but their regular total earnings level might be significantly higher). Both parties would in principle wish to extend the savings from PSE to as many pension plan members as possible but at the same time want to ensure that appropriate safeguards are in place.
Any member who is not eligible, or who opts out, will continue to pay contributions as they do now.
Introduction of PSE
PSE will be introduced in late summer this year. Royal Mail is placing an insert in the Courier which is due out this week. Both the company and the union are planning further communications closer to the launch date. PSE is being introduced in Royal Mail Group. The union will be holding discussions with other companies employing members of the Royal Mail Pension Plan with a view to extending these arrangements.
Summary
The introduction of Pension Salary Exchange is designed to offset the impact of unavoidable Government changes to UK pensions in April 2016, which will mean higher National Insurance Contributions for Employees and the Employer from April 2016. There is no adverse impact from Pension Salary Exchange on the individual pension benefits and entitlements of CWU members. There is no adverse impact from Pension Salary Exchange on any element of pay.
Please ensure the content of this LTB is circulated immediately to all CWU reps and our members in the workplace. Any enquiries on the above LTB should be addressed to the DGS (P) Department.
Yours sincerely
Dave Ward Ray Ellis
Deputy General Secretary (P) Assistant Secretary
I Wrote-During Covid-Which is still relevant now
It's good to get these types of threads, the ridiculous my manager said bollox, so we can reassure ourselves that while the world is falling apart, Royal Mail managers are still being the low-life C***S they have always been.
My BFF Clash
The daily grind of having to argue your case with an intellectual pigmy of a line manager is physically and emotionally draining.
It's good to get these types of threads, the ridiculous my manager said bollox, so we can reassure ourselves that while the world is falling apart, Royal Mail managers are still being the low-life C***S they have always been.
My BFF Clash
The daily grind of having to argue your case with an intellectual pigmy of a line manager is physically and emotionally draining.
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TrueBlueTerrier
- FORUM ADMINISTRATOR
- Posts: 72561
- Joined: 30 Dec 2006, 10:29
- Gender: Male
- Location: On my couch
PSE: how it works
https://www.myroyalmail.com/news/2015/0 ... w-it-works" onclick="window.open(this.href);return false;
Once pension salary exchange (PSE) is launched in late summer 2015, eligible employees will be automatically enrolled, unless they tell us they wish to opt out.
Here’s a step-by-step overview:
1. As long as you meet the eligibility criteria when PSE is launched, you will be automatically
enrolled into PSE unless you tell us you wish to opt out.
2. By joining PSE, your basic weekly or monthly pay will reduce by the amount equal to the
contribution you currently make to your Royal Mail pension plan.
3. We will make this pension contribution on your behalf as well as our normal employer contribution.
4. Your Royal Mail pension benefits are not being changed. Your take-home pay will increase by the same amount you are saving in National Insurance contributions, if you pay them. PSE does not involve any changes to the overall level of contributions made to your pension or to your Royal Mail pension benefits.
PSE conditions
HM Revenue & Customs gives clearance to PSE schemes after they are launched. We will seek HMRC clearance after our scheme goes live.
For more information keep an eye out for your pension salary exchange Courier Special, landing at employees’ homes shortly, visit http://www.myroyalmail.com/pensions" onclick="window.open(this.href);return false; and watch this week’s RMtv.
Note: Royal Mail reserves the right to withdraw, suspend or amend PSE or any Royal Mail pension arrangement at any time.
Once pension salary exchange (PSE) is launched in late summer 2015, eligible employees will be automatically enrolled, unless they tell us they wish to opt out.
Here’s a step-by-step overview:
1. As long as you meet the eligibility criteria when PSE is launched, you will be automatically
enrolled into PSE unless you tell us you wish to opt out.
2. By joining PSE, your basic weekly or monthly pay will reduce by the amount equal to the
contribution you currently make to your Royal Mail pension plan.
3. We will make this pension contribution on your behalf as well as our normal employer contribution.
4. Your Royal Mail pension benefits are not being changed. Your take-home pay will increase by the same amount you are saving in National Insurance contributions, if you pay them. PSE does not involve any changes to the overall level of contributions made to your pension or to your Royal Mail pension benefits.
PSE conditions
HM Revenue & Customs gives clearance to PSE schemes after they are launched. We will seek HMRC clearance after our scheme goes live.
For more information keep an eye out for your pension salary exchange Courier Special, landing at employees’ homes shortly, visit http://www.myroyalmail.com/pensions" onclick="window.open(this.href);return false; and watch this week’s RMtv.
Note: Royal Mail reserves the right to withdraw, suspend or amend PSE or any Royal Mail pension arrangement at any time.
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My sharing of news articles should not be interpreted as an endorsement or condemnation of any particular viewpoint or the issues presented. I share them solely for informational purposes.
Any post in any other colour is my own responsibility.
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My sharing of news articles should not be interpreted as an endorsement or condemnation of any particular viewpoint or the issues presented. I share them solely for informational purposes.
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Brainache
- Posts: 394
- Joined: 30 Jul 2010, 21:37
- Gender: Male
Re: Pension Salary Exchange
Do AVC payments change at all ?
-
RobertT
- EX ROYAL MAIL
- Posts: 6645
- Joined: 09 Sep 2007, 14:26
- Gender: Male
Re: Pension Salary Exchange
It's good news for most people although there may be a few that it is not suitable for.Rommagic wrote:Good or bad news?
As far as I know AVC payments are included in the plans(I read it somewhere they are, but can't find it now). So the more AVC's you make, the more NI you save.Brains wrote:Do AVC payments change at all ?
EDIT: I've found that link: http://www.myroyalmail.com/node/6796" onclick="window.open(this.href);return false;
Links to all RM pension related websites are here
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fly-catchers
- EX ROYAL MAIL
- Posts: 573
- Joined: 05 Oct 2008, 16:38
- Gender: Male
Re: Pension Salary Exchange
Does this have any effect on getting or not getting the new higher State Pension when it arrives? Currently it seems because of our reduced NI payments we don't qualify for the larger State Pension.
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toomuchcoke
- Posts: 309
- Joined: 05 Jun 2011, 18:15
- Gender: Male
Re: Pension Salary Exchange
That is, AIUI, due to the final/average salary schemes being contracted out of SERPS/S2P. This new thing doesn't result in any kind of rebate of your NI contributions into your pension, it just has the effect of reducing the amount you earn and thus reducing the amount of tax you pay, you should still be earning enough each year to get a qualifying year and thus 1/35th of the state pension.fly-catchers wrote:Does this have any effect on getting or not getting the new higher State Pension when it arrives? Currently it seems because of our reduced NI payments we don't qualify for the larger State Pension.
-
RobertT
- EX ROYAL MAIL
- Posts: 6645
- Joined: 09 Sep 2007, 14:26
- Gender: Male
Re: Pension Salary Exchange
From April 2016, those reduced NI payments are going up to the ‘normal’ rate of 12% from 10.6 %, so from then on we will start to build up qualifying years in the new ‘flat rate’ state pension. It also means that RM’s NI payments will increase, hence the reason PSE is being bought in, although saving a bit of tax has to be a good thing for us too.fly-catchers wrote:Does this have any effect on getting or not getting the new higher State Pension when it arrives? Currently it seems because of our reduced NI payments we don't qualify for the larger State Pension.
For more info on how much state pension you have accrued I suggest you get a forecast.
Links to all RM pension related websites are here
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gg
- MAIL CENTRES/PROCESSING
- Posts: 19
- Joined: 26 Nov 2013, 19:38
- Gender: Male
Re: Pension Salary Exchange
Just trying to understand this in plain English.
I earn £405 a week (not including shift allowance) I pay around £20 a week in pension payments. Will this mean I only earn £385 a week and royal mail pay my £20 pension contribution. If so, what about the £40ish pensionable night shift allowance (£80ish if ex PHG) and the pensionable pay on overtime. I take it we pay that contribution our selves.
Is the above right or am I talking a load of bull.
gg.
I earn £405 a week (not including shift allowance) I pay around £20 a week in pension payments. Will this mean I only earn £385 a week and royal mail pay my £20 pension contribution. If so, what about the £40ish pensionable night shift allowance (£80ish if ex PHG) and the pensionable pay on overtime. I take it we pay that contribution our selves.
Is the above right or am I talking a load of bull.
gg.
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the beautiful bd south
- MAIL CENTRES/PROCESSING
- Posts: 336
- Joined: 06 Jun 2007, 20:48
- Location: west riding of yorkshire
Re: Pension Salary Exchange
I guess I am not alone in not understanding the impications of PSE,
Great news you pay less Tax by lowering your weekly pay?
does that mean that the final salary part of your pension will be affected?
Some real advice is needed on this as I can't imagine our line managers will have a clue?
Great news you pay less Tax by lowering your weekly pay?
does that mean that the final salary part of your pension will be affected?
Some real advice is needed on this as I can't imagine our line managers will have a clue?
TOO OLD TO DIE YOUNG
-
RobertT
- EX ROYAL MAIL
- Posts: 6645
- Joined: 09 Sep 2007, 14:26
- Gender: Male
Re: Pension Salary Exchange
You are correct. Your pay will reduce by the amount you pay into your pension and RM will (for tax purposes) pay it instead. Therefore we will pay less NI because we're effectively earning less, although we're not losing out.gg wrote:Just trying to understand this in plain English.
I earn £405 a week (not including shift allowance) I pay around £20 a week in pension payments. Will this mean I only earn £385 a week and royal mail pay my £20 pension contribution. If so, what about the £40ish pensionable night shift allowance (£80ish if ex PHG) and the pensionable pay on overtime. I take it we pay that contribution our selves.
Is the above right or am I talking a load of bull.
gg.
Links to all RM pension related websites are here
-
RobertT
- EX ROYAL MAIL
- Posts: 6645
- Joined: 09 Sep 2007, 14:26
- Gender: Male
Re: Pension Salary Exchange
Nothing will be affected other than we will pay less NI.the beautiful bd south wrote:I guess I am not alone in not understanding the impications of PSE,
Great news you pay less Tax by lowering your weekly pay?
does that mean that the final salary part of your pension will be affected?
Some real advice is needed on this as I can't imagine our line managers will have a clue?
Links to all RM pension related websites are here
-
gg
- MAIL CENTRES/PROCESSING
- Posts: 19
- Joined: 26 Nov 2013, 19:38
- Gender: Male
Re: Pension Salary Exchange
Just looking at my wage slip, I see our wage rise is not came through yet.
Wage (rounded) £395. Pension payment, £23. Tax, £57. NI, £37. So how much NI will I save on £23 a week ?
Now My £23 pension payment is based on my bare wage. If I done loads of OT then that would go up. Do I pay the extra or will Royal Mail pay the extra.
Also a pay rise of say 3% on £405 will be a rise of £12.15. the same wage rise on £385 would be £11.55. 60p a week. Over the year £31.20. Over the life time of your Royal Mail career, could add up to a tidy little amount.
Again the big question, HOW MUCH WILL WE BE BETTER OFF A WEEK.
gg.
Wage (rounded) £395. Pension payment, £23. Tax, £57. NI, £37. So how much NI will I save on £23 a week ?
Now My £23 pension payment is based on my bare wage. If I done loads of OT then that would go up. Do I pay the extra or will Royal Mail pay the extra.
Also a pay rise of say 3% on £405 will be a rise of £12.15. the same wage rise on £385 would be £11.55. 60p a week. Over the year £31.20. Over the life time of your Royal Mail career, could add up to a tidy little amount.
Again the big question, HOW MUCH WILL WE BE BETTER OFF A WEEK.
gg.