ROYALMAIL PENSION RIPOFF HAS BEGUN

k979aaa · Post by **k979aaa** » 23 Oct 2007, 12:09

Royalmail today confirmed it is to close the finnal salary pension scheme to existing member's.! The great pension ripoff has begun this info is from the bbc business page.

Post by **POSTMAN** » 23 Oct 2007, 12:16

"Royal Mail's proposals include closing the final salary scheme to new members from 31 January 2008 and replacing it with a Defined Contribution scheme [and] introducing a Career Average Defined Benefit scheme for our existing employees from 1 April 2008," it added.

However, a spokeswoman for the CWU said the union was annoyed its stance had been misrepresented.

She said the union had only agreed to a new, separate, process of consultation on the proposed pension changes, which was no longer related to the deal on pay and working conditions.

"Whatever comes out of the consultation, there will be a ballot right across all CWU members in the Royal Mail group, including the Post Office, Parcel Force, cleaners and caterers," she said.

Career average

For existing staff, the crucial issue will be to what extent the new "career average" scheme is worse than their current final salary version.

Overall it will be less generous, requiring Royal Mail to pay in less each year as a percentage of staff salaries, thus cutting the employer's overall contribution rate by perhaps five percentage points, according to one union official.

For staff who expect their salaries at the end of their careers to be significantly higher than when they started, such a scheme would undoubtedly be inferior.

For staff who do not expect much by way of promotional pay increases, it will not be so damaging.

Crucial to the calculation will be the rate at which pension is built up each year.

The CWU says the new scheme will maintain the same accrual rates as the current final salary one, either 1/60th or 1/80th of salary each year.

The BBC has also learned that the plan is for each member's individual pension pot to be revalued each year in line with inflation, up to a ceiling of 5%, rather than being linked to final salary at retirement.

That would expose the members' pensions to being eroded by inflation if it was running at a rate higher than 5%.

Consultation

Neither Royal Mail, trade unions, or the pension scheme itself have published the full details of the impending changes.

This should happen soon, once the formal consultation process required by law begins.

"There is no timetable on it yet," said a Royal Mail spokesman.

"But obviously it will go ahead before next April," he added.

There is, however, some confusion as to how long that consultation will be.

Royal Mail says 60 days, the legal minimum.

However, officials of both the CWU and Unite says they have been told it will last for 90 days

Post by **springs** » 23 Oct 2007, 12:16

web page for anyone that wants to have a gander

http://news.bbc.co.uk/1/hi/business/7057779.stm

k979aaa · Post by **k979aaa** » 23 Oct 2007, 13:01

For more on pension's and the pay and modernisation agreement see www royalmail.com currant news releases.

pickaname · Post by **pickaname** » 23 Oct 2007, 13:51

Can someone remind me why we went out on strike again? Its...all...a...little...bit...hazy....

superman · Post by **superman** » 23 Oct 2007, 13:53

Says in the Western Morning News that the retirement age is raised to 65 as well and not 60

k979aaa · Post by **k979aaa** » 23 Oct 2007, 14:03

superman wrote:Says in the Western Morning News that the retirement age is raised to 65 as well and not 60

Age 65 from april 2010 closed to new entrant's form 31/1/2008 and finnal salary closed for existing member's from 1/04/2008.!

goinpostal · Post by **goinpostal** » 23 Oct 2007, 15:19

this just shows why we need a big no vote and to restart the strike, RM cant even keep the lid on and stay nice long enough to try to big up the yes vote, it has to keep pushing our buttons! If any members believe that separating D2D and pensions is a good idea, print this out and pass it around at work tomorrow!

ps CWU leaders "annoyed" that their words are "misconstrued" what else do they think they get for being patsies?! tossers!

jafferpants · Post by **jafferpants** » 23 Oct 2007, 15:59

If you cast your mind back to july lads this is the same changes i told you they were on the verge of notifying the workforce about by maishot untill the mirror got hold of it. as you see nothings changed other than the fact that they now know they can do it because we are led by a bunch of simple minded window licker's who make sponges in their spare time

Post by **osiris** » 23 Oct 2007, 18:57

I fear this is just the start, and our pensions are under long term threat.

What is to stop further changes/degrading of our pension next year or the year after ?

I think we are opening a door, that we will regret opening.

k979aaa · Post by **k979aaa** » 23 Oct 2007, 19:07

osiris wrote:I fear this is just the start, and our pensions are under long term threat.

What is to stop further changes/degrading of our pension next year or the year after ?

I think we are opening a door, that we will regret opening.

Royalmail have shown us their true intention i say shut the door NOW!. :cfo & :lfo

astrobatz · Post by **astrobatz** » 23 Oct 2007, 19:11

I'm thinking it might be better to come out of the Royal Mail pension alltogether and start a private one.
I'd loose whatever bit Royal Mail pays in, but at least I'd have full controll of what I've paid in.
Comments please.

k979aaa · Post by **k979aaa** » 23 Oct 2007, 19:18

astrobatz wrote:I'm thinking it might be better to come out of the Royal Mail pension alltogether and start a private one.
I'd loose whatever bit Royal Mail pays in, but at least I'd have full controll of what I've paid in.
Comments please.

I have been i far too long to quit now if you have less than two year's in may be worth quiting and going private that's all i say but see a pension's expert before doing so.

Post by **osiris** » 23 Oct 2007, 19:24

astrobatz wrote:I'm thinking it might be better to come out of the Royal Mail pension alltogether and start a private one.
I'd loose whatever bit Royal Mail pays in, but at least I'd have full controll of what I've paid in.
Comments please.

If I could get back everything I have paid into it now, then I would.

This country is in a sorry state, when working class people can't put something aside for their retirement, and be sure it will be there for them when they need it.

It's not just the postal industry facing this problem.

Who is to blame ? The goverment ?

astrobatz · Post by **astrobatz** » 23 Oct 2007, 19:27

Well as it happens I've been paying in for 10 years and buying extra years on top of that.
If we are to get career average how will that effect the extra years I've been buying?

The whole thing stinks and needs to be rejected. :lfo :cfo

ROYALMAILCHAT

ROYALMAIL PENSION RIPOFF HAS BEGUN

ROYALMAIL PENSION RIPOFF HAS BEGUN

.

Re: .