The Poll!

[daveyeff]

looks like the pioneering pension plan is going to get rolled out to save other pensions as well.

[daveyeff]

for what its worth to people voting ''NO''.. A paediatric nurse at Newcastle's RVI hospital says they have been offered a 6% rise over 3 years, but have to give up one day's annual leave in return. that's after a pay freeze and 1% rises since 2008. we are voting on 7% (12.33% for p/t) a shorter working week. wage in retirement pension.

[enskied]

There isn't a deal to vote on.

It's all pie in the sky AGAIN !

Pension is dependent on government legislation. Back pay is less than we are due. Bullying and harassment will be sorted in years to come.

Fuk all.

Union ex want you to wipe the egg off their face.

[LaggyBand]

It’s true, there’s no actual agreement, just an agreement to come up with something in the future, to keep us all running the wheel, get us off their backs. It’s all fluff, nothing solid. Really fluffy fluff.

[fishtank]

wage in retirement pension.

Where's the "wage in retirement" pension we're voting on?
The WinRs proposal was rejected by Royal Mail.
This proposed CDC scheme is not a wage in retirement scheme.

[daveyeff]

from the agreement...''On the critical issue of pensions, the Union has now reached a deal on the introduction of a new 'single wage in retirement pension scheme' for all members.

[vmaxv4]

wage in retirement pension.

Where's the "wage in retirement" pension we're voting on?
The WinRs proposal was rejected by Royal Mail.
This proposed CDC scheme is not a wage in retirement scheme.

I'll second that!!!

[daveyeff]

look above. then read the agreement.

[fishtank]

look above. then read the agreement.

It says a lot of things in the agreement that aren't what they appear to be.
If you took any pension lump sum and bought an annuity with it you could call it a wage in retirement so what exactly have they achieved?

[daveyeff]

they are stating its a single wage in retirement. not money to buy an annuity. that is what RM wanted that was quite rightly rejected by the union.

[Schiff]

look above. then read the agreement.

It says a lot of things in the agreement that aren't what they appear to be.
If you took any pension lump sum and bought an annuity with it you could call it a wage in retirement so what exactly have they achieved?

Exactly. At least with a straight DC scheme you have options over when and how you take your retirement benefits. With the CDC you are effectively obliged to purchase an annuity. In fact worse than that. You can't use your pension pot to shop around for the best annuity that you can get. You are stuck with whatever the CDC trustees offer you.

Vote NO to this scheme.

[fishtank]

they are stating its a single wage in retirement. not money to buy an annuity. that is what RM wanted that was quite rightly rejected by the union.

How the money reaches your bank account is irrelevant, like most people you've been fooled by a sleight of hand. All that is important is how much.

How much has this CDC scheme guaranteed you as a "wage in retirement"? Is it guaranteed to provide more than either the individual DC scheme or the DBCBS?
No it's not.

At least with both of Royal Mail's proposals you would know exactly what you would have to play with when you retire and the freedom to do with it what you like.

[daveyeff]

not what we've just had off our meeting with the union brass. they've stated RM are going to pay 13% and we pay 6% towards our pensions so that we will get a decent ''pension'' NOT a lump sum to buy an annuity. its not as good as the original which pays a pension of 1/60th of your pay annually each year, this one pays 1/80th. but a lot better than what RM where after.

[fishtank]

Nobody has really explained what would happen to a retirees pension if the number of employees paying into the CDC scheme was to reduce dramatically. We are talking about new starts commiting to this scheme for 40 years.

With an individual DC scheme it doesn't matter whether Royal Mail has 100,000 employees or 10,000, with a DB scheme the employer guarantees the scheme and if it goes bust the PPF protects 90% of your accrued benefits.

With the CDC scheme nobody guarantees anything. If it folds so do you.

[fishtank]

they've stated RM are going to pay 13% and we pay 6% towards our pensions so that we will get a decent ''pension''

You aren't even guaranteed that.
If the fund performs poorly while you're employed you may be asked to pay more than 6%, if it performs poorly while you're a pensioner you may get back less in real terms than you've paid in. That's what shared risk means.