Progress on CDC pension scheme.

Celgar · Post by **Celgar** » 17 Apr 2018, 17:52

For those who don't look at the RM pension here are the latest comments from those involved:
DWP (Department of Work & Pensions):
"....difficult to legislate......"
".....parliament short of time to deal with the matter...."
".....hardly any demand from pension funds for CDC...."
"......there are no less than 11 separate definitions of CDC....."

Royal Mail:
"......would not switch it's pension arrangements to CDC without proper legal backing......"

Independent consultant John Ralfe:
Claimed that "CDC seemed suspiciously like a Ponzi scheme".

So its not looking good so far.

DGH · Post by **DGH** » 17 Apr 2018, 18:06

Unfortunately that's no surprise at all. The government had basically said no when it was first proposed. Why on earth would they have changed their minds just because the CWU and RM had come to an agreement?

NewPostieUK · Post by **NewPostieUK** » 17 Apr 2018, 21:16

And yet nearly half of all members voted to accept it.

redneck · Post by **redneck** » 17 Apr 2018, 23:26

We need Corbyn in to actually get large portions of this dodgy deal agreed, most of it is still to be discussed and the company will never move on anything that is open to debate whilst the Tories are still in power! What a mess.

tansorboy · Post by **tansorboy** » 18 Apr 2018, 16:01

I don't understand what they mean when they say the CDC pension will "sit alongside" the new cash builder one we have just joined. Will we make two payments into two different pensions?

fishtank · Post by **fishtank** » 18 Apr 2018, 16:09

tansorboy wrote:I don't understand what they mean when they say the CDC pension will "sit alongside" the new cash builder one we have just joined. Will we make two payments into two different pensions?

Yes and no.
Part of the overall 19.6% contribution (roughly 3.5%) will go towards funding a separate cash balance scheme.

crazyshrew · Post by **crazyshrew** » 18 Apr 2018, 16:46

So where are my contributions going now?
I had a letter from Zurich the other day informing me that
"no further payments are being made in to your retirement account"
In itself, that's fine and the value of that account will continue to be invested and hopefully grow.

However I have no idea where my contributions are going now. For the sake of simplicity I would like to consolidate my retirement accounts but I can't do that when I have no idea of the account details

Post by **RobertT** » 18 Apr 2018, 16:57

crazyshrew wrote:So where are my contributions going now?
I had a letter from Zurich the other day informing me that
"no further payments are being made in to your retirement account"
In itself, that's fine and the value of that account will continue to be invested and hopefully grow.

However I have no idea where my contributions are going now. For the sake of simplicity I would like to consolidate my retirement accounts but I can't do that when I have no idea of the account details

Presumably you opted for the DBCBS, so your money is going into a big pot along with everyone bodies contributions into that scheme.

You can't transfer your RMDCP into the DBCBS.