Proposed changes to the RM pension plan.

[Poshpost]

Everyone should e-mail mypension@royalmail.com to obtain a personalised illustration showing how the proposed changes to the pension plan would effect their pensionable pay. They require your name, payroll number and national insurance number. I have already done this and have discovered that based on retirement at 60 I would face an 18.71% drop in my pensionable pay and would have to continue working another two years to get back to the figure I would have been paid under the present calculations.

Having obtained your personalised illustration and digested the contents might I suggest an e-mail to the "Consultation Forum", its the same e-mail address mypension@royalmail.com as the above, and let them know what you think of the proposed changes. As they say "Your views are important to help us shape our future pensions."

One thing I don't understand, and it's something I will be asking, is why have RM not proposed increasing the employee contributions to the pension plan? I would have thought that it would be more acceptable to endure a small percentage increase in the contribution than such a swingeing cut in the final pensionable pay on retirement.

[Captain Scarlet]

The reason they want to change the pension scheme and not just increase controbutions is purely based on the savings... right away RM will save 20 million in first instance then I think 50m in first year, and then when final salary goes I am sure it is nearly 150m, so you can see the difference putting up the cont. would make eh! not quick enough for RM, also it then makes the business more interesting if we were privatised, re: Leightons mate Murdoch!!!

[jafferpants]

POSHPOST


This has been into before. Increasing contributions is not an option. The calculations were done and found to be totaly unrealistic EG- you wouldn't be able to afford what would be needed to sustain the scheme. I say again your opinions will count for nothing the current scheme will close in april. With or without a no vote. Just to correct someone on another link The trustees do not have a say in whether the scheme closes or not it is TOTALLY down to rm. they have the final say.

[Poshpost]

Jafferpants

I am only too aware that my comments will count for nothing and that the trustees should not be thought of as block or even a revising element in the process. However do you not think that the trustees / RM should receive some feedback on the changes to the plan? Otherwise RM can come to the conclusion that everyone is happy with the changes or just does not care. Of course the best answer to the RM is a no vote in the ballot, fingers crossed.

[dvbuk55]

Everyone should e-mail mypension@royalmail.com to obtain a personalised illustration showing how the proposed changes to the pension plan would effect their pensionable pay. They require your name, payroll number and national insurance number. I have already done this and have discovered that based on retirement at 60 I would face an 18.71% drop in my pensionable pay and would have to continue working another two years to get back to the figure I would have been paid under the present calculations.

Having obtained your personalised illustration and digested the contents might I suggest an e-mail to the "Consultation Forum", its the same e-mail address mypension@royalmail.com as the above, and let them know what you think of the proposed changes. As they say "Your views are important to help us shape our future pensions."

One thing I don't understand, and it's something I will be asking, is why have RM not proposed increasing the employee contributions to the pension plan? I would have thought that it would be more acceptable to endure a small percentage increase in the contribution than such a swingeing cut in the final pensionable pay on retirement.

Because the closer to retirement, over say 55, would make the contribution prohibitive I would imagine. There is the possibility of AVC which COULD enable an earlier retirement trying in some measure to offset the 5% decrease in pension per year. The pension scheme itself isn't that bad and is certainly better than trying to finance one purely on your own contributions - it is the later retirement age which is the stumbling block. It would be fairer I believe to scale the retiring age over a longer period of time say 10-15 years with annual increments so it would be 61, 2010, 62, 2012, 63, 2014 et seq.

[jafferpants]

Jafferpants

I am only too aware that my comments will count for nothing and that the trustees should not be thought of as block or even a revising element in the process. However do you not think that the trustees / RM should receive some feedback on the changes to the plan? Otherwise RM can come to the conclusion that everyone is happy with the changes or just does not care. Of course the best answer to the RM is a no vote in the ballot, fingers crossed.

You have to understand that my information on pensions on these links is not my opinion but fact.and again i'm telling people this is a done deal. All the so called consultation period and all that goes with it is just paying lip service to the letter of the law.I wish i was wrong but the information i am able to atain proves everything i have ever put on here to be fact.

[Glenno]

to join the debate Ihave received an "illistration"on my proposed Pension it is not good reading Firstly to get the same pension as i would under the Final Salary Pension scheme i would have to work until i am 62yrs 11 mnths althou ican draw my pension @60 it reduced approx 5% for every year between 60 & 65 secondly under Plan C which icome into there is a supplement paid "if " you leave the company @60 for me approx £3.500 a yr Iwould not get this under the new "career pension" so lets start not give these ROBBING BARSTEWARDS an inch £175 quid & £175 back pay from Oct b4 crimbo is SH**E COULD RANT ON FOR AGES but hey !!!!!!!!!!!!!!!!!!

PS I THINK JAFFA IS RIGHT CONSULTATION IS WHATS HAPPENING ITS A DONE DEAL LOOK AT THE FIGURES
THIS IS THE JEWEL IN THE CROWN FOR R.M

[strangler]

to join the debate Ihave received an "illistration"on my proposed Pension it is not good reading Firstly to get the same pension as i would under the Final Salary Pension scheme i would have to work until i am 62yrs 11 mnths althou ican draw my pension @60 it reduced approx 5% for every year between 60 & 65 secondly under Plan C which icome into there is a supplement paid "if " you leave the company @60 for me approx £3.500 a yr Iwould not get this under the new "career pension" so lets start not give these ROBBING BARSTEWARDS an inch £175 quid & £175 back pay from Oct b4 crimbo is SH**E COULD RANT ON FOR AGES but hey !!!!!!!!!!!!!!!!!!

PS I THINK JAFFA IS RIGHT CONSULTATION IS WHATS HAPPENING ITS A DONE DEAL LOOK AT THE FIGURES
THIS IS THE JEWEL IN THE CROWN FOR R.M

Couldn`t see in my illustration about the pension supplement. Like you I`m in Plan C and about 2 and a half years more for the same pension @60 as now.
So is this definitely true re pension supplement? On top of the near £100 a month I`d be losing if I went at 60 I wouldn`t have the pension supplement from 60 to 65?

[tomangoe]

Anyone who has had an illustration know what your wife/husband will get if you snuff it while still working or retired?

[strangler]

Anyone who has had an illustration know what your wife/husband will get if you snuff it while still working or retired?

No mate nothing in there about that-or the lump sum for that matter. Anyone know about these?