Explanation of Over time on pay slip

[Selhurst]

Can someone please enlighten me as to the following on payslip

Weekday OT1 1st 10 Hrs W/C

Weekday Overtime @ SSPR W/C

PSE Adj RMDCP 6%

Arrears of PSE Adj RMDCP 6%

Too many codes. Can’t it be made in simple terms?

[fb1969]

You are part time

SSPR is overtime paid from your contracted hours to a total of 37 or 38 hours (full time hours in your office). It includes the Delivery Supplement and any others paid, meaning you get the same money as a full timer.

O/T 1st 10 hours is paid for the next bit of overtime beyond full time hours. There is another rate for overtime beyond 10 hours. The more you do, the lower the hourly rate.

PSE is to do with the pension.

[Selhurst]

Full time 35 hrs

[Selhurst]

You are part time

SSPR is overtime paid from your contracted hours to a total of 37 or 38 hours (full time hours in your office). It includes the Delivery Supplement and any others paid, meaning you get the same money as a full timer.

O/T 1st 10 hours is paid for the next bit of overtime beyond full time hours. There is another rate for overtime beyond 10 hours. The more you do, the lower the hourly rate.

PSE is to do with the pension.

I’m full time 35hrs

[fb1969]

I'd assume you still get 2 or 3 hours SSPR as other full timers in your office will be on 37/38 hours. 35 hour contracts for full time were brought in a few years ago.

[postslippete]

The RMDCP is the new defined contribution pension scheme of which the maximum we can pay in is 6% of our wages

Its something Royal Mail and the CWU signed us up to which is obviously not as good as the old defined benefit pension scheme

[HTPostman]

The RMDCP is the new defined contribution pension scheme of which the maximum we can pay in is 6% of our wages

Its something Royal Mail and the CWU signed us up to which is obviously not as good as the old defined benefit pension scheme

I stand to be corrected but we can actually pay in as much as we want, personally I pay in 15% of my pay so on the wage slip it shows 2 lots - the 6% pension deduction, then a separate 9% deduction as well.

[rogersh]

PSE = Pension Salary Exchange

To quote Robert T from the pension forum.

"PSE was introduced as a way for the RM to save on employer National Insurance Contributions, with the added benefit that we save on them too."


PSE - most common questions
How much will I save by taking part in PSE?
In short, you save the amount you would have paid in NICs on your pension contribution. The exact amount you save in NICs depends on: whether you pay NICs; your basic pay, plus any other earnings such as overtime, allowances and so on, before deductions; your National Insurance band; and how much you currently pay in pension contributions.

SSPR = Single Standard Pay Rate.

[RobertT]

The RMDCP is the new defined contribution pension scheme of which the maximum we can pay in is 6% of our wages

Its something Royal Mail and the CWU signed us up to which is obviously not as good as the old defined benefit pension scheme

I stand to be corrected but we can actually pay in as much as we want, personally I pay in 15% of my pay so on the wage slip it shows 2 lots - the 6% pension deduction, then a separate 9% deduction as well.

The RMDCP isn't particularly new, as it's been around since 2009.
The maximum contribution from RM is 10%. Employees can technically pay in as much as they want, but it's wise to keep within the limits for PSE, as if you go over you'll miss out on that benefit altogether.

When the new CDC pension scheme comes in, unless something changes RM's contribution will be 13.6% and employees will pay 6%.
We will have the choice to pay extra via the Lump Sum Booster and/or AVC's.

[postslippete]

The RMDCP is the new defined contribution pension scheme of which the maximum we can pay in is 6% of our wages

Its something Royal Mail and the CWU signed us up to which is obviously not as good as the old defined benefit pension scheme

I stand to be corrected but we can actually pay in as much as we want, personally I pay in 15% of my pay so on the wage slip it shows 2 lots - the 6% pension deduction, then a separate 9% deduction as well.

I'm probably replying to this in the wrong discussion board but I seem to recall a potential postal strike that was going to take place over Royal Mail's decision to close the defined benefit scheme. This defined contribution pension is not as good as the original pension (unless you can tell me otherwise?) so I won't be upping my contributions.

[RobertT]

The RMDCP is the new defined contribution pension scheme of which the maximum we can pay in is 6% of our wages

Its something Royal Mail and the CWU signed us up to which is obviously not as good as the old defined benefit pension scheme

I stand to be corrected but we can actually pay in as much as we want, personally I pay in 15% of my pay so on the wage slip it shows 2 lots - the 6% pension deduction, then a separate 9% deduction as well.

I'm probably replying to this in the wrong discussion board but I seem to recall a potential postal strike that was going to take place over Royal Mail's decision to close the defined benefit scheme. This defined contribution pension is not as good as the original pension (unless you can tell me otherwise?) so I won't be upping my contributions.

The DB scheme closed to new entrants in 2008 and anyone joining RM since then will have been put in the RMDCP instead, although that didn't actually start until 2009.

I think there probably was a threat of a strike at the time, or maybe actually was a strike? I can't remember.

There was a proposal to close the DB scheme completely in 2018. The 4 Pillars negotiations followed which resulted in the plan to start a CDC pension. That won't happen until at least late 2022.

A DB scheme provides a pension based on wages earned and length of service.

But the RMDCP, as with any other DC scheme, is basically a glorified savings account with which you have options. Detailed here.
In practice, the more you put into a DC pension, the more you're likely to get out. Which could have the obvious benefit of a better and/or earlier retirement.

The proposed new CDC scheme is a different thing altogether. That aims to provide similar benefits to a DB scheme, but is classed as DC.