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Cash balance increase
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Jefferson Starfish
- Posts: 899
- Joined: 12 Aug 2011, 15:32
- Gender: Female
- Location: Greendale DO
Cash balance increase
Any news on how much the cash balance scheme will be increasing this year?
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RobertT
- EX ROYAL MAIL
- Posts: 6645
- Joined: 09 Sep 2007, 14:26
- Gender: Male
Re: Cash balance increase
The annual DBCBS increases are decided by RM rather than RMPP trustees, and are discretionary so there's no guarantee we'll get one every year. But once they're added they are guaranteed.
I've been keeping my eyes on the RMPP website and MyRoyalMail without any joy, and I'm not on Workplace so don't know if it's been announced on there. So I can't answer your question I'm afraid.
Any increase should be added on the 31st March and under the rules of the scheme, is a maximum of CPI + 4%.
Previous years increases were:
2020 – 3.7%
2021 – 1.7%
I've been keeping my eyes on the RMPP website and MyRoyalMail without any joy, and I'm not on Workplace so don't know if it's been announced on there. So I can't answer your question I'm afraid.
Any increase should be added on the 31st March and under the rules of the scheme, is a maximum of CPI + 4%.
Previous years increases were:
2020 – 3.7%
2021 – 1.7%
Links to all RM pension related websites are here
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RobertT
- EX ROYAL MAIL
- Posts: 6645
- Joined: 09 Sep 2007, 14:26
- Gender: Male
Re: Cash balance increase
https://www.royalmailpensionplan.co.uk/news
Benefits building up in the RMPP after 1 April 2018 are normally increased each year in accordance with a policy set by Royal Mail Group (RMG). This is based on market conditions from time to time, but the aim is to provide an above inflation increase. We’re pleased to advise that the benefits built up in the Cash Balance fund as at 31 March 2021 for current employees (or those who left since 1 April 2018) were increased on 1 April 2022 by 4.6%. This met RMG’s aim of providing an increase above inflation (based on the CPI measure of 3.1%).
Benefits building up in the RMPP after 1 April 2018 are normally increased each year in accordance with a policy set by Royal Mail Group (RMG). This is based on market conditions from time to time, but the aim is to provide an above inflation increase. We’re pleased to advise that the benefits built up in the Cash Balance fund as at 31 March 2021 for current employees (or those who left since 1 April 2018) were increased on 1 April 2022 by 4.6%. This met RMG’s aim of providing an increase above inflation (based on the CPI measure of 3.1%).
Links to all RM pension related websites are here