Royal Mail pension news and discussion.Please note the advise given in this forum is unofficial, please use the links we have for a more detailed response or see an independent financial adviser.
Just got off the phone with pensions..................
...... Also said new pension scheme wont start this year.
Is this official? Any more details on this statement.
The last bit of legislation is due to be in place by early August and then RM, and any other interested companies, can apply to The Pensions Regulator to start their CDC scheme.
I don't think anybody really knows how long that application process will take, but personally I can't see it being less than 2-3 months.
In the A4 CDC booklet we all got a few months back , they did say they they would write to us again about 3 months before the start date. So realistically we're probably into next year.
Just got off the phone with pensions. Mine is over £24,000 to end March 2022. They did confirm you can take a small percentage of it with NRA60 .Without taking NRA65. Depends if you take max lump sum from NRA60. Might work out better to take highest monthly pension and boost tax free lump sum from cash balance.
Also said new pension scheme wont start this year.
Is that figure right ? Well done if it is
Yeah. Was 18k last year 3 years paid in.
Ok cool
I am assuming you must do a fair bit overtime ?
I am full time 37h no overtime built up about £16000 in 4 years
No Overtime . 36hr 15 min week.
OK thanks
Just wondering how we are in the same scheme/salary(ish)/scheme start date/payment amount etc etc - you have built up about £8000 more than i have.
Either i am thick (true) or i am doing something wrong (probable)
Someone in section B builds up more than section C, due to C'ers having the lower earnings deduction.
Some are on nights and so have more allowances.
Some drive the trucks.
In short we are not all on the same pay or in exactly the same pension scheme.
Someone in section B builds up more than section C, due to C'ers having the lower earnings deduction.
Some are on nights and so have more allowances.
Some drive the trucks.
In short we are not all on the same pay or in exactly the same pension scheme.
RobertT Spot on. I'm an LGC Night driver pensionable pay around 34k per year. Before i made the move i was EX PHG on nights with mech allowance and full night rate pensionable that was around 31k pensionable pay
Someone in section B builds up more than section C, due to C'ers having the lower earnings deduction.
Some are on nights and so have more allowances.
Some drive the trucks.
In short we are not all on the same pay or in exactly the same pension scheme.
RobertT Spot on. I'm an LGC Night driver pensionable pay around 34k per year. Before i made the move i was EX PHG on nights with mech allowance and full night rate pensionable that was around 31k pensionable pay
Ahhh now i see the light
Thanks
RobertT - Lower Earnings Deduction is that ending or changing soon for Section C members ?
I am sure i read that somewhere
Someone in section B builds up more than section C, due to C'ers having the lower earnings deduction.
Some are on nights and so have more allowances.
Some drive the trucks.
In short we are not all on the same pay or in exactly the same pension scheme.
RobertT Spot on. I'm an LGC Night driver pensionable pay around 34k per year. Before i made the move i was EX PHG on nights with mech allowance and full night rate pensionable that was around 31k pensionable pay
Ahhh now i see the light
Thanks
RobertT - Lower Earnings Deduction is that ending or changing soon for Section C members ?
I am sure i read that somewhere
You're Hyrrokkin. Sadly those of us who have put the time in wont get much benefit from that change. Most wont be able to work until 67 if they are in delivery. Yet again there's discrimination not only from RM but our union has only just around to righting a wrong that they were partly responsible for in the first place.
RobertT - Lower Earnings Deduction is that ending or changing soon for Section C members ?
I am sure i read that somewhere
The LED currently applies to section C & F members of the RMPP.
The new CDC scheme will be completely separate from all existing RM pensions and there will not be any sort of similar reduction.
All basic pay and pensionable allowances will be used to work out an individuals pensionable pay and therefore how much pension and lump sum they build up.
But on the downside, weekly contributions for section C & F members will increase because they'll be paying 6% of a larger amount.
Someone in section B builds up more than section C, due to C'ers having the lower earnings deduction.
Some are on nights and so have more allowances.
Some drive the trucks.
In short we are not all on the same pay or in exactly the same pension scheme.
RobertT Spot on. I'm an LGC Night driver pensionable pay around 34k per year. Before i made the move i was EX PHG on nights with mech allowance and full night rate pensionable that was around 31k pensionable pay
Ahhh now i see the light
Thanks
Hyrrokkin.
My last months pensionable contribution pay was £2940 . I paid £165.40 into pension pot. I'm on monthly pay. Best advice i can give any postie on delivery. Pay for your HGV Yourself. Do the CPC Course. Then apply to the nearest VOC For adhoc work. Once there you can discuss full time move. Thats what i did a few years ago.
RobertT - Lower Earnings Deduction is that ending or changing soon for Section C members ?
I am sure i read that somewhere
Someone in section B builds up more than section C, due to C'ers having the lower earnings deduction.
Some are on nights and so have more allowances.
Some drive the trucks.
In short we are not all on the same pay or in exactly the same pension scheme.
RobertT Spot on. I'm an LGC Night driver pensionable pay around 34k per year. Before i made the move i was EX PHG on nights with mech allowance and full night rate pensionable that was around 31k pensionable pay
Ahhh now i see the light
Thanks
Hyrrokkin.
My last months pensionable contribution pay was £2940 . I paid £165.40 into pension pot. I'm on monthly pay. Best advice i can give any postie on delivery. Pay for your HGV Yourself. Do the CPC Course. Then apply to the nearest VOC For adhoc work. Once there you can discuss full time move. Thats what i did a few years ago.
RobertT - Lower Earnings Deduction is that ending or changing soon for Section C members ?
I am sure i read that somewhere
Thanks Duran and of course RobertT
Always nice to get a clearer understanding - especially in the fun vague complicated world of RM pensions