Male and female pension inequality

[arsenalbob]

Hi all. Just wondering what this investigation is about ironing out sex inequality in pension schemes. It’s for the period 1978 to 1997. I had no idea postwomen’s pension benefits were worse than men’s.

[RobertT]

In general women tend to build up less pension than men, due to them being more likely to work part time and having time away from the workforce to bring up children.

But I think you're referring to the Guaranteed Minimum Pension, that's often factored into DB schemes due to many of them having previously been contracted out of the state second/additional pension?

The amount of GMP payable can vary between the sexes, due to the increase in state pension age, which has seen a bigger increase for women. It's that increase in SPA that's meant some women might be worse off.

The RMSPS website has info on how GMP affects those benefits: https://www.royalmailsps.co.uk/faqs

Alternatively, this British Airways pension site provides fairly easy to understand general GMP info: https://www.mybapension.com/aps/scheme/ ... -treatment

[arsenalbob]

Thanks for replying I’ll have a proper read later. I got the letter from the pension people this morning referring to GMP and how it might affect me. Couldn’t make much sense of it. As long as I don’t take a hit in what is not a great pension I don’t mind the investigation

[andyP]

I received the same letter this morning. Having read it it am I correct in thinking it will only affect woman who were working within Royal Mail?

As someone who is in receipt of their pension, and I suspect many will have the same question - will we have to pay monies back or could we be in line for an additional payment?

Thanks.

[arsenalbob]

I received the same letter this morning. Having read it it am I correct in thinking it will only affect woman who were working within Royal Mail?

As someone who is in receipt of their pension, and I suspect many will have the same question - will we have to pay monies back or could we be in line for an additional payment?

Thanks.

Hi I’m assuming you’re a bloke? I’ve read the links that Robert T kindly posted and from what I can make out the Royal Mail pensions team will recalculate the pension you built up until 1997 as if you were a woman. If,as I suspect, you would’ve built up more pension as a woman you will be reimbursed some time in 2024 to equal things up. This is because women used to get the state pension at 60 and would’ve needed the GMP to be built up quicker.

[drokk54]

I got the letter this morning,Friday. I understand the equality part, and making amends where due, it reads that woman will be increased as they were disadvantaged, but step.2 on the letter reads that men will have their pensions lowered as we had an advantage, but don’t worry, we won’t take back overpayment.. (!)

Am I reading this wrong, if they are equalizing women to men, then how can they lower men?
Or do they intend to teach a middle ground between to two?

I write as a man and someone who was medically retired and has begun my pension at 55.

Picture of letter attached.

[arsenalbob]

I got the letter this morning,Friday. I understand the equality part, and making amends where due, it reads that woman will be increased as they were disadvantaged, but step.2 on the letter reads that men will have their pensions lowered as we had an advantage, but don’t worry, we won’t take back overpayment.. (!)

Am I reading this wrong, if they are equalizing women to men, then how can they lower men?
Or do they intend to teach a middle ground between to two?

I write as a man and someone who was medically retired and has begun my pension at 55.

Picture of letter attached.

I think it’s he men that have been disadvantaged. The girls were building their pensions quicker because they were getting their state pensions 5 years before men

[fly-catchers]

I assume that everyone who has a pension in that period will get a letter at some point?

[seanocelt]

Must admit I instantly thought men's will reduce , now reading comments i really am clueless. Any help appreciated, thanks .