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.
terrace wrote:A couple of things here
1.Will someone tell Brydon that the Final Salary Scheme closed in 2008.
2. Jane Newell is considering plans to close its retirement scheme to existing members after legislation to part-privatise the postal service was shelved last week.As from 2008 we have a career average scheme ,is she proposing to change it again to some scheme that is even worse just to save money?
3.Why do the media get hear about any pension changes before the members hear about it?
I'd be grateful if anybody had the contact details of Jane Newell,email or postal address,so everyone can write to her and ask her what the hell is going on?
agree with all the points you've made terrace. i've had contact with Ms Newell on this address before but it was over a year ago.
Rest assured, the people who idiotically decided to take a "pensions holiday" all have golden pensions to fund their lavish jet-set lifestyle until they get their congratulations on reaching 100 message from the Queen.
Magnus wrote:Rest assured, the people who idiotically decided to take a "pensions holiday" all have golden pensions to fund their lavish jet-set lifestyle until they get their congratulations on reaching 100 message from the Queen.
And you are so right democracy is a dirty word in the English language it is now seen as corruption and even treason for the people who have brought down the democracy will still cling on to their power we must all restore the democracy and in-turn the rights of the meny over the few!.
terrace wrote:A couple of things here
1.Will someone tell Brydon that the Final Salary Scheme closed in 2008.
Actually it hasn't (i know i agreed with you above) have just realise what they are on about, cute, very cute.
The pension scheme has been 'frozen' which means that it is still open but the current members are not accrueing new benifits, it is in effect 'closed' to new contrabutions from existing members. So closing it would have no adverse consaquencies for the members, but would be a big problem for the shareholders because what they mean when they say 'closed' is 'wound up' which means they would have to pay up the deficit at that point in time.
If Royal Mail do close the pension scheme, can anyone answer any of the following:
1) Will the Union on our behalf look into others schemes.
2) Will we receive 90% of what we have paid in.
A) As a cheque / or paid into your account etc
B) Or will it be paid direct into another scheme.
I've heard be it rumour or speculation the following:
If Royal Mail close the pension scheme they will make sure those that are already receiving pension will continue to do so.
Those that are left will be offered 90% of what they have paid in to reinvest in anyway they see fit.
BlackKat64 wrote:If Royal Mail do close the pension scheme, can anyone answer any of the following:
1) Will the Union on our behalf look into others schemes.
2) Will we receive 90% of what we have paid in.
A) As a cheque / or paid into your account etc
B) Or will it be paid direct into another scheme.
I've heard be it rumour or speculation the following:
If Royal Mail close the pension scheme they will make sure those that are already receiving pension will continue to do so.
Those that are left will be offered 90% of what they have paid in to reinvest in anyway they see fit.
Please can anyone confirm any of the above.
VERY VERY good questions!. But i would like too add where has all the money gone? OK stock market crash and bad interest returns but our PENSION TRUSTEES for that is the name of them is it not have invested it poorly and not in the best interests of the meny only in the few themselves while they have been on a jolly we now find the fund is not sufficiently funded to the tune of 5 billion £!. Is this not gross mismanagement of the fund and as such when will the police be involved or the FSA for what ever good they they were!. It seems to me we are third class citizens of a second class nation in a world of globalisation and those who run this system!.
BlackKat64 wrote:If Royal Mail do close the pension scheme, can anyone answer any of the following:
1) Will the Union on our behalf look into others schemes.
2) Will we receive 90% of what we have paid in.
A) As a cheque / or paid into your account etc
B) Or will it be paid direct into another scheme.
I've heard be it rumour or speculation the following:
If Royal Mail close the pension scheme they will make sure those that are already receiving pension will continue to do so.
Those that are left will be offered 90% of what they have paid in to reinvest in anyway they see fit.
Please can anyone confirm any of the above.
Q1) Your already in a diffrent scheme.
Q2) The 90% figure your reffering to is what the PPF (pension protection fund) genrally pays out. The PPF is a saftey net which ensures payments to members of occupational pension schemes when there is insufficient assets in the fund and the sposering employer is unable to fund the scheme. but don't worry about that I gaurentee you will recieve your full pension! To qualifiy for the PPF the sponsoring employer must go into administation. never going to happen
1) We are currently in a career average scheme,although there is talk of that changing,probably to a money purchase plan.
2) If the scheme is closed the benefits that you have built up to the date of that change will be protected by law - if RM go bust then 90% of those benefits will be protected via the PPF,assuming of course that doesn't go bust too!
If you were to add up all the contributions you've made into the RM pension they will be a lot less than the value of the benefits you've built up. So even if we were given the option of recieving a cheque or transfer to another scheme it would be madness to take it.