Experts dismiss Royal Mail hybrid pension proposal

[RobertT]

Your state pension age is currently 67, while for some younger than you it’s already 68. Yours (and mine) might increase to 68 aswell but is unlikely to increase above that age. Although many people in their 20’s & 30’s and younger will probably have to wait until 70+ to get their state pension.

The CWU’s proposals do state that there will be the ability to take the pension early in a similar way to now, with a 5% reduction for each year.

But whether RM agree to adopt the unions proposals are another matter. I can’t really see it myself!

[vmaxv4]

The governments latest review on "smoothing " the state pension can be viewed here.
https://www.gov.uk/government/publicati ... nal-report" onclick="window.open(this.href);return false;

[RobertT]

There’s been two reports published recently on the proposed increase in state pension age, they give different scenarios for the transistion from 67 to 68 and beyond. The one you’ve linked to has that down as between 2037-2039, while with the other one it’s to be done by 2028.
I believe the government are due to make a decision in May. Should be interesting.

Here’s something a bit shorter to read: http://www.bbc.co.uk/news/business-39352654" onclick="window.open(this.href);return false;

[vmaxv4]

Many will be hoping that the treasury won't get there way!!

In an extreme scenario, experts from the Government Actuary's Department (GAD) said the state pension age could be raised as high as 70 as soon as 2054.
In the worst-case situation, the GAD calculations also suggest that the change in the retirement age from 67 to 68 could be pulled forward by as much as 16 years.
So while that increase is not due to happen until 2044, it could be brought in as soon as 2028, affecting those now in their late 50s.

The report I posted above is Cridland's "modest " approach to increasing the state pension age..

[cloherty1976]

Surely if you read the union proposal it says the word likely. Surely no company is going to except a gamble on such vast amounts of money. Anyone can make assumptions on what can be made on investments but reality it's a lot harder. People don't realise that so many posties are putting so little into there pensions and are more interested in pay rises than pensions. The reality is if there's not enough in the pot it won't be paid out. Everyone has a different view on this and there is no right or wrong answer just what your circumstances are and what you hope to achieve.

[RobertT]

Many will be hoping that the treasury won't get there way!!

In an extreme scenario, experts from the Government Actuary's Department (GAD) said the state pension age could be raised as high as 70 as soon as 2054.
In the worst-case situation, the GAD calculations also suggest that the change in the retirement age from 67 to 68 could be pulled forward by as much as 16 years.
So while that increase is not due to happen until 2044, it could be brought in as soon as 2028, affecting those now in their late 50s.

The report I posted above is Cridland's "modest " approach to increasing the state pension age..

I’m one of them!
I’ve seen my state pension age increase from 65 to 66.2 and currently to 67. I certainly don’t want to wait until 68.

[vmaxv4]

I’m one of them!
I’ve seen my state pension age increase from 65 to 66.2 and currently to 67. I certainly don’t want to wait until 68.

First reports i heard was sometime ago. If you we're born before April 1960 your pension age would remain at 65. Great dodged the bullet by two weeks..
No so now 66...

[vmaxv4]

Forgive me if im wrong as this whole talk of pensions is a minefield but is the CWU proposal not based on workers claiming their pension at government retirement age which at this time is 67 and more than likely to be 70 within the next few years. If so this frightens the hell out of me because being 47 I cannot see me lasting another 20 - 23 years especially with the way the job is going putting a far more demanding toll on bodies etc, is there scope with the CWU proposal to draw the pension at an earlier age say 60 ?

Maybe ive missed something so if anyone can enlighten me I would be grateful as ive done 30 years and I honestly think another 13 and I will be ready to call it a day and try and ejoy a bit of life.

Stunl3y is rightly concerned about increasing state pension age.
We have shown that whatever reports/reviews the government come up with, the conning b*stards will always Shaft us!!
That's why it's imperative that the Winrs scheme MUST have the opportunity to take the pension early..

[Spedley]

I thought that the only risk to RM was that they'd have to pay 17% contributions max. If the performance was poor then they'd top up the rest - up to 17% and if it was going well then they'd pay a lower contribution.
Sure, the risk is there but with a cap which is currently lower than present it seems a fair trade off.

[heapsy]

I agree, been with RM for nine years on new scheme. Ironic that the guys who need our support now are the guys who allowed the intro of the new scheme ten years ago. No talk of strike action then was there. Pretty certain majority of employees with less than ten years service will not support a vote for action. What comes round......

Factually wrong, but if you subscribe to the apparently conservative view of screw them before they screw me, your support won't be missed.

You really shouldn't rely on the managers for your information.


http://news.sky.com/story/royal-mail-st ... r-10431319" onclick="window.open(this.href);return false; ballot for strike Action partly over pensions in 2013

RMCs own poll over the changes in 2008 http://www.royalmailchat.co.uk/communit ... =27&t=9850" onclick="window.open(this.href);return false;

and over 3 pages of various threads re the pension changes http://www.royalmailchat.co.uk/communit ... &start=960" onclick="window.open(this.href);return false;

If you think thats nothing............. <shrugs>

You're right TBT. However, the current section C members were shafted before they even joined the business with the changes made in 1987. I stood on every picket line at our office last time. Don't think I will this time, people are just not bothered about their own future. I don't see the point in losing more money for people that are not interested, and to support a union that let us down last time. In our office nearly 30 people, out of a total of around 90 are in the DC scheme. Can't see them striking.

[cloherty1976]

I agree, been with RM for nine years on new scheme. Ironic that the guys who need our support now are the guys who allowed the intro of the new scheme ten years ago. No talk of strike action then was there. Pretty certain majority of employees with less than ten years service will not support a vote for action. What comes round......

Factually wrong, but if you subscribe to the apparently conservative view of screw them before they screw me, your support won't be missed.

You really shouldn't rely on the managers for your information.


http://news.sky.com/story/royal-mail-st ... r-10431319" onclick="window.open(this.href);return false; ballot for strike Action partly over pensions in 2013

RMCs own poll over the changes in 2008 http://www.royalmailchat.co.uk/communit ... =27&t=9850" onclick="window.open(this.href);return false;

and over 3 pages of various threads re the pension changes http://www.royalmailchat.co.uk/communit ... &start=960" onclick="window.open(this.href);return false;

If you think thats nothing............. <shrugs>

You're right TBT. However, the current section C members were shafted before they even joined the business with the changes made in 1987. I stood on every picket line at our office last time. Don't think I will this time, people are just not bothered about their own future. I don't see the point in losing more money for people that are not interested, and to support a union that let us down last time. In our office nearly 30 people, out of a total of around 90 are in the DC scheme. Can't see them striking.

Same in my office but I couldn't tell how many are already collecting there pension and will not be on the picket line too

[Blackburn4511]

i dont see how there will actaully be a strike.


between the young pups in the DC itching for an extra check (effectively a bribe not to picket), the veterans who are resigned to get bent over yet again, and others who frankly dont care or dont realise the grave importance of what is going on....

RM + moya know this.

silver lining would be that hefty dividend wont be going anywhere (although better for moya than the average postie....)

[k979aaa]

The very people who say this not workable are those who will gain from it not working.

[daveyeff]

I agree, been with RM for nine years on new scheme. Ironic that the guys who need our support now are the guys who allowed the intro of the new scheme ten years ago. No talk of strike action then was there. Pretty certain majority of employees with less than ten years service will not support a vote for action. What comes round......

Factually wrong, but if you subscribe to the apparently conservative view of screw them before they screw me, your support won't be missed.

You really shouldn't rely on the managers for your information.


http://news.sky.com/story/royal-mail-st ... r-10431319" onclick="window.open(this.href);return false; ballot for strike Action partly over pensions in 2013

RMCs own poll over the changes in 2008 http://www.royalmailchat.co.uk/communit ... =27&t=9850" onclick="window.open(this.href);return false;

and over 3 pages of various threads re the pension changes http://www.royalmailchat.co.uk/communit ... &start=960" onclick="window.open(this.href);return false;

If you think thats nothing............. <shrugs>

You're right TBT. However, the current section C members were shafted before they even joined the business with the changes made in 1987. I stood on every picket line at our office last time. Don't think I will this time, people are just not bothered about their own future. I don't see the point in losing more money for people that are not interested, and to support a union that let us down last time. In our office nearly 30 people, out of a total of around 90 are in the DC scheme. Can't see them striking.

Same in my office but I couldn't tell how many are already collecting there pension and will not be on the picket line too

it isn't just about pensions though. as dingo has pointed out. they are coming for our T&Cs. this is why the pension won't be de-coupled from the other stuff in the pay talks.

[robsbelly]

Wow those postmen and women with less than 10 years service on DC pension.will not vote for strike action we'll be prepared for a worse pension if royal mail bring this in.