Q & A re New Collective Pension

[rogersh]

I am currently aged 65 & a member of the RMDCP.

In the current scheme, on remaining an employee with Royal Mail, I & RM would continue to pay contributions until I decided to leave anytime after my state pension age of 66.

My question therefore is;
Does the new Collective scheme offer the same arrangement if an employee continued to work past the age of 67.

consultationquestion@royalmail.com Response;
Thank you for your email.

Yes, the start of the Collective plan would not affect when you can take any of your pension benefits and you can still take those benefits while you are still working. You could still take your Collective plan benefits before age 67, less an early retirement reduction or for as long as you are still working for RM and are contributing to the Collective plan you could continue to build up benefits after age 67.

[tractorboy2]

I am currently aged 65 & a member of the RMDCP.

In the current scheme, on remaining an employee with Royal Mail, I & RM would continue to pay contributions until I decided to leave anytime after my state pension age of 66.

My question therefore is;
Does the new Collective scheme offer the same arrangement if an employee continued to work past the age of 67.

consultationquestion@royalmail.com Response;
Thank you for your email.

Yes, the start of the Collective plan would not affect when you can take any of your pension benefits and you can still take those benefits while you are still working. You could still take your Collective plan benefits before age 67, less an early retirement reduction or for as long as you are still working for RM and are contributing to the Collective plan you could continue to build up benefits after age 67.

How long did it take for you to get your answer ? All I have received so far is an automated response.

[rogersh]

Email sent on 19th September - Response the following day.

[borders]

Hello, will you be able to take all of your benefits as a Lump Sum only in the new Collective Plan ?


Thanks for your email.



No you won’t be able to take all benefits in the new plan as cash, but you will be able to transfer the benefits to another pension arrangement if you wanted to.



The CWU was never happy with “cash-out” pension schemes and wanted a new pension scheme for all employees that provides a “wage in retirement”. Hence the new Collective plan will primarily provide a pension (paid in monthly instalments), but there will be a cash sum paid as well.



Regards

[tractorboy2]

Email sent on 19th September - Response the following day.

I sent an email on the 21st , still awaiting a response.
Has me questioning whether to join or not.