CDC Further Delay Indicated

[rogersh]

To quote Terry Pullinger DGSP from facebook live yesterday. "... Initially we were hoping for April (2022), that could be delayed a bit from what we are being told today..."
Edit; This was broadcast a month ago, not yesterday.

[RobertT]

Any idea when in the video that was said, as I've just wasted half an hour semi watching it and can't remember hearing the CDC pension mentioned.

[rogersh]

Robert, The time was 41:58. I watched on youtube. LIVE session on Royal Mail Group pensions with DGSP Terry Pullinger

https://www.youtube.com/watch?v=oUcDiiU ... el=CWULive

Edit;
Apologies for the confusion, what I saw was broadcast a month ago.

[RobertT]

[Roundone]

This was a month ago. So do we know if there is a delay or not? i Havn't seen any other news about it.

[RobertT]

Up to now there has never been a set date for the implementation of the CDC scheme, so I'm not sure whether anybody can say there's been a delay as such.
But it's already taken longer than anyone expected and the regulatory process still hasn't run it's course.

Going by what Terry Pullinger says in the video, RM CDC is basically set up and ready to go, but they're waiting for the Dept. for Work and Pensions and the Pensions Regulator to do their bit before RM can apply to start the scheme.

I think it was first suggested RM should go the CDC route back in 2017 and that was confirmed in 2018 with the 4 Pillars agreement and it's still rumbling on today. The way things are going I'll be retired before it starts.

[JKSmudge]

Just a few years from retirement.. DC may not be great but at least I have a ballpark figure of what I will get

[RobertT]

Just a few years from retirement.. DC may not be great but at least I have a ballpark figure of what I will get

DC pensions are dependent on investment returns, just as CDC will be.

The aim is for our CDC pensions to increase by inflation each year, so by default the investments shouldn't need to be drastically risky.

CDC provides a ballpark figure of a pension of 1/80th and a lump sum of 3/80th of pensionable pay for each year of employment.