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Reducing hours effect on pension

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.
wolfman
MAIL CENTRES/PROCESSING
Posts: 111
Joined: 13 Jun 2009, 13:55
Gender: Male

Reducing hours effect on pension

Post by wolfman »

Does reducing your hours only effect your collective plan pension or can it effect your nra 65 pension too? Will your cash balance fund remain the same as that has now ceased? Might sound like a sill question but just wanted to make sure of this as im thinking of reducing my hours and not sure how it all works? Thanks :Very Happy
RobertT
EX ROYAL MAIL
Posts: 6642
Joined: 09 Sep 2007, 14:26
Gender: Male

Re: Reducing hours effect on pension

Post by RobertT »

RMPP and RMSPS benefits won't change by reducing your hours, which includes Age60, Age65 and DBCBS.

RMCPP benefits accrued up to a reduction of hours won't change, but you'll build up less going forward because your pensionable pay will be lower. That includes pension and lump sum(inc booster).
Although any overtime a part timer does up to full time hours, is also pensionable.
Links to all RM pension related websites are here
wolfman
MAIL CENTRES/PROCESSING
Posts: 111
Joined: 13 Jun 2009, 13:55
Gender: Male

Re: Reducing hours effect on pension

Post by wolfman »

Thanks for that Robert appreciate it.