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Is the Final Salary part still linked to wages?

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.
fly-catchers
EX ROYAL MAIL
Posts: 573
Joined: 05 Oct 2008, 16:38
Gender: Male

Is the Final Salary part still linked to wages?

Post by fly-catchers »

I know it along with the Career Average pension were delinked from the salary in March 2014. But when reading the latest Benefit Illustration that arrived today it still sounds as if the Final Salary part is still linked. It said your pension might be lower than last year if your final salary pay has been reduced. Also on page 7 while it said the CSDB is increased each year by inflation RPI. The final salary pension is based on the number of years & days worked and your CURRENT pensionable salary. Surely that is a bit misleading?

Also the other leaflet that came with the illustration really sounded quite rosy at the moment and only a vague hint of the troubles ahead!
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cloherty1976
MAIL CENTRES/PROCESSING
Posts: 1236
Joined: 11 Mar 2010, 12:16
Gender: Male
Location: The south

Is the Final Salary part still linked to wages?

Post by cloherty1976 »

fly-catchers wrote:I know it along with the Career Average pension were delinked from the salary in March 2014. But when reading the latest Benefit Illustration that arrived today it still sounds as if the Final Salary part is still linked. It said your pension might be lower than last year if your final salary pay has been reduced. Also on page 7 while it said the CSDB is increased each year by inflation RPI. The final salary pension is based on the number of years & days worked and your CURRENT pensionable salary. Surely that is a bit misleading?

Also the other leaflet that came with the illustration really sounded quite rosy at the moment and only a vague hint of the troubles ahead!
Final salary is the years you worked up until March 2008 I believe
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Kevin.r.smith
Posts: 44
Joined: 19 Aug 2014, 07:20
Gender: Male

Re final salary

Post by Kevin.r.smith »

just receive my pension statement for 2016 and my final salary part is lower then 2015. Page 4 on statement 2015 final salary pension £8152. 2016 statement page 4 it's gone down to £7791 I don't why help
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Kevin.r.smith
Posts: 44
Joined: 19 Aug 2014, 07:20
Gender: Male

Re final salary

Post by Kevin.r.smith »

Kevin.r.smith wrote:just receive my pension statement for 2016 and my final salary part is lower then 2015. Page 4 on statement 2015 final salary pension £8152. 2016 statement page 4 it's gone down to £7791 I don't why help
Just got a reply from the pensions people it seems they made a mistake on my final salary they now increase it to £8346 they sent me amended letter with no apology so people out there double check your pension statement.
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