What is Pension made up of.

[Hawkey99]

Just wondered what parts of pay your pension is made up of (i.e. Basic, OT, allowances, door to door, driving, PBS) and how this will change under the new plans.

Thanks you

[k979aaa]

Lots of things but not all but you have a lower earnings limit which you do not normally pay but things can change!

[RobertT]

I’m no expert on what is pensionable and what isn’t to be honest, as the only element of my own pay that’s pensionable is just the basic £412. But my understanding is :

Basic – yes.
OT – no.
Allowances – some are.
D2D – we don’t get paid for them separately, so no.
Driving – legacy payments – no; HGV etc – unsure.
PBS – unsure.

I’m sure someone will come along and fill in the gaps or correct me if I’m wrong.

Under the original DC proposal all current pensionable allowances would no longer be so. While Section C members would no longer have the LED of £3,328 taken off when calculating pensionable pay. Details in the booklet we received.

Under the Cash Balance alternative, Section C members would continue to have the LED reduction but the proposed RM contribution would be higher at 12.6%. There has been no mention of how allowances would be treated afaik.

RM also plan to stop paying some allowances altogether, but as discussions are ongoing we don’t yet know how things will pan out exactly.

[Hawkey99]

Thank you Robert.

Bloody discussions seem to be going on forever with no updates.

Still fingers cross there are a few more concessions to come our way yet....

[k979aaa]

Thank you Robert.

Bloody discussions seem to be going on forever with no updates.

Still fingers cross there are a few more concessions to come our way yet....

Do reckon seriously the very announcement was inevitable after the failure to secure the final salary pension scheme last time around ever herd the saying give them an inch and they will take a mile!