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RMTV today

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.
postmanpleb
Posts: 34
Joined: 22 Sep 2016, 18:59
Gender: Male

RMTV today

Post by postmanpleb »

At WTL today as usual we had to endure usual propaganda from RMTV. Did anyone see this ? The reason I am asking is it broadcast something about RM & the pre 20012 pension & going to the government & getting their permission to do something with it. I asked the manager about it, he knew nothing neither did the union rep. I have looked online to watch RMTV again but it is four weeks behind.

Up the pinks!
RobertT
EX ROYAL MAIL
Posts: 6645
Joined: 09 Sep 2007, 14:26
Gender: Male

RMTV today

Post by RobertT »

The latest proposal from RM entails linking both the new Cash Balance & the new DC schemes to the RMPP(our post 2012 pension) and the RMSPS(our pre 2012 pension).

As the RMSPS is now paid for by the government, they need the approval of HMRC to ensure the CB/DC scheme does what they say it will do. If HMRC don't agree, they'll have revisit the plans in 2020.

I think that’s what it said anyway.
Links to all RM pension related websites are here
k979aaa
Posts: 12578
Joined: 03 Sep 2007, 19:14
Gender: Male
Location: THE NORTH

RMTV today

Post by k979aaa »

postmanpleb wrote:At WTL today as usual we had to endure usual propaganda from RMTV. Did anyone see this ? The reason I am asking is it broadcast something about RM & the pre 20012 pension & going to the government & getting their permission to do something with it. I asked the manager about it, he knew nothing neither did the union rep. I have looked online to watch RMTV again but it is four weeks behind.

Up the pinks!
Right in 2008 royal mail cut the final salary pension from all it's workers employed at the time to sell the it as a business in 2013 the UK Government took all the liability's for the future of that pension scheme and it's assets all £15.5 BILLION of them so it had clean books when it was sold in October 2013 but since then it invested the money poorly. And are now trying to divest itself of any liability's of pensions which is why most people work for these organisations but they see fit too take us all back to the 1840's before unions with press gangs and highway robbers in the UK boardrooms of this country!
barrowc
EX ROYAL MAIL
Posts: 383
Joined: 12 Mar 2010, 01:36
Gender: Male

RMTV today

Post by barrowc »

From the reply that stephen500 got from Jon Millidge here, the reason for wanting to link the schemes is because you can only take 25% of your pension pot as a tax-free lump sum.

RM's cash balance proposal could result in people building up a cash balance of more than 25% of their post-2012 pension pot. Linking the two pensions back together could make it more likely that the cash balance part would be less than 25% of your overall pension pot (i.e. both before and after 2012)