CDC nra 67

anini · Post by **anini** » 23 Feb 2018, 22:02

The cdc has a retirement age of 67. We can pay an additional 1% and RM will match it to bring it down to 65 if I'm correct.
What provisions have been made if people want to put in additional AVCs and what will be the age it would be accessible without financial penalties.
I've found nothing in the meagre literature that deals with the issue. I dont think my body can hold up till 65 and a dont want to take a financial hit taking the pension early. The thing that cheeses me off is that under the wrapper its a dc scheme without any of the benefits of the pension freedoms. Your thought.

Post by **RobertT** » 24 Feb 2018, 03:42

anini wrote:The cdc has a retirement age of 67. We can pay an additional 1% and RM will match it to bring it down to 65 if I'm correct.

The extra 1% + 1% relates to the lump sum element(DBLSS) rather than the pension element(CDC). That extra means we would get the same reduced amount at 65 than we would get at 67 without any reduction(in theory).

What provisions have been made if people want to put in additional AVCs

There has been no announcements regarding AVC’s should the scheme be implemented, other than the extra 1% + 1%.

and what will be the age it would be accessible without financial penalties.
I've found nothing in the meagre literature that deals with the issue. I dont think my body can hold up till 65 and a dont want to take a financial hit taking the pension early. The thing that cheeses me off is that under the wrapper its a dc scheme without any of the benefits of the pension freedoms. Your thought.

If the NRA is 67 then I would assume if you want to access it before then, you will have to pay a penalty.

The problem seems to be that it’s billed as a DC scheme, and as far as the legislation is concerned, will be put together as such. But its aim is to provide similar benefits to a DB scheme and it has an NRA attached to it. So personally I don’t see how the pension freedoms can be utilised as they can with a normal DC scheme.

We are supposed to be receiving a booklet in the next week or so, hopefully it will answer some of the questions we all want answering.

Post by **nataddick** » 24 Feb 2018, 22:25

Along with many of my work colleagues, I have a state retirement age of 66 rather than 67, so I am intrigued to see how the new CDC scheme provides for me to access my pension benefits at that time.

BELIAL · Post by **BELIAL** » 24 Feb 2018, 22:32

You will lose an extra 10% of potentially 0So maybe zero effect

Post by **nataddick** » 24 Feb 2018, 22:46

BELIAL - you need to go back and read the agreement and present an ‘informed’ response rather than a flippant one !

The DBCBC is the transitional/fall back position, so that is certainly not a zero effect position for me or others close to retirement. It remains to be seen, if and when CDC is ever introduced, how it might impact on those of us who intend to retire at age 66. I have already written to RM Pensions to raise this particular point.

vmaxv4 · Post by **vmaxv4** » 25 Feb 2018, 08:54

nataddick wrote:Along with many of my work colleagues, I have a state retirement age of 66 rather than 67, so I am intrigued to see how the new CDC scheme provides for me to access my pension benefits at that time.

I’m in the same position ie state Pension of 66.
What Confuses me that the CWU WinRs Scheme afforded us that option of a “ State Pension Ceiling” so why would the CWU concede it’s position on this...

vmaxv4 · Post by **vmaxv4** » 25 Feb 2018, 09:10

Shouldn’t have changed the NRA67.
Therefore any members who’s state Pension age was between 65-67 received their CDC Pension at their prevailing state pension age...
What ever the CDC Scheme throws up!!. The 67 bit was imposed & therefore should be revisited & revised.

NWpostie · Post by **NWpostie** » 25 Feb 2018, 10:35

It should be 60 as that's the standard for company pension schemes, I personally have been working to a retirement at 60, to move the goal post would aggrieve many staffs who have been in the business and had been planning for this.

vmaxv4 · Post by **vmaxv4** » 25 Feb 2018, 11:26

NWpostie wrote:It should be 60 as that's the standard for company pension schemes, I personally have been working to a retirement at 60, to move the goal post would aggrieve many staffs who have been in the business and had been planning for this.

Totally agree.

TheTrolleyMan · Post by **TheTrolleyMan** » 26 Feb 2018, 20:19

NWpostie wrote:It should be 60 as that's the standard for company pension schemes, I personally have been working to a retirement at 60, to move the goal post would aggrieve many staffs who have been in the business and had been planning for this.

When I started at RM it was NRA60 , then it changed to NRA60 / NRA65 , The CWU did nothing ! Now the CWU are going to STIFF me with NRA67 ? Well it'll be a NO vote from me followed by the cancelling of my CWU membership , thanks CWU for shafting your membership !

Post by **rogersh** » 26 Feb 2018, 20:55

nataddick wrote:Along with many of my work colleagues, I have a state retirement age of 66 rather than 67, so I am intrigued to see how the new CDC scheme provides for me to access my pension benefits at that time.

You probably meant state pension age of 66 rather than state retirement age of 66. As retirement age is no longer compulsory.

BELIAL · Post by **BELIAL** » 26 Feb 2018, 21:08

nataddick wrote:BELIAL - you need to go back and read the agreement and present an ‘informed’ response rather than a flippant one !

The DBCBC is the transitional/fall back position, so that is certainly not a zero effect position for me or others close to retirement. It remains to be seen, if and when CDC is ever introduced, how it might impact on those of us who intend to retire at age 66. I have already written to RM Pensions to raise this particular point.

I've read it thanks . No flippancy intended , I thought the subject under discussion was the CDC with retirement age at 67 , but I could be wrong .
As for the SCOOBYDOOBYDOO scheme, go get em shaggy.

Post by **celtic1967** » 27 Feb 2018, 15:54

We will still get our nra 60 and 65 from the pension schemes up til march 18, the nra 67 will apply to the cdc when it begins. Isnt that correct ?

Post by **RobertT** » 27 Feb 2018, 16:59

celtic1967 wrote:We will still get our nra 60 and 65 from the pension schemes up til march 18, the nra 67 will apply to the cdc when it begins. Isnt that correct ?

Yes, the NRA60 and NRA65 will still be as they are now, with the addition of the transitional DBCBS. The NRA67 only applies to the CDC scheme when/if it's implemented.

Ginge · Post by **Ginge** » 27 Feb 2018, 18:59

Can anybody explain the reasoning behind the cwu agreeing to a NRA of 67,I’m struggling to see any benefits to the members??