Pension plan booklet

Your late today · Post by **Your late today** » 28 Feb 2018, 13:52

I had my 2018 pension review plan today it hurt my brain trying to read it. They never make it simple do they and for the illustrations in the back they haven’t got one for age 55 in 2018 earning £21,000 and 20 years service .

shepherdess · Post by **shepherdess** » 28 Feb 2018, 14:22

If you want to go with the union advice I take it you need not do anything

TheTrolleyMan · Post by **TheTrolleyMan** » 28 Feb 2018, 18:28

As this new. Pension scheme was created by the CWU and it's the best pension scheme ever I take it the CWU will be sending us all a Pension Illustration with my 21k. Pensionable Pay included in it and not the bullshite 25k figures ?

cubanpete · Post by **cubanpete** » 28 Feb 2018, 18:44

Surely it would be a relatively simple thing in this day and age to create an online tool, where people can put in their age, salary and length of service details, then it could produce projections for each scheme upon retirement. If neither the powers that be at Royal Mail or the CWU can do that then they should all resign, put their salary and pension packages in to our pension funds and leave our pension scheme as it is.

gary1975 · Post by **gary1975** » 01 Mar 2018, 07:05

cubanpete wrote:Surely it would be a relatively simple thing in this day and age to create an online tool, where people can put in their age, salary and length of service details, then it could produce projections for each scheme upon
retirement. If neither the powers that be at Royal Mail or the CWU can do that then they should all resign, put their salary and pension packages in to our pension funds and leave our pension scheme as it is.

They probably could buy don't want you to see how much your losing from your current pension,if we pretend everyone earns 25k it doesn't look so bad

fishtank · Post by **fishtank** » 01 Mar 2018, 09:44

shepherdess wrote:If you want to go with the union advice I take it you need not do anything

Any advice or position given by the union is directed at the membership, the union believes (rightly or wrongly) that the pension solution is best for the membership as a whole, it is very important that it is not seen or taken as advice to the individual. If you are unsure it's best to seek independent professional advice.

Martin Walsh · Post by **Martin Walsh** » 01 Mar 2018, 10:19

Dear All

We have had a number of reps contact us seeking some advice and guidance on what their members should do regarding the pension document/ form from RM today .

We contacted Paul Kennedy CWU pension Trustee seeking some advice and guidance . Please see Paul’s response .

Mark Martin John

Subject: Royal Mail Pension Booklet

Dear All,

Royal Mail has recently posted a booklet and a Joining RMDCP Form to current RMPP Members home addresses.

I have already received a number of queries about the Joining RMDCP Form and whether members need to complete this. This form ONLY needs to be completed if an RMPP Member does NOT wish to be automatically enrolled in the Defined Benefit Cash Balance Scheme that will replace the RMPP from April, but instead wishes to join the Royal Mail Defined Contribution Scheme.

Members who wish to join the DB Cash Balance Scheme do not need to take any action. In the vast majority of cases the Cash Balance Scheme will be a better Scheme for ex-RMPP Members than the RMDCP Scheme.

I am on leave this week but hope to publish some detailed guidance on pensions when I return to work.

Many thanks

Paul Kennedy
Divisional Representative

Martin Walsh · Post by **Martin Walsh** » 01 Mar 2018, 10:20

Dear All

We have had a number of reps contact us seeking some advice and guidance on what their members should do regarding the pension document/ form from RM today .

We contacted Paul Kennedy CWU pension Trustee seeking some advice and guidance . Please see Paul’s response .

Mark Martin John

Subject: Royal Mail Pension Booklet

Dear All,

Royal Mail has recently posted a booklet and a Joining RMDCP Form to current RMPP Members home addresses.

I have already received a number of queries about the Joining RMDCP Form and whether members need to complete this. This form ONLY needs to be completed if an RMPP Member does NOT wish to be automatically enrolled in the Defined Benefit Cash Balance Scheme that will replace the RMPP from April, but instead wishes to join the Royal Mail Defined Contribution Scheme.

Members who wish to join the DB Cash Balance Scheme do not need to take any action. In the vast majority of cases the Cash Balance Scheme will be a better Scheme for ex-RMPP Members than the RMDCP Scheme.

I am on leave this week but hope to publish some detailed guidance on pensions when I return to work.

Many thanks

Paul Kennedy
Divisional Representative

Celgar · Post by **Celgar** » 01 Mar 2018, 10:38

I haven't opened the envelope yet. The whole thing sounds very messy and difficult for most people to fathom. The pension forecasts and other pension information are not usually that easy to understand. With an option to move to different schemes already before the CDC decision has been finalised seems like a minefield.

Post by **Aquarius** » 01 Mar 2018, 10:52

I have not received the booklet/forms yet -

A few weeks before the RMPP closes for good and we find ourselves in this mess !

Disgrace

fishtank · Post by **fishtank** » 01 Mar 2018, 11:33

In the vast majority of cases the Cash Balance Scheme will be a better Scheme for ex-RMPP Members than the RMDCP Scheme

Whether it's true or not it's a silly thing to put in the letter and post on here.
Asking for trouble.

Martin Walsh · Post by **Martin Walsh** » 01 Mar 2018, 14:57

ROYAL MAIL PENSIONS INFORMATION

Dear Colleague,

Royal Mail Pensions

This week members will have received a Pension Booklet from the business explaining the changes to Royal Mail pensions following the Agreement reached with the CWU.

The Booklet provides some detailed illustrations and typical examples for current members of the Royal Mail Pension Plan (RMPP) and the Royal Mail Defined Contribution Plan (RMDCP). To provide clarification following enquiries from members, we set out the options below:

All current members of the RMPP will start building up benefits in the transitional Defined Benefit Cash Balance Scheme (DBCBS) from 1st April 2018. This will happen automatically from this date. No action is required by RMPP members.

All current members of the RMDCP with at least 5 years’ service in the scheme have the option of a) joining the DBCBS Scheme from 1st April 2018 or b) going to the improved top tier of the RMDCP Scheme. If you wish to exercise these options you need to compete and return the appropriate form to Royal Mail.

All RMDCP members with less than 5 years’ service will automatically be moved to the improved top tier of the DC Scheme on the 1st April 2018. (where employees will pay 6% contribution and the company 10%). Members can choose to contribute less if they wish to.

Yours sincerely,

Terry Pullinger

Deputy General Secretary (Postal)

fishtank · Post by **fishtank** » 01 Mar 2018, 15:18

All current members of the RMPP will start building up benefits in the transitional Defined Benefit Cash Balance Scheme (DBCBS) from 1st April 2018. This will happen automatically from this date. No action is required by RMPP members.

RMPP members also have the option of joining the RMDC plan instead of the DBCB scheme.
As this has been ommited from this letter it may be wise to revisit this before it's sent to members.