RMDCP TO DCBCS

[vmaxv4]

A question on behalf of a mate.
PSC has contacted him regarding the anniversary of being in the RMDCP (Scottish Widows) of 4 years in February 2023.
They have sent him forms to join the DCBCS scheme.
He is contributing 6%.
What are the pros and cons?
However they also mentioned that the CDC is in the process of being introduced & explain that he might not be in the DCBCS for long..
Any thoughts!

[RobertT]

He won't be in it for long, personally I wouldn't bother.

[vmaxv4]

Would this be a separate scheme again?
ie, Not consolidated

[RobertT]

The RMDCP, RMPP(DBCBS) and RMCPP(CDC) are all separate from each other.

There is no ability to transfer from the RMDCP to the DBCBS or vice versa, although it would be possible to transfer out of both into another DC scheme.

There may be the ability to transfer into RMCPP, but that decision hasn't been made public yet.
The CDC Q&A's says:

7. Can I transfer the benefits I’ve already built up into the new plan?
The decision as to whether transfer values would be accepted by the new Collective Plan is the responsibility of the Trustees of the Collective Plan. More detail will be provided in communications in the run up to the launch of the Plan.

https://www.myroyalmail.com/collective-plan

[vmaxv4]

Will pass on your advice.
Cheers Robert