Pensionable pay rmcpp

[Dexydog]

So 1st week of new pension.
£14.74 rmcpp which is correct at 6%
Pension contributions pay in top right hand corner says £136.52.
This is an 18 hour contract.
Some arrears of rmdcp which is correct.
My question, 13.6% is great and all that, just not of this amount
Are we being duped , or likely to be 1st week anomaly?

As an edit- I still don't have a clue where this is being invested or how to check the amounts going in and the progress.
I haven't done the lump sum booster or avc's until I know more. (I do believe avc's are being invested with Scottish Widows, but no clue if this is viewable as part of the existing log in on Moneyforlife in there).

[Sputters]

Does anyone know why the pension payment and avc have moved to the deduction side of the payslip .are we not getting tax relief on them now .

[Dexydog]

Mine has stayed on the left side, so in PSE.

[Dexydog]

Could anyone reading this thread have a look in top right and see how much their pensionable pay rate is, and correspondingly how many hours their comtract is.

[RobertT]

As an edit- I still don't have a clue where this is being invested or how to check the amounts going in and the progress.

You'll get an annual statement telling you how much pension and lump sum(inc booster) you have, including any increases or decreases.

I assume the yearly report and accounts will include fairly basic investment info such as asset classes and a list of fund managers, like the RMPP does.

I haven't done the lump sum booster or avc's until I know more. (I do believe avc's are being invested with Scottish Widows, but no clue if this is viewable as part of the existing log in on Moneyforlife in there).

I had both Bonusplan and Flexiplan, which had separate login details with SW, so those who pay into the new AVC's will probably get details in due course.

[RobertT]

Does anyone know why the pension payment and avc have moved to the deduction side of the payslip .are we not getting tax relief on them now .

You'll still be getting tax relief but not the benefit of PSE.

[Dexydog]

As an edit- I still don't have a clue where this is being invested or how to check the amounts going in and the progress.

You'll get an annual statement telling you how much pension and lump sum(inc booster) you have, including any increases or decreases.

I assume the yearly report and accounts will include fairly basic investment info such as asset classes and a list of fund managers, like the RMPP does.

I haven't done the lump sum booster or avc's until I know more. (I do believe avc's are being invested with Scottish Widows, but no clue if this is viewable as part of the existing log in on Moneyforlife in there).

I had both Bonusplan and Flexiplan, which had separate login details with SW, so those who pay into the new AVC's will probably get details in due course.

New AVC's Scottish Widows, yes.
My question is where is the normal pot invested and how do you get at it, say if you leave early, like I will be in April jext year?
And why pensionable pay is lower than it should be- like I say perhaps this is a first week thing.
Edit, my avc's with rmdcp were lumped together (all Scottish Widows, previously Zurich) in same pot as the normal contributions.

[RobertT]

My question is where is the normal pot invested and how do you get at it, say if you leave early?

The money will be invested with probably at least 20 different fund managers, if not 30 or 40.

Details of how to access it are on the plan website.

And why pensionable pay is lower than it should be- like I say perhaps this is a first week thing.
Edit, my avc's with rmdcp were lumped together in same pot as the normal contributions.

Your normal payment should be 6% of your 'pensions contrib pay', and RM's 13.6%, so it sounds like a first week thing.

Is that AVC's into the RMDCP?
They're going into the same pot anyway!

[Sputters]

Does anyone know why the pension payment and avc have moved to the deduction side of the payslip .are we not getting tax relief on them now .

You'll still be getting tax relief but not the benefit of PSE.

thanks Robert. Do you know Why am I not getting pse when I always have .

[eggraidonmojo]

Could anyone reading this thread have a look in top right and see how much their pensionable pay rate is, and correspondingly how many hours their comtract is.

I'm on a 37 hour contract, for some reason my pension contributions pay is 0.00. Used to be 500-odd.

Anyone else got this?

[Dexydog]

My question is where is the normal pot invested and how do you get at it, say if you leave early?

The money will be invested with probably at least 20 different fund managers, if not 30 or 40.

Details of how to access it are on the plan website.

And why pensionable pay is lower than it should be- like I say perhaps this is a first week thing.
Edit, my avc's with rmdcp were lumped together in same pot as the normal contributions.

Your normal payment should be 6% of your 'pensions contrib pay', and RM's 13.6%, so it sounds like a first week thing.

Is that AVC's into the RMDCP?
They're going into the same pot anyway!

Yes, avc's into rmdcp, as mentioned above all in one pot, it was just an aside.
I've had another look through the new plan website (I had already hence the question), and it takes you round in circles on the question of retiring early.
Or if I can take the whole (likely small) amount as one lump sum.
And zero mention of how to access or where it's invested.
So I've sent an email enquiry.
It all seems a bit half baked to me, admittedly a layman with zero knowledge of pensions in general.
But surely we should have more info on this kind of thing, it's our money at the end of the day.
I honestly don't trust RM and especially not with holding my pension money, regardless of how little it may be when I need to take it.
The questions raised are important to anyone wishing to retire early, and especially within a few months of the plan starting.

[Dexydog]

Could anyone reading this thread have a look in top right and see how much their pensionable pay rate is, and correspondingly how many hours their comtract is.

I'm on a 37 hour contract, for some reason my pension contributions pay is 0.00. Used to be 500-odd.

Anyone else got this?

My feeling is, and RobertT seems to concurr, is that this may settle down to correct levels at week 2.
Nevertheless one to keep an eye on.
After all we appear to have no way of checking the amounts RM are putting in!

[StokieD]

Could anyone reading this thread have a look in top right and see how much their pensionable pay rate is, and correspondingly how many hours their comtract is.

I'm on a 37 hour contract, for some reason my pension contributions pay is 0.00. Used to be 500-odd.

Anyone else got this?

My “Pensions Contrib. Pay” in top right corner this week says £6.82 ! It always used to be my basic pay amount plus the odd small amount of o/time occasionally, so usually £409.56 (I’m on a 30 hour contract). Why on earth does it say £6.82 this week?!

[Hyrrokkin]

So 1st week of new pension.
£14.74 rmcpp which is correct at 6%
Pension contributions pay in top right hand corner says £136.52.
This is an 18 hour contract.
Some arrears of rmdcp which is correct.
My question, 13.6% is great and all that, just not of this amount
Are we being duped , or likely to be 1st week anomaly?

As an edit- I still don't have a clue where this is being invested or how to check the amounts going in and the progress.
I haven't done the lump sum booster or avc's until I know more. (I do believe avc's are being invested with Scottish Widows, but no clue if this is viewable as part of the existing log in on Moneyforlife in there).

I assume that SW will be contact soon to give information so we can log in to our AVC's etc etc
I know everybody is automatically in the lifestyle fund at the start and i want to move/transfer to Shariah fund ASAP.
I would think next week we will start to get that through the post. (I hope)

[Dexydog]

Just had a read through and doesn't look like Sharia fund is available on this plan.
In fact it specifically states it isn't.