Pensionable pay rmcpp

[Hyrrokkin]

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.

Yes you are right - assumed there was one - my mistake...will invest in the growth fund.

[mr hil.]

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?!

The small pensionable pay figure probably relates to overtime for last week and I don't think we will see pension contrib pay figures in future because they are no longer de-linked from actual pay. Your new pensionable amount will be basic hours if full time plus any pensionable allowances or if part time any overtime up to full time equivalent

I have a spread sheet for my wages and had guessed what my pensionable rate would be and found my guess to be correct.
Any delivery posties that receive the two delivery supplement payments each week will include the higher of the two as pensionable pay + their basic hours.

I tried to find a definitive list of pensionable allowances but gave up in the end.

I t also doesn't matter where the funds are invested because you do not get back what is paid in each year. the actual amount is fixed at 1/80th or (3/80th lump sum) of your pensionable pay per year subject to increases or reductions as per the plan details. The only exceptions are the Booster and AVC.

[Dexydog]

This gets curiouser and curiouser.
What if you leave before a year has passed?
I might be getting my knickers in a twist, but there's lots of questions coming out already with no obvious answers.

[Jaggs]

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.

Yes you are right - assumed there was one - my mistake...will invest in the growth fund.

https://digital.feprecisionplus.com/cor ... ory=4rmc23

I've believe these are the funds available to put your AVCs into and they do include a shariah fund.

I think it is the main part of the pension that is not shariah compliant

[Jaggs]

This gets curiouser and curiouser.
What if you leave before a year has passed?
I might be getting my knickers in a twist, but there's lots of questions coming out already with no obvious answers.

You'll accrue the amount for the part of the year that you were a member

[Dexydog]

This gets curiouser and curiouser.
What if you leave before a year has passed?
I might be getting my knickers in a twist, but there's lots of questions coming out already with no obvious answers.

You'll accrue the amount for the part of the year that you were a member

Do you have any idea if this can be taken as a straight lump sum, and if there's any time limits?
I ask as I'm leaving in march next year and any literature vaguely mentions this scenario with no definitive answer.

[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?

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?!

The small pensionable pay figure probably relates to overtime for last week and I don't think we will see pension contrib pay figures in future because they are no longer de-linked from actual pay. Your new pensionable amount will be basic hours if full time plus any pensionable allowances or if part time any overtime up to full time equivalent

I have a spread sheet for my wages and had guessed what my pensionable rate would be and found my guess to be correct.
Any delivery posties that receive the two delivery supplement payments each week will include the higher of the two as pensionable pay + their basic hours.

I tried to find a definitive list of pensionable allowances but gave up in the end.

I t also doesn't matter where the funds are invested because you do not get back what is paid in each year. the actual amount is fixed at 1/80th or (3/80th lump sum) of your pensionable pay per year subject to increases or reductions as per the plan details. The only exceptions are the Booster and AVC.

I emailed the Scottish Widows address I found on the app to see if there's any problem with the pension contrib. pay thing.

Probably you're correct, I just don't want them turning round and sayng "oh no we weren't making any contributions" or some such.

Hopefully things will settle down and we'll get some info on AVCs etc in the post soon...

[Jaggs]

This gets curiouser and curiouser.
What if you leave before a year has passed?
I might be getting my knickers in a twist, but there's lots of questions coming out already with no obvious answers.

You'll accrue the amount for the part of the year that you were a member

Do you have any idea if this can be taken as a straight lump sum, and if there's any time limits?
I ask as I'm leaving in march next year and any literature vaguely mentions this scenario with no definitive answer.

According to the plan handbook it can't be taken as a straight lump sum. What you would probably have to do is get a transfer value, move it to a SIPP and take that as a lump sum

[Dexydog]

Could I ask where you're getting this information- I've looked and looked and the site takes me round in circles!

[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 “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?!

The small pensionable pay figure probably relates to overtime for last week and I don't think we will see pension contrib pay figures in future because they are no longer de-linked from actual pay. Your new pensionable amount will be basic hours if full time plus any pensionable allowances or if part time any overtime up to full time equivalent

I have a spread sheet for my wages and had guessed what my pensionable rate would be and found my guess to be correct.
Any delivery posties that receive the two delivery supplement payments each week will include the higher of the two as pensionable pay + their basic hours.

I tried to find a definitive list of pensionable allowances but gave up in the end.

I t also doesn't matter where the funds are invested because you do not get back what is paid in each year. the actual amount is fixed at 1/80th or (3/80th lump sum) of your pensionable pay per year subject to increases or reductions as per the plan details. The only exceptions are the Booster and AVC.

I emailed the Scottish Widows address I found on the app to see if there's any problem with the pension contrib. pay thing.

Probably you're correct, I just don't want them turning round and sayng "oh no we weren't making any contributions" or some such.

Hopefully things will settle down and we'll get some info on AVCs etc in the post soon...

Scottish Widows is for AVC's ( and most likely lump some booster) only.
The question of pensionable pay is to do with the main plan, administered by a mysterious group of trustees.

[Jaggs]

Could I ask where you're getting this information- I've looked and looked and the site takes me round in circles!

https://rmcollectiveplan.com/documents-forms

You can download the various documents I'm getting the info from here.

[Dexydog]

Could I ask where you're getting this information- I've looked and looked and the site takes me round in circles!

https://rmcollectiveplan.com/documents-forms

You can download the various documents I'm getting the info from here.

Thanks!

[Hyrrokkin]

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.

Yes you are right - assumed there was one - my mistake...will invest in the growth fund.

https://digital.feprecisionplus.com/cor ... ory=4rmc23

I've believe these are the funds available to put your AVCs into and they do include a shariah fund.

I think it is the main part of the pension that is not shariah compliant

Thanks - i thought there was a Shariah fund

Once SW sends the info through the post will transfer at that time - be it Shariah or growth
Hopefully we do not have to wait very long.

[heapsy]

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.

Same for me. 37 hrs contract. I think it's due to the removal of the LEL, (you and I must have both been section C members). So this means our pensionable pay is now, our full basic pay, plus some allowances.


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?

[posted]

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.

Yes you are right - assumed there was one - my mistake...will invest in the growth fund.

https://digital.feprecisionplus.com/cor ... ory=4rmc23

I've believe these are the funds available to put your AVCs into and they do include a shariah fund.

I think it is the main part of the pension that is not shariah compliant

Correct. That’s why they made the NEST version (with same contribution from RMG) available for those that wish to invest in a shariah compliant fund for their entire pension.