I've been at royal mail 18 year

[Londonsburning]

No disrespect Robert, but in your honest opinion what is the new pension for members worth now, compared to the previous? I would say it is less than terrible and maybe a tad better than opting out

If it does what it's supposed to do, it's similar to section B of the career average scheme(2008-2018), but that's obviously not guaranteed.
There's also the option to transfer out your share of the pot for the flexibility you'd have with a DC scheme.

A £30 gross weekly contribution only costs £21.60 net, which is the extra you'll have in your pocket if you opt out. Plus you get another £66.50 from RM.

Would you rather have £21 in your pocket or nearly £100 in your pension?

400 quid a month for a £30 per week contribution. I'm sure there are way better private pensions going tbh and many better workplace pensions on top of that. The RM pension is some poverty bullshit

Your money would have to more than triple to make up for the benefit of RM's contributions.
If you think you can beat that, good luck to you!

RM's offerings certainly aren't the best, but they're nowhere near the worst.

So a paying into a private pension would be a worse idea than the current RM pension plan?

You don't get RM's contributions or the added benefit of salary sacrifice(PSE) with a PP, and so would be relying on investment returns to make up that money.
It's not impossible, but it's very improbable especially over the long term.

The golden rule of workplace pensions is always join and pay in whatever it takes to get the maximum employer contribution. I can't see any logical reason why that wouldn't apply to RM pensions.

Private pensions have been out performing the shitty RM pension for a very very long time now

[RobertT]

Private pensions have been out performing the shitty RM pension for a very very long time now

As someone who's paid into both, I can say without any doubt whatsoever that I will get more value for money out of the RM pension, than I will out of my personal pension.

But good luck to you, if you think you can do better.

[Londonsburning]

Private pensions have been out performing the shitty RM pension for a very very long time now

As someone who's paid into both, I can say without any doubt whatsoever that I will get more value for money out of the RM pension, than I will out of my personal pension.

But good luck to you, if you think you can do better.

Best of luck to the new starts for the next 40 years of payments, utter shambles and quite frankly, they've been shafted

[ted_e_bear]

Private pensions have been out performing the shitty RM pension for a very very long time now

As someone who's paid into both, I can say without any doubt whatsoever that I will get more value for money out of the RM pension, than I will out of my personal pension.

But good luck to you, if you think you can do better.

Best of luck to the new starts for the next 40 years of payments, utter shambles and quite frankly, they've been shafted

Best of luck to anyone who starts with the intention of staying for 40 years

[tramssirhc]

Private pensions have been out performing the shitty RM pension for a very very long time now

As someone who's paid into both, I can say without any doubt whatsoever that I will get more value for money out of the RM pension, than I will out of my personal pension.

But good luck to you, if you think you can do better.

The CDC is basically a glorified saving scheme which you'd be daft not to join as the employer contribution is free money. It's not a patch on a db scheme and your zero sums approach as to what's a good offer is defeatist. Nothings to good for the working class and we should have the world and everything in it. The decision to close the existing dc scheme and not allow the transfer of funds into the CDC is a disgrace. DC schemes are cash hungry and when they stop being fed they wither on the vine.

[RobertT]

The CDC is basically a glorified saving scheme which you'd be daft not to join as the employer contribution is free money. It's not a patch on a db scheme and your zero sums approach as to what's a good offer is defeatist.

An individual DC scheme is far more a savings account than CDC.

I think everyone is aware that CDC is not as good as DB.

We agree it's daft to turn down free money, so why is it defeatist to show you how much much you'd be turning down?
What alternative approach would you suggest?

Nothings to good for the working class and we should have the world and everything in it.

Ideology is great but I'd rather concentrate on reality.

The decision to close the existing dc scheme and not allow the transfer of funds into the CDC is a disgrace.

That could still change.

DC schemes are cash hungry and when they stop being fed they wither on the vine.

It really depends where your money is invested.
I was in the RM DB scheme(section C) and paid AVC's for many years, which are DC.
I stopped AVC's a few years ago but my money has still shown healthy gains since.

[Wullie10]

Why should anyone get preferential treatment or “first pick” just because they started work at RM earlier than someone else?

It should go on merit surely.

Or who is related to the manager. Its happened before.

[ted_e_bear]

Why should anyone get preferential treatment or “first pick” just because they started work at RM earlier than someone else?

It should go on merit surely.

Or who is related to the manager. Its happened before.

Or who is shagging the manager, that happened at our place albeit a long time ago

[Sean06]

The CDC is basically a glorified saving scheme which you'd be daft not to join as the employer contribution is free money. It's not a patch on a db scheme and your zero sums approach as to what's a good offer is defeatist.

An individual DC scheme is far more a savings account than CDC.

I think everyone is aware that CDC is not as good as DB.

We agree it's daft to turn down free money, so why is it defeatist to show you how much much you'd be turning down?
What alternative approach would you suggest?

Nothings to good for the working class and we should have the world and everything in it.

Ideology is great but I'd rather concentrate on reality.

The decision to close the existing dc scheme and not allow the transfer of funds into the CDC is a disgrace.

That could still change.

DC schemes are cash hungry and when they stop being fed they wither on the vine.

It really depends where your money is invested.
I was in the RM DB scheme(section C) and paid AVC's for many years, which are DC.
I stopped AVC's a few years ago but my money has still shown healthy gains since.

Robert t why even reply to that post as he knows f all about f all.

[RobertT]

The CDC is basically a glorified saving scheme which you'd be daft not to join as the employer contribution is free money. It's not a patch on a db scheme and your zero sums approach as to what's a good offer is defeatist.

An individual DC scheme is far more a savings account than CDC.

I think everyone is aware that CDC is not as good as DB.

We agree it's daft to turn down free money, so why is it defeatist to show you how much much you'd be turning down?
What alternative approach would you suggest?

Nothings to good for the working class and we should have the world and everything in it.

Ideology is great but I'd rather concentrate on reality.

The decision to close the existing dc scheme and not allow the transfer of funds into the CDC is a disgrace.

That could still change.

DC schemes are cash hungry and when they stop being fed they wither on the vine.

It really depends where your money is invested.
I was in the RM DB scheme(section C) and paid AVC's for many years, which are DC.
I stopped AVC's a few years ago but my money has still shown healthy gains since.

Robert t why even reply to that post as he knows f all about f all.

Fair point, well put!

[NWpostie]

The CDC is basically a glorified saving scheme which you'd be daft not to join as the employer contribution is free money. It's not a patch on a db scheme and your zero sums approach as to what's a good offer is defeatist.

An individual DC scheme is far more a savings account than CDC.

I think everyone is aware that CDC is not as good as DB.

We agree it's daft to turn down free money, so why is it defeatist to show you how much much you'd be turning down?
What alternative approach would you suggest?

Nothings to good for the working class and we should have the world and everything in it.

Ideology is great but I'd rather concentrate on reality.

The decision to close the existing dc scheme and not allow the transfer of funds into the CDC is a disgrace.

That could still change.

DC schemes are cash hungry and when they stop being fed they wither on the vine.

It really depends where your money is invested.
I was in the RM DB scheme(section C) and paid AVC's for many years, which are DC.
I stopped AVC's a few years ago but my money has still shown healthy gains since.

Robert t why even reply to that post as he knows f all about f all.

Fair point, well put!

Robert T contributions to the forum regarding pensions is worthwhile to read for others not involved in the discussion but no doubt read this point.

[Rage24]

Now being told I might have to move office....
.

[kazardaimenu]

With 18 years seniority? They should move one of the newer starters if they are overstaffed.