Pension surplus

[claretandblue]

Local union suggested that they are looking to use some of the pension surplus to equalise new starters, surely that would have to go to a vote of the scheme members?

[Hyrrokkin]

They are full of it - it is our money that members paid into not new starters who are not (ever) in the old RMPP pension scheme.

But then again this is the CWU so any crackpot scheme they will go after !

[RobertT]

They are full of it - it is our money that members paid into not new starters who are not (ever) in the old RMPP pension scheme.

But then again this is the CWU so any crackpot scheme they will go after !

I don't think it's a CWU crackpot scheme.....

At the moment, there are rules that prevent pension surpluses being easily accessed. However, there are changes due in the next year or two(?) that will make it much easier.

Once that happens, RM will be entitled to push for a share of the RMPP surplus, and if they succeed they could then decide to give some to current employees.
I think there's already some kind of agreement with the CWU on that?

I agree with you that's it's the RMPP members alone who should benefit.

Ultimately, it's the trustees of the scheme that hold the purse strings.
It's them who decide if, when and how much money is taken out and whether the company or scheme members, or both, get some.

[Hyrrokkin]

They are full of it - it is our money that members paid into not new starters who are not (ever) in the old RMPP pension scheme.

But then again this is the CWU so any crackpot scheme they will go after !

I don't think it's a CWU crackpot scheme.....

At the moment, there are rules that prevent pension surpluses being easily accessed. However, there are changes due in the next year or two(?) that will make it much easier.

Once that happens, RM will be entitled to push for a share of the RMPP surplus, and if they succeed they could then decide to give some to current employees.
I think there's already some kind of agreement with the CWU on that?

I agree with you that's it's the RMPP members alone who should benefit.

Ultimately, it's the trustees of the scheme that hold the purse strings.
It's them who decide if, when and how much money is taken out and whether the company or scheme members, or both, get some.

If that happened it would be a disgrace and legalised theft as far as i am concerned.
All of that surplus should be for RMPP members ONLY

[claretandblue]

We were told that the surplus was as much as 2.3bn.

[RobertT]

We were told that the surplus was as much as 2.3bn.

According to the most recent report and accounts, the RMG section of the RMPP has a surplus of £1.2 billion, while the DBCBS is £52 million.

That may have increased since, but I'm dubious of it nearly doubling.

[claretandblue]

We were told that the surplus was as much as 2.3bn.

According to the most recent report and accounts, the RMG section of the RMPP has a surplus of £1.2 billion, while the DBCBS is £52 million.

That may have increased since, but I'm dubious of it nearly doubling.

Between 1.5 and 2.3 was the quote.

[RobertT]

Between 1.5 and 2.3 was the quote.

From your local union?

[fitz15]

We might need that surplus with all that’s going on.