Pension Raid

[claretandblue]

Seems a tad unfair that only people aged between 57 and 67 get a payment.

Who said anything about 67?

It's all dependent on the trustees and EP anyway.

They have to agree to specifically give RMPP members a share.

Just going off retirement age for the new pension, I know a few people who are older are still working but the vast majority will be under 67.

[Jaggs]

I would urge anyone who feels the same, to express your views to the RMPP trustees.

Their address is:

Royal Mail Pensions Trustees Ltd
Sixth Floor
1 George Yard
London
EC3V 9DF

If you do contact the Trustees I would highlight some of Martin's comments regarding the surplus to them and remind them that they should act in the best interests of the members of the scheme and not in the interests of the CWU.

[Hyrrokkin]

Seems a tad unfair that only people aged between 57 and 67 get a payment.

Surely if under 57 your % should be held until you reach 57 - in an AVC account for example.

If not that would be discrimination and utterly unfair.

[RobertT]

For anyone interested in the latest on this – the Dept. for Work and Pensions have opened a consultation on the regulations associated with the release of surplus DB pension funds.

Scheme members as well as employers, are being mentioned in relation to receiving a share of available cash.

The regulations aren't due to 'go live' until April 2027.

https://www.pensionsage.com/pa/DWP-laun ... tation.php

[Valentina@1]

For anyone interested in the latest on this – the Dept. for Work and Pensions have opened a consultation on the regulations associated with the release of surplus DB pension funds.

Scheme members as well as employers, are being mentioned in relation to receiving a share of available cash.

The regulations aren't due to 'go live' until April 2027.

https://www.pensionsage.com/pa/DWP-laun ... tation.php

What you think will happen to our surplus then Robert?
Members payout?

[qwerty2]

For anyone interested in the latest on this – the Dept. for Work and Pensions have opened a consultation on the regulations associated with the release of surplus DB pension funds.

Scheme members as well as employers, are being mentioned in relation to receiving a share of available cash.

The regulations aren't due to 'go live' until April 2027.

https://www.pensionsage.com/pa/DWP-laun ... tation.php

What you think will happen to our surplus then Robert?
Members payout?

After what’s left when RM and CWU have got their claws on it

[Hyrrokkin]

For anyone interested in the latest on this – the Dept. for Work and Pensions have opened a consultation on the regulations associated with the release of surplus DB pension funds.

Scheme members as well as employers, are being mentioned in relation to receiving a share of available cash.

The regulations aren't due to 'go live' until April 2027.

https://www.pensionsage.com/pa/DWP-laun ... tation.php

What you think will happen to our surplus then Robert?
Members payout?

Not if the CWU get their greedy hands on it

Simple and fairest in my humble eyes is to

Get our share say 50%
All members of that scheme (only) each get a divided equal share % which they must pay into a SIPP/Personal Pension/AVC etc etc.
That share is not depended on how long you paid in etc simple you were in the scheme you are all equal.
Same goes for surviving spouse getting pension payouts from that scheme.

[claretandblue]

For anyone interested in the latest on this – the Dept. for Work and Pensions have opened a consultation on the regulations associated with the release of surplus DB pension funds.

Scheme members as well as employers, are being mentioned in relation to receiving a share of available cash.

The regulations aren't due to 'go live' until April 2027.

https://www.pensionsage.com/pa/DWP-laun ... tation.php

What you think will happen to our surplus then Robert?
Members payout?

Not if the CWU get their greedy hands on it

Simple and fairest in my humble eyes is to

Get our share say 50%
All members of that scheme (only) each get a divided equal share % which they must pay into a SIPP/Personal Pension/AVC etc etc.
That share is not depended on how long you paid in etc simple you were in the scheme you are all equal.
Same goes for surviving spouse getting pension payouts from that scheme.

Union want to give it to new starters.

[RobertT]

What you think will happen to our surplus then Robert?
Members payout?

I would hope the RMPP members will at least get their fair share. Bearing in mind the majority of the surplus is in the pension element, rather than the Cash Balance.

Pro rata would be the fairest way in my opinion, with everyone getting the same percentage in relation to their accrued benefits.

That could be increased pension, a payment into a DC arrangement(as Hyrrokkin suggests), or a one off taxable lump sum.

Hopefully the trustees will have the members interests at heart and make what most people seem to think is the correct choice.

[Valentina@1]

What you think will happen to our surplus then Robert?
Members payout?

I would hope the RMPP members will at least get their fair share. Bearing in mind the majority of the surplus is in the pension element, rather than the Cash Balance.

Pro rata would be the fairest way in my opinion, with everyone getting the same percentage in relation to their accrued benefits.

That could be increased pension, a payment into a DC arrangement(as Hyrrokkin suggests), or a one off taxable lump sum.

Hopefully the trustees will have the members interests at heart and make what most people seem to think is the correct choice.

Let’s hope so

[RobertT]

I'm not confident to be honest.

My understanding of the rules of the scheme is RM gets it.
Separately, the company have come to an agreement with the CWU to give them a say in where a proportion gets spent.

For the members to get a share it will mean the RMPP trustees and presumably RM, agreeing to change the rules.

Morally, I think that should definitely happen. But when you're dealing with billionaire businessmen and union leaders only interested in their subscriptions, the danger is the people who should be benefitting might get left out.

[Jaggs]

I'm not confident to be honest.

My understanding of the rules of the scheme is RM gets it.
Separately, the company have come to an agreement with the CWU to give them a say in where a proportion gets spent.

For the members to get a share it will mean the RMPP trustees and presumably RM, agreeing to change the rules.

Morally, I think that should definitely happen. But when you're dealing with billionaire businessmen and union leaders only interested in their subscriptions, the danger is the people who should be benefitting might get left out.

I'm not in the RMPP, starting in 2010 I was to late for it but my view is that the surplus should be split between RM and the scheme members in the ratios at which they made contributions to the scheme. The 2 parties getting something back from the surplus. The thing that shouldn't happen is the CWU having any say in what happens with the money especially if it takes something away from the scheme members.

[Hyrrokkin]

For anyone interested in the latest on this – the Dept. for Work and Pensions have opened a consultation on the regulations associated with the release of surplus DB pension funds.

Scheme members as well as employers, are being mentioned in relation to receiving a share of available cash.

The regulations aren't due to 'go live' until April 2027.

https://www.pensionsage.com/pa/DWP-laun ... tation.php

What you think will happen to our surplus then Robert?
Members payout?

Not if the CWU get their greedy hands on it

Simple and fairest in my humble eyes is to

Get our share say 50%
All members of that scheme (only) each get a divided equal share % which they must pay into a SIPP/Personal Pension/AVC etc etc.
That share is not depended on how long you paid in etc simple you were in the scheme you are all equal.
Same goes for surviving spouse getting pension payouts from that scheme.

Union want to give it to new starters.

I know (only members of that scheme must benefit)

I am just throwing my idea out there good or bad...

[Hyrrokkin]

I'm not confident to be honest.

My understanding of the rules of the scheme is RM gets it.
Separately, the company have come to an agreement with the CWU to give them a say in where a proportion gets spent.

For the members to get a share it will mean the RMPP trustees and presumably RM, agreeing to change the rules.

Morally, I think that should definitely happen. But when you're dealing with billionaire businessmen and union leaders only interested in their subscriptions, the danger is the people who should be benefitting might get left out.

I'm not in the RMPP, starting in 2010 I was to late for it but my view is that the surplus should be split between RM and the scheme members in the ratios at which they made contributions to the scheme. The 2 parties getting something back from the surplus. The thing that shouldn't happen is the CWU having any say in what happens with the money especially if it takes something away from the scheme members.

It is a disgrace that all this has been decided behind our backs basically - with the actual members having no say in this carve up.
We contributed to the RMPP as well as RM from our wages so it is only right we get a fair share of this surplus.
Only members of that scheme must get any benefit
We must vote on how the surplus is spent - either shared to a SIPP/Personal Pension etc or as RobertT mentioned a taxable lump sum payout (which would be the more straightforward and easier to implement).
CWU must not be allowed to take control of this money and give it to new starts or their lame suggestion of reducing the NRA to age 65.
Most people would much rather have a lump sum to decide how to spend or invest.
This cannot be allowed to happen when the time comes.
I will be writing to the Pension Trustees - will it make a blind bit of difference - nope but at least let them know what they should be doing - looking after OUR interests not RM or CWU.

[Valentina@1]

I'm not confident to be honest.

My understanding of the rules of the scheme is RM gets it.
Separately, the company have come to an agreement with the CWU to give them a say in where a proportion gets spent.

For the members to get a share it will mean the RMPP trustees and presumably RM, agreeing to change the rules.

Morally, I think that should definitely happen. But when you're dealing with billionaire businessmen and union leaders only interested in their subscriptions, the danger is the people who should be benefitting might get left out.

I'm not in the RMPP, starting in 2010 I was to late for it but my view is that the surplus should be split between RM and the scheme members in the ratios at which they made contributions to the scheme. The 2 parties getting something back from the surplus. The thing that shouldn't happen is the CWU having any say in what happens with the money especially if it takes something away from the scheme members.

It is a disgrace that all this has been decided behind our backs basically - with the actual members having no say in this carve up.
We contributed to the RMPP as well as RM from our wages so it is only right we get a fair share of this surplus.
Only members of that scheme must get any benefit
We must vote on how the surplus is spent - either shared to a SIPP/Personal Pension etc or as RobertT mentioned a taxable lump sum payout (which would the most straightforward and easier to implement).
CWU must not be allowed to take control of this money and give it to new starts or their lame suggestion of reducing the NRA to age 65.
Most people would much rather have a lump sum to decide how the spend or invest.
This cannot be allowed to happen when the time comes.
I will be writing to the Pension Trustees - will it make a blind bit of difference - nope but at least let them know what they should be doing - looking after OUR interests not RM or CWU.