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Think you've bought additional years - maybe not

Royal Mail pension news and discussion.Please note the advise given in this forum is unofficial, please use the links we have for a more detailed response or see an independent financial adviser.
Angelstrike
Posts: 2
Joined: 26 Dec 2011, 19:18
Gender: Male

Think you've bought additional years - maybe not

Post by Angelstrike »

Anybody else having a problem with their Pension whereby they thought they'd bought additional years but are now being told they haven't.

In 1991 I signed up to buy additional years as I would only have worked for 37 years at age 60 and wouldn't get a full pension. This cost me 1.55% of my salary. Every year since the pension fund have stated that I have bought, and continued to buy, those additional years, until now. I've just received a letter saying that the payments from RM to the pension stopped in 1994 due to a change in my HR pay environment. They claim that it has only now come to light, 18 years later, and they are asking for the money or else I lose 10% of my pension so far. Am I alone in this?
RobertT
EX ROYAL MAIL
Posts: 6644
Joined: 09 Sep 2007, 14:26
Gender: Male

Re: Think you've bought additional years - maybe not

Post by RobertT »

Angelstrike wrote: I've just received a letter saying that the payments from RM to the pension stopped in 1994 due to a change in my HR pay environment.
Is that your payments or Royal Mail's?
Links to all RM pension related websites are here
Angelstrike
Posts: 2
Joined: 26 Dec 2011, 19:18
Gender: Male

Re: Think you've bought additional years - maybe not

Post by Angelstrike »

They were my payments apparently
RobertT
EX ROYAL MAIL
Posts: 6644
Joined: 09 Sep 2007, 14:26
Gender: Male

Re: Think you've bought additional years - maybe not

Post by RobertT »

Angelstrike wrote:They were my payments apparently
I don't buy added years (I was told I couldn't) but I do pay into both Bonusplan & Flexiplan and they are both detailed in the outgoings column on my wage slip and have been since I started paying them in the 90's. Surely your payments should be on yours.
If not, you presumably haven't been paying them.
I've just received a letter saying that the payments from RM to the pension stopped in 1994 due to a change in my HR pay environment./
I'm not sure what is meant by 'HR pay environment' , but did something occur in 1994 that might have triggered a change? An increase/decrease in hours perhaps?
Links to all RM pension related websites are here