Pension

Packers · Post by **Packers** » 26 Mar 2016, 21:56

I'm new, 7 months in, I have a permanent 25 hour contract, I'm 59 and have 12 years pension with RMC sitting doing nothing. Is it possible to transfer this to my Royal Mail Pension. Thanks

Post by **RobertT** » 27 Mar 2016, 07:30

Who or what is RMC? Is it a defined benefit or defined contribution pension?

Packers · Post by **Packers** » 27 Mar 2016, 10:19

RMC stood for Ready Mixed Concrete but the company bought by Cemex so does not exist any more, the pension was contribution based

Post by **RobertT** » 27 Mar 2016, 11:25

After doing a bit of Googling, it seems that Cemex(at least) has or had both DB & DC schemes, as its employees were asked if they want to strike over proposed changes a few years ago: http://www.rugbyadvertiser.co.uk/news/l ... -1-3337028" onclick="window.open(this.href);return false;

Assuming your RMC/Cemex pension is Defined Contribution(DC), then you should be able to transfer it to the RMDCP. But it is presumably still invested in something, therefore you need to decide whether the RM investment choice will give you a better return than what you’re getting at the moment.

If you actually have the Defined Benefit(DB) scheme, then it may well be possible to transfer that aswell. But that will be slowly growing with inflation and you will almost certainly get more pension by leaving it where it is.

Either way it is probably not ‘sitting doing nothing’.

I think transfers are at the trustees discretion, so your best bet is to contact the Zurich Royal Mail Service Team:

Zurich Royal Mail Service Team
PO Box 1073
Cheltenham
Gloucestershire
GL50 9NN

Email: royalmailserviceteam@uk.zurich.com
Phone: 0800 092 8263