RMSPS

Glenno · Post by **Glenno** » 06 May 2016, 19:29

Hi all, what is this Pension and how long has it been running??

Post by **RobertT** » 07 May 2016, 04:12

Glenno wrote:Hi all, what is this Pension and how long has it been running??

On 31st March 2012 the government took over the assets and the liabilities of the RM Pension up to that date, that is now known as the Royal Mail Statutory Pension Scheme(RMSPS). So all members benefits accrued up to then are now paid by the taxpayer.
It was basically a sweetener to allow the privatisation to go through due the fact the pension was about £10 Billion in deficit. But it also means our pensions are now much safer than they were before because RM would never have realistically been able to fund that deficit.

Contributions going in and benefits earned from that date onwards are in the Royal Mail Pension Plan(RMPP) and are managed by the trustees.

There a bit more info on the RMPP website: http://www.royalmailpensionplan.co.uk/s ... -your-plan" onclick="window.open(this.href);return false;

Glenno · Post by **Glenno** » 09 May 2016, 23:14

Cheers RobertT, just so as i can get my head around the countless different pension pots, am i right in thinking it goes: up to 2008 final salary, 2008-2012 RMSPS, 2012-present RMPP
cheers again
Glenno

Post by **RobertT** » 10 May 2016, 04:42

The government is now responsible for paying out pension benefits accrued from inception to 2012, this part of the pension is now called RMSPS. The Royal Mail are responsible from 2012 onwards. So there isn’t just one timeline, there’s a few that work in hand in hand which each other:

Up to 31st March 2008 = final salary, afterwards = career average salary
Up to 31st March 2010 = NRA60, afterwards = NRA65
Up to 31st March 2012 = RMSPS, afterwards = RMPP
Up to 1st December 1971 = Section A, from then to 31st March 1987 = Section B, from then to 31st March 2008 = Section C
For new entrants from 31st March 2008 onwards = Royal Mail Defined Contribution Plan(RMDCP)

Glenno · Post by **Glenno** » 10 May 2016, 23:30

Cor blimey Rob, no wonder people are getting confused
Cheers again
Glenno

Post by **cloherty1976** » 11 May 2016, 11:59

RobertT wrote:The government is now responsible for paying out pension benefits accrued from inception to 2012, this part of the pension is now called RMSPS. The Royal Mail are responsible from 2012 onwards. So there isn’t just one timeline, there’s a few that work in hand in hand which each other:

Up to 31st March 2008 = final salary, afterwards = career average salary
Up to 31st March 2010 = NRA60, afterwards = NRA65
Up to 31st March 2012 = RMSPS, afterwards = RMPP
Up to 1st December 1971 = Section A, from then to 31st March 1987 = Section B, from then to 31st March 2008 = Section C
For new entrants from 31st March 2008 onwards = Royal Mail Defined Contribution Plan(RMDCP)

Is section B correct RobertT as I started in 88 and thought I was in section C. Thought I was mainly in C not B

Post by **RobertT** » 11 May 2016, 13:26

cloherty1976 wrote:
RobertT wrote:The government is now responsible for paying out pension benefits accrued from inception to 2012, this part of the pension is now called RMSPS. The Royal Mail are responsible from 2012 onwards. So there isn’t just one timeline, there’s a few that work in hand in hand which each other:

Up to 31st March 2008 = final salary, afterwards = career average salary
Up to 31st March 2010 = NRA60, afterwards = NRA65
Up to 31st March 2012 = RMSPS, afterwards = RMPP
Up to 1st December 1971 = Section A, from then to 31st March 1987 = Section B, from then to 31st March 2008 = Section C
For new entrants from 31st March 2008 onwards = Royal Mail Defined Contribution Plan(RMDCP)
Is section B correct RobertT as I started in 88 and thought I was in section C. Thought I was mainly in C not B

The date you started will determine which section you’re in. As stated in my previous post(probably not very clearly), Section B runs from 1971 to 1987 and Section C runs from 1987 to when the final salary scheme closed in 2008. So if you started in 1988 you’ll be in C.