About pension

[PBgirl]

Ok, so I'm new to the whole pension thing so could someone explain the what's and how's...
one question i have is I've only been in Royal Mail since august but future plans may have me moving and possibly going into a different field... so is there any point starting or if I start a new job can it continue or is this specific to rm.

[RobertT]

As you only started with RM in August you’ll be eligible to join the Royal Mail Defined Contribution Plan(RMDCP). You have the opportunity to save for your retirement in a tax efficient way via both tax relief and salary sacrifice(PSE), which in effect means that each £1 gross you save only actually costs you £0.68. Plus RM will also pay into it aswell. Generally speaking it’s always wise to put in at least as much as it takes to get the maximum employer contribution, otherwise you’re turning down ‘free money’.

I assume you’ve received a plan guide which I suggest you read thoroughly. If not you can read it online here: https://www.zurich.co.uk/internet/works ... 714073.pdf" onclick="window.open(this.href);return false;

My advice is to treat your pension provision as a jigsaw. Over your working life you will probably build up various pension pots from different employers, and each of those pots will help to form your finished jigsaw. Some pots may be small due to only being in a job for a short time, but they will all help towards the final target.

If you leave RM you can either leave your RMDCP pot to grow or transfer it to another scheme.

[PBgirl]

Thanks for your reply.. yeh received pack today.