New pension deal!

Rommagic · Post by **Rommagic** » 11 Jan 2018, 16:29

I thought today we are going to hear about the new pension on offer?.

Post by **RobertT** » 11 Jan 2018, 17:09

The last time I heard they were 'drafting the words of a potential agreement' and 'that nothing is agreed until we have an agreement on all the issues'.

So I assume we'll be told the specifics of the new pension at the same time as the plans for a pay rise, the pipeline, etc.

Rommagic · Post by **Rommagic** » 11 Jan 2018, 17:17

RobertT wrote:The last time I heard they were 'drafting the words of a potential agreement' and 'that nothing is agreed until we have an agreement on all the issues'.

So I assume we'll be told the specifics of the new pension at the same time as the plans for a pay rise, the pipeline, etc.

I thought the cwu said the other day update on pension today the 11th then a video from Terry tomorrow.

Post by **RobertT** » 11 Jan 2018, 19:29

Ah yes! This thread does say: ' A further report on pensions will follow Thursday'

Maybe they're still dotting the i's and crossing the t's. Plus there are more talks planned for next week.

TheTrolleyMan · Post by **TheTrolleyMan** » 11 Jan 2018, 20:55

I'll be taking my pension at 60 years old , under the old scheme id lose 25% But if the new scheme comes in ( receive at 67 pension scheme ) I'll lose 35% of my pension , not such a good scheme after all then !

Post by **RobertT** » 12 Jan 2018, 06:44

TheTrolleyMan wrote:I'll be taking my pension at 60 years old , under the old scheme id lose 25%

You would lose 25% of your NRA65 pension, but your NRA60 wouldn’t be reduced.

But if the new scheme comes in ( receive at 67 pension scheme ) I'll lose 35% of my pension , not such a good scheme after all then !

The CWU’s WinRS proposal did have an NRA of 67, so that would have applied to all pension accrued after 1st April 2018.
But WinRS was still a Defined Benefit scheme and the idea was thrown out by RM as unaffordable and too risky.

We are told the current joint proposal is for a ‘Wage in Retirement Collective Defined Contribution scheme’. But what that actually means in terms of contributions, pension, retirement age, etc hasn’t yet been communicated to us.

mark.cup · Post by **mark.cup** » 12 Jan 2018, 08:57

Let's hope it's not renamed Work Till You Drop Scheme

heapsy · Post by **heapsy** » 12 Jan 2018, 11:38

mark.cup wrote:Let's hope it's not renamed Work Till You Drop Scheme

Well that's the governments preferred option....