Video : Hilary Salt from First Actuarial with a presentation on the new The CWU pensions scheme in Royal Mail Group

Post by **POSTMAN** » 07 Feb 2018, 14:11

Yamr1 · Post by **Yamr1** » 07 Feb 2018, 16:28

Target bla bla nothings guaranteed

Video has been cut and pasted just like new pension scheme

Sarah1970 · Post by **Sarah1970** » 07 Feb 2018, 18:35

Thank you for the update.
I would be grateful if you could clarify a couple of things.
Would employees be able to take early retirement at 55 with a reduced rate like most other government schemes?
What happens if an employee leaves?
Also, is the target worked out at 1/80th x however many years you have contributed?

Post by **RobertT** » 07 Feb 2018, 19:07

Sarah1970 wrote:Thank you for the update.
I would be grateful if you could clarify a couple of things.
Would employees be able to take early retirement at 55 with a reduced rate like most other government schemes?

The legal minimum age to access any pension is 55, that is no different with the proposed CDC scheme. But with an NRA of 67, that would be a big reduction!

What happens if an employee leaves?

I assume, they will have accrued an x amount of pension and lump sum, which will continue to be invested and liable to investment movements, until they take their pension, and possibly afterwards too.

Also, is the target worked out at 1/80th x however many years you have contributed?

Yes. Your pension will increase by 1/80th of your pensionable pay per year. If your pensionable pay is £20k, that would be £250 per year, for example. But nothing is guaranteed about the pension amount we will recieve due to investment fluctuations.

fishtank · Post by **fishtank** » 07 Feb 2018, 19:13

This video is a joke, no details, no talking about the problems with implementing a scheme like this, no talking about the need for secondary legislation and the problems that might bring just lots of smiling and waving and pointing at a meaningless graph that assumes contributions remain constant.

Oh and Royal Mail are busy running scenarios, what happens if these scenarios go red?
Bit f***ing late.....

jetblack · Post by **jetblack** » 07 Feb 2018, 19:41

This scheme may or may not outperform inflation - wuppeee doo.

CPI = 2.8% for 2017 RPI = 4.1%

Meanwhile, have a look at fund managers returns here

boyjammer · Post by **boyjammer** » 09 Feb 2018, 08:23

RobertT . Hi, I only have one question, Under the new proposed plan has the nr60 part gone ? in other words would I not be able to take that part at 60 without penalty? has the nr60 & nr65 been replaced by the nr67 - thus only having the option to take that at 60 with a 7 year deduction. Hopefully not, advice please.

mark.cup · Post by **mark.cup** » 09 Feb 2018, 10:16

boyjammer wrote:RobertT . Hi, I only have one question, Under the new proposed plan has the nr60 part gone ? in other words would I not be able to take that part at 60 without penalty? has the nr60 & nr65 been replaced by the nr67 - thus only having the option to take that at 60 with a 7 year deduction. Hopefully not, advice please.

No won't effect your nr60 taken at 60,nr65 will still get a 25% reduction as before if taken at 60!

Also anything built up in the temporary cash balance scheme can be taken at 60 with no reduction if you actually retire

Hope this helps

boyjammer · Post by **boyjammer** » 09 Feb 2018, 10:35

Few, thanks for that, as im now in my 50's I was getting concerned the goal posts were changing as I want to retire at 60 and take all my nr60.