Bonusplan

[ROSSCO]

Am I right in thinking the maximum you can put in Bonusplan is £2.88 a week?

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[nataddick]

Yes, but from 1/04/2018 the employer maximum contribution for Bonusplan will go up to 4.5% of an indexed LED figure of £3,753” (i.e. a maximum of £168.88 p.a.)

[arnold cheshire]

How do you sign up for this bonus plan?

[Decky Boy]

It's an AVC plan attached to Section C so unsure if it is open to new members now that Section C has ceased ? ? ?

[RobertT]

What happens to AVC’s under the transitional arrangements is covered here. Here's the important bit:

What happens to current AVC deductions under the Transitional Arrangements?

For RMPP members, any Bonusplan or Flexiplan benefits would continue unchanged if you join the DBCBS. For RMPP members choosing to join the RMDCP, any Bonusplan or Flexiplan contributions you currently make to RMPP would cease. Added Years contributions will cease for all RMPP members on 31 March 2018.

For RMDCP members remaining in the RMDCP, any AVCs you are paying will continue unchanged.

For RMDCP members joining the DBCBS, your AVCs would cease. You cannot add to your RMDCP benefits if you move to the DBCBS, but you can pay extra to the DBCBS via “Bonusplan” or “Flexiplan”, the DBCBS AVC arrangements. After you have started contributing 6% of pensionable pay to the DBCBS you can then apply to pay extra contributions to Bonusplan or Flexiplan. To do this, please call the Pensions Helpline on 0114 241 4545 and ask about AVCs, or email Pensions Additional Benefits at pensions.additional.benefits@royalmail.com and ask for an application form to join Bonusplan or Flexiplan.

In the meantime you can find out more information on Bonusplan and Flexiplan at https://www.royalmailpensionplan.co.uk/ ... nsion-avcs" onclick="window.open(this.href);return false;


I am a RMDCP member paying AVCs. Can I keep paying into my RMDCP AVCs if I move to the DBCBS or can I transfer my AVCs to the DBCBS (or to a SIPP)? What happens to my RMDCP AVCs if I don’t transfer?

Your RMDCP AVCs are part of your overall RMDCP benefits and you cannot transfer them to the DBCBS. However, your RMDCP benefits will still remain invested in the RMDCP in their current investment funds. These benefits will still be administered by Zurich. You can take your benefits from the RMDCP separately to your DBCBS benefits at any time after minimum pension age (currently age 55). Alternatively you can transfer your RMDCP benefits to a personal pension policy/SIPP if you wish.

You cannot add to your RMDCP benefits if you move to the DBCBS, but you can pay extra to the DBCBS via “Bonusplan” or “Flexiplan”, the DBCBS AVC arrangements. After you have started contributing 6% of pensionable pay to the DBCBS you can then apply to pay extra contributions to Bonusplan or Flexiplan. To do this, please call the Pensions Helpline on 0114 241 4545 and ask about AVCs, or email Pensions Additional Benefits at pensions.additional.benefits@royalmail.com and ask for an application form to join Bonusplan or Flexiplan.

[ROSSCO]

On the AVC'S it asks for your retirement age, can you change this if required after you start paying in?

[RobertT]

On the AVC'S it asks for your retirement age, can you change this if required after you start paying in?

The normal use for AVC’s is to fund the tax free lump sum when taking your main scheme(RMPP) benefits, so 60 or 65 would be when most people would use their AVC cash.

But it is also possible to access the money from the legal minimum age, which is currently 55, totally separately from the main scheme.

In practice the only use that Zurich make of your chosen retirement age, is when they issue the annual statements and they give you a rundown of what your fund might be worth in the future.

So the simple answer is the retirement age you provide now, will have no bearing on when you can access your savings!

[arnold cheshire]

thanks for the help