Transferring pension from rmdcp to rmpp

dwainpipe · Post by **dwainpipe** » 30 Jul 2018, 18:01

Hi, I have been at Royal mail for over 5 years and have been paying into their defined contribution plan via Zurich. Now money has stopped being paid into this pension fund and i would like to transfer the funds in it, to the new pension plan.

Is this possible?

I also liked the Zurich account because it let you log in and check /change your investments which you cannot do with the new pension plan as far as i am aware. Is this correct?

Cheers.

Robertdeniro · Post by **Robertdeniro** » 30 Jul 2018, 18:40

Similar situation, 8 years in the old scheme, now on the new one and zurich told me that the funds just have to stay there so I now have 2 royal mail pensions?

Post by **RobertT** » 30 Jul 2018, 19:14

dwainpipe wrote:Hi, I have been at Royal mail for over 5 years and have been paying into their defined contribution plan via Zurich. Now money has stopped being paid into this pension fund and i would like to transfer the funds in it, to the new pension plan.

Is this possible?

No it's not possible as they are completely different schemes.

I also liked the Zurich account because it let you log in and check /change your investments which you cannot do with the new pension plan as far as i am aware. Is this correct?.

You can't login to anything regarding the DBCBS. The scheme guarantees at least yours and RM contributions and then adds 'bonuses'. I don't think the first bonus is due until 2019/20, but I could be wrong.
Everyone's money goes into one big pot, so there are no investments to change.

Robertdeniro wrote:Similar situation, 8 years in the old scheme, now on the new one and zurich told me that the funds just have to stay there so I now have 2 royal mail pensions?

Yes that's correct, although you still have the option of transferring the RMDCP(Zurich) cash into a separate pension scheme indepentent of RM if you want to.

The plan for the DBCBS is that's it's just a transitional scheme until the proposed CDC pension is introduced. You will have received a booklet giving you all the info, it's available online along with some Q&A's here.