Examples Of Cuts In Pensions/Calculator spread sheet.

Senior Service · Post by **Senior Service** » 07 Nov 2007, 14:49

Could any very clever person out there give us some examples of how our pensions will be affected if we still wish to retire at our present age of 60.
A few examples would be nice covering those people of different ages and lengths of service.

I ask this because some still think that it is only new people that will have to work to 65 and us old timers will still be able to retire at 60 on a normal pension.

POSTMAN EDIT:Calculator spread sheet is in the link below

www.royalmailchat.co.uk/images/pension.xls

Post by **TrueBlueTerrier** » 07 Nov 2007, 15:44

Senior Service wrote:Could any very clever person out there give us some examples of how our pensions will be affected if we still wish to retire at our present age of 60.
A few examples would be nice covering those people of different ages and lengths of service.

I ask this because some still think that it is only new people that will have to work to 65 and us old timers will still be able to retire at 60 on a normal pension.

I think this has been agreed with the Pension people. The cwu asked for personal illustrations on the effects of our pensions and I believe we are going to get it.

Post by **dvbuk55** » 07 Nov 2007, 15:51

Senior Service wrote:Could any very clever person out there give us some examples of how our pensions will be affected if we still wish to retire at our present age of 60.
A few examples would be nice covering those people of different ages and lengths of service.

I ask this because some still think that it is only new people that will have to work to 65 and us old timers will still be able to retire at 60 on a normal pension.

There is supposed to be some examples when the consultation eventually reaches us - but I think a good rule of thumb is the older the better - if you are 60 before 2010 you will be able to retire at 60, after 2010 you will still be able to retire at 60 BUT for each year you go early you will lose 5% of the NEW pension. You will draw your current pension at final salary 2008 with RPI increase up to retirement.

What the new pension will be with a career average of earnings is really a guess - but so is the existing scheme if you understand that the final salary is based on you being 60 at that time - so if you're only 36 then the final salary projection is a guestimate.

Post by **stephen500** » 07 Nov 2007, 15:57

my calculations with 30 years service in final salary and ten years in care lead me to believe that the effect, for me, on the yearly pension in neither here or there BUT the effect on the lump sum is huge being at least Â£8000.

borderscot · Post by **borderscot** » 07 Nov 2007, 16:05

I'll have 26 years on final salary and 4 on new pension and I lose about Â£2600 lump sum and around Â£25 weekly. Waiting on written confirmation

Senior Service · Post by **Senior Service** » 07 Nov 2007, 19:39

So really its what i thought we dont really know what we are committing to by voting Yes, and with all the gloating of RM it aint gonna be good!

So to sum up vote NO

bigsharkboy · Post by **bigsharkboy** » 07 Nov 2007, 23:20

got sent a pension spread sheet from branch sec which came from the bristol branch

not got the pc knowledge to post it ere

but if anybody wants it send me a PM and will email you it ok

my example states my total loss inc lump sum and deferred pension is just under 30 k

feck em :cfo :lfo

oxboy · Post by **oxboy** » 08 Nov 2007, 13:57

Its not good whatever im seething and to think our union are even contemplating this makes my blood boil im just so unhappy about this debacle its a sham we have been well and truly sold down the river.
The most annoying thing is we are being told its because we need to invest thats total boll..s its because RM took a pensions break thats why we are in the shi. and now we are expected to make ammends for this.
It could only happen in this country total joke.

madelin4 · Post by **madelin4** » 08 Nov 2007, 14:52

bigsharkboy wrote:got sent a pension spread sheet from branch sec which came from the bristol branch

not got the pc knowledge to post it ere

but if anybody wants it send me a PM and will email you it ok

my example states my total loss inc lump sum and deferred pension is just under 30 k

feck em :cfo :lfo

So you loose 30k!!!OMG!!! ones that are being paid off on ill health are getting it now.

bigsharkboy · Post by **bigsharkboy** » 09 Nov 2007, 21:50

bigsharkboy wrote:got sent a pension spread sheet from branch sec which came from the bristol branch

not got the pc knowledge to post it ere

but if anybody wants it send me a PM and will email you it ok

my example states my total loss inc lump sum and deferred pension is just under 30 k

feck em :cfo :lfo

nelson · Post by **nelson** » 11 Nov 2007, 08:40

I have tried to make sense of the spreadsheet but I can not. Could someone please explain how to use it.

Maybe its just me just THICK (no comments please !!!)

Post by **TrueBlueTerrier** » 11 Nov 2007, 08:53

nelson wrote:I have tried to make sense of the spreadsheet but I can not. Could someone please explain how to use it.

Maybe its just me just THICK (no comments please !!!)

Work out how many years till you reach 40 years under the pension plan, or age 60 which ever is the closest and read across that line

for example

nelson · Post by **nelson** » 11 Nov 2007, 11:40

TBT Thanks for that. Must have been the late night last night

Post by **POSTMAN** » 11 Nov 2007, 21:56

Sorry guys had a brain attack last night

There's a link in the 1st post and in this one.
I've uploaded the spread sheet calculator doc onto the server.

www.royalmailchat.co.uk/images/pension.xls

bigsharkboy · Post by **bigsharkboy** » 12 Nov 2007, 19:59

thanks postman

hope you all find it usefull

ROYALMAILCHAT

Examples Of Cuts In Pensions/Calculator spread sheet.

Examples Of Cuts In Pensions/Calculator spread sheet.

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pension spread sheet

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