Difference in cash balance in illustration

Post by **max49** » 14 Oct 2019, 12:49

I have just received my pension illustration and comparing it with someone who works in a different office we have different Cash Balance Fund amounts. We both work full time but our amounts are different, mine is 4,636 whilst my friend's is 4,494. Does anyone know what could be the reason for this?

deltaforce · Post by **deltaforce** » 14 Oct 2019, 14:17

Pensionable pay could be slightly different

Post by **RobertT** » 14 Oct 2019, 14:19

max49 wrote:I have just received my pension illustration and comparing it with someone who works in a different office we have different Cash Balance Fund amounts. We both work full time but our amounts are different, mine is 4,636 whilst my friend's is 4,494. Does anyone know what could be the reason for this?

You're in different sections of the RMPP?
One has pensionable allowances that the other doesn't?
Different 'Pension Contrib. Pay' figures?

Post by **max49** » 17 Oct 2019, 17:02

We have both worked for Royal Mail for 30 + years so are in the same pension scheme. This financial year I pay £27.73 into my pension whereas my friend pays £26.79, the only difference in our wages is that her delivery supplement is added as 1 addition of £25.66 and mine is in 2 amounts £15.72 and a second payment of £9.93 totaling £25.65. It seems strange that there is this variation in our pension contributions as over a number of years there could be a bit of a variation in our final pension.

Post by **RobertT** » 17 Oct 2019, 17:15

It sounds as if you have different 'pension contrib pay' amounts, which is something I've never really been able to get my head round to be honest.

But if you search for it on this forum there are threads that might tell you more.

FAB · Post by **FAB** » 17 Oct 2019, 20:00

There seems to be quite a variation in the DBCBS scheme! I have been with RM over 31 years full time and am in Section C. My basic pay is £441.58 with £15.41 & £10.25 supplements. The DBCBS payment currently is £23.26 weekly and is worth at the 31st March 2019 £3827. I can understand that there would be some variation with Managers and ex Phg. And London waiting but would have thought there would be less difference between most posties!

Post by **barrowc** » 17 Oct 2019, 23:12

When the Delivery Supplement was introduced around 2010, it replaced Door To Door payments and early shift payments in Delivery. The early shift payments were pensionable and page 60 of the Business Transformation 2010 and Beyond agreement said:

Individuals in receipt of pensionable allowances incorporated into this payment will retain full pensionability of those elements on a reserved rights basis

So, if one of you had an early shift payment in 2010 and the other person did not then that might explain the difference