Pension increase for April 2011.

[Tr@cker1952]

Does anybody know what it is yet for RM pensioners ?

[petercolada113]

It should be what the RPI is

[Retired Postman]

I think it's the C.P.I. rate that matters, but from last September. (Don't ask me why back then, it's what I was told this week!)

[BELIAL]

Pensions increase RIP

[belle smith]

I think it's the C.P.I. rate that matters, but from last September. (Don't ask me why back then, it's what I was told this week!)

CPI if your in section A or B
RPI if your in section C.
Not sure why September.

[stephen500]

newsletter for members of the Royal Mail Pension Plan
http://www.royalmailpensionplan.co.uk/d ... +11+10.pdf
"Pension increases – RPI to CPI
On 8 July, the Pensions Minister Steve Webb announced Government plans to
link pension increases for private sector pensions to the Consumer Prices Index
(CPI) measure of price inflation instead of using the Retail Prices Index (RPI). This
followed an earlier announcement in the Emergency Budget that CPI would in
future be used to determine increases for public sector pensions. RPI reflects a
different basket of goods to CPI, and historically, CPI has been around 0.5% lower
than RPI. However, there have been a number of instances in the last few years
where the increase in CPI has exceeded the increase in RPI.
There are various rules in the Plan which deal with ‘increases’ but these can
be defined under three scenarios:
Increases applied to pensions in payment;
Revaluation increases applied to deferred benefits; and
Revaluation of ‘pension blocks’ during active service (under CSDB accrual).
At the time of going to print, no amending legislation has been published and
there remains some uncertainty about precisely how the proposals will affect
different aspects of the Plan’s benefit structure.
Once the detail has been clarified, the Trustee will communicate the outcome to
all Plan members.
This matter is completely unrelated to the Postal Services Bill."

[Tr@cker1952]

I just got this from a local government website. It doesn't read well to me.

CPI figures for year to September 2010 announced
In the Emergency Budget the Chancellor of the Exchequer announced that Public Sector pensions would, from April 2011, be increased by the rise in CPI for the year to September 2010, instead of the rise in RPI. The Office for National Statistics has announced that the rise in CPI for the year to September was 3.1%, whereas the rise in RPI was 4.6%. It is not yet known whether any adjustment will be made on account of the negative RPI figure for September 2009.

[baztowse]

Pension Rise should be 4.6% as per the RPI for Sept 2010, but the goverment want to pay us as the CPI 3.1%.Baz

[lekker]

It appears that Royal Mail have sold us down the river yet again. They have announced that our pension increases will be linked to CPI instead of RPI as it is at present. This will rob every member of thousands of pounds over the years. This has been done with no consultation or agreement. Typical of the disdain with which they treat their employees.

[patalford]

Just checked online Banking.No increase in pension,no increase in tax deduction,no communication from RM.
Flirted an e-mail off to Chesterfield.
What the hell is going on?

[jafferpants]

It appears that Royal Mail have sold us down the river yet again. They have announced that our pension increases will be linked to CPI instead of RPI as it is at present. This will rob every member of thousands of pounds over the years. This has been done with no consultation or agreement. Typical of the disdain with which they treat their employees.

This has nothing to do with royal mail. This change in the law affects everyone with an index linked pension across the board no matter what industry you work in.

[lekker]

It appears that Royal Mail have sold us down the river yet again. They have announced that our pension increases will be linked to CPI instead of RPI as it is at present. This will rob every member of thousands of pounds over the years. This has been done with no consultation or agreement. Typical of the disdain with which they treat their employees.

This has nothing to do with royal mail. This change in the law affects everyone with an index linked pension across the board no matter what industry you work in.

It has everything to do with Royal Mail. It is not a legal requirement, the government allowed companies to do this which is not the same thing at all. RM have taken advantage of this to short-change us.

[jafferpants]

Lekker. And you recon theres a company that wont adopt the new index linking system. Dream on!!!!.Pensions actuarys are already advising companys to switch to this method. How do i know?. simple , my wife is a pensions actuary for the company that deals with RM's pension.

[lekker]

Lekker. And you recon theres a company that wont adopt the new index linking system. Dream on!!!!.Pensions actuarys are already advising companys to switch to this method. How do i know?. simple , my wife is a pensions actuary for the company that deals with RM's pension.

Of course they will. It saves them money. i am pointing out that the "caring employer" who took a 13 year pension holiday has now grabbed this with both hands. They don't have to - but it is in their interest to do so- not the interest of those pensioners who rely on their past contributions.

[Tr@cker1952]

Yeah i though it was a rise in line with CPI. But where is it ? Do we get it next month ?

The tax year hasn't ended yet so the allowance increase should count from next week. I think.