LTB 197/15 GOVERNMENT PENSION CHANGES – APRIL 2015

[TrueBlueTerrier]

No. 197/15

25th March 2015


To: All Branches with Postal Members


Dear Colleague

GOVERNMENT PENSION CHANGES – APRIL 2015

Branches will be aware that the government have legislated for a number of changes related to pensions being introduced as from April 2015. These changes applied to certain types of pension arrangements and are designed to provide a greater level of choice, access and flexibility in how the pensions are paid.

Attached, for your information and circulation to representatives is a Reps Brief, which has been prepared in conjunction with our Actuarial Advisors, First Actuarial.

Any enquiries on the above should be addressed to the Deputy General Secretary (Postal).

Yours sincerely

Dave Ward
Deputy General Secretary (P)

[nataddick]

What chance have we got when the CWU, who are supposed to be advising members, cannot even get the facts right on this issue.

The following extract from the leaflet attached to this LTB has used the wrong title - it should have referred to the The Royal Mail Defined Benefit Plan as not being a DC scheme

'The Royal Mail Defined Contribution Plan (RMDCP) is not a DC scheme members so RMPP members are only
affected if they have paid Additional Voluntary Contributions under the Flexiplan or Bonusplan arrangements
(see the section on this below). Even members who are not directly affected may find themselves targeted by
fraudsters running pension scams (see the section on this below)'

How someone can describe something as The Royal Mail Defined Contribution Plan and then state it is not a DC beggars belief !

[RobertT]

Couldn't agree more. Getting your head around pensions can be hard going at the best of times without people who are supposed to be helping us, not being able to get the terminology correct themselves.

[fishtank]

The embarrassing thing is this leaflet was allegedly prepared with the help of the actuarial advisors, did they charge the union for this help? I hope we kept the receipt.

[TrueBlueTerrier]

What with the Ballot paper cock up and now this, do you think there are far too many teddys being thrown out of prams at HQ, instead of keeping an eye on the detail.