Pension Contribution

D125 · Post by **D125** » 29 Jul 2016, 19:24

Hi,

On my payslip my Basic Pay is listed as £412.30 with £23.96 Delivery Supplement. I do buy the extra leave (POAL) at -£11.34.

Pensions Contrib. Pay (PCP) is 329.26 (the asterisk has gone?!) and PSE Adj RMPP C is -£19.76 (6% of PCP).

Question 1: How is the PCP worked out?

Question 2: How much do Royal Mail contribute?

D125

Post by **aiden01** » 29 Jul 2016, 22:12

if you read some posts on here its around 17pc.

Post by **aiden01** » 29 Jul 2016, 22:14

D125 wrote:Hi,

On my payslip my Basic Pay is listed as £412.30 with £23.96 Delivery Supplement. I do buy the extra leave (POAL) at -£11.34.

Pensions Contrib. Pay (PCP) is 329.26 (the asterisk has gone?!) and PSE Adj RMPP C is -£19.76 (6% of PCP).

Question 1: How is the PCP worked out?

Question 2: How much do Royal Mail contribute?

D125

not sure how pcp is calculated

Post by **RobertT** » 30 Jul 2016, 13:32

RM are currently contributing 17.1% to the RMPP. But they say to keep the scheme open after April 2018 they would have to increase that to over 40%, hence why it’s going to close.

The PCP amount baffles me to be honest, but there is another thread about this very subject here: http://www.royalmailchat.co.uk/communit ... 27&t=70490" onclick="window.open(this.href);return false;, where a very knowledgeable contributor to these forums by the name of nataddick did manage to find out from HR how the figures are worked out. I have copied his post here:

nataddick wrote:I have just dug out one of my payslips from April this year as I could not work out my pensionable pay to exactly match what was on my payslip. I phoned HR and made notes from that call which I have kept.
I now recall that when I queried my pensionable pay with HR, I was told that everyone has a 'baseline' pensionable pay amount as at 1 April 2015. I was told this was based on a 2.3% increase from 1 September 2014 that being the annual RPI increase applied under the 'new' pension plan rules that were recently agreed, where RM started to increase pensionable pay by RPI in the previous September rather than actual pay increases in April.
I was given my annual baseline pensionable pay which is after deduction of the LED and then divided by 52.179 weeks. I added my pensionable shift allowance to that and deducted my POAL and it balanced exactly.
So, really without your baseline pensionable pay figure from HR you will never get the figures to balance exactly! The guy I spoke to in HR was very helpful but it took about 15 mins holding on the line before I got a full explanation.