Final Salary Pension. Need Advice

[Lefantum]

Guys. A few colleagues at our place are wondering if the proposed slash in pensionable pay , Royal Mail are attemping to introduce. next year will affect our final salary pensionable pay. We work nights a lot of us with over 30years in. My Question. If we lose our Night allowance pensionable pay and any other pensionable allowances. Will this bring down our final salary pensionable pay. lets say we take our pensions in a couple of years. Or will our current pensionable pay come 2018 be frozen. and new pensionable pay starts from 2018.

Thanks Guys.

[stephen500]

Guys. A few colleagues at our place are wondering if the proposed slash in pensionable pay , Royal Mail are attemping to introduce. next year will affect our final salary pensionable pay. We work nights a lot of us with over 30years in. My Question. If we lose our Night allowance pensionable pay and any other pensionable allowances. Will this bring down our final salary pensionable pay. lets say we take our pensions in a couple of years. Or will our current pensionable pay come 2018 be frozen. and new pensionable pay starts from 2018.

Thanks Guys.

If they have their way there will be no night allowance or any other allowance pensionable. For ex PHGs this means a reduction of around £5000 per year in pensionable allowances, going forward from 2018. Which would impact on the monthly pension and lump sum when you draw it, in that from 2018 this would not continue to build. The more years you have left the greater the effect. Myself, with 37 years pensionable pay and around 3 years to go (2018) will be less affected.

[Lefantum]

Guys. A few colleagues at our place are wondering if the proposed slash in pensionable pay , Royal Mail are attemping to introduce. next year will affect our final salary pensionable pay. We work nights a lot of us with over 30years in. My Question. If we lose our Night allowance pensionable pay and any other pensionable allowances. Will this bring down our final salary pensionable pay. lets say we take our pensions in a couple of years. Or will our current pensionable pay come 2018 be frozen. and new pensionable pay starts from 2018.

Thanks Guys.

If they have their way there will be no night allowance or any other allowance pensionable. For ex PHGs this means a reduction of around £5000 per year in pensionable allowances, going forward from 2018. Which would impact on the monthly pension and lump sum when you draw it, in that from 2018 this would not continue to build. The more years you have left the greater the effect. Myself, with 37 years pensionable pay and around 3 years to go (2018) will be less affected.

thanks Stephen. Didn't really answer my question. will our pensionable pay at retirement for final salary nra60 be based on the crappy last year no allowances pensionable . or will our nra60 pension be based on our pensionable pay as of 2017/2018. frozen until retirement

[stephen500]

Guys. A few colleagues at our place are wondering if the proposed slash in pensionable pay , Royal Mail are attemping to introduce. next year will affect our final salary pensionable pay. We work nights a lot of us with over 30years in. My Question. If we lose our Night allowance pensionable pay and any other pensionable allowances. Will this bring down our final salary pensionable pay. lets say we take our pensions in a couple of years. Or will our current pensionable pay come 2018 be frozen. and new pensionable pay starts from 2018.

Thanks Guys.

If they have their way there will be no night allowance or any other allowance pensionable. For ex PHGs this means a reduction of around £5000 per year in pensionable allowances, going forward from 2018. Which would impact on the monthly pension and lump sum when you draw it, in that from 2018 this would not continue to build. The more years you have left the greater the effect. Myself, with 37 years pensionable pay and around 3 years to go (2018) will be less affected.

thanks Stephen. Didn't really answer my question. will our pensionable pay at retirement for final salary nra60 be based on the crappy last year no allowances pensionable . or will our nra60 pension be based on our pensionable pay as of 2017/2018. frozen until retirement

I should imagine that our old ones will be on the pensionable pay with all of our allowances. If I find out any different ( and I will enquire) I will be taking it out quicker than Royal Mail or CWU can make changes!

[stephen500]

Guys. A few colleagues at our place are wondering if the proposed slash in pensionable pay , Royal Mail are attemping to introduce. next year will affect our final salary pensionable pay. We work nights a lot of us with over 30years in. My Question. If we lose our Night allowance pensionable pay and any other pensionable allowances. Will this bring down our final salary pensionable pay. lets say we take our pensions in a couple of years. Or will our current pensionable pay come 2018 be frozen. and new pensionable pay starts from 2018.

Thanks Guys.

This is on page 41 of RM proposal. Where it talks of Section C members, I am baffled. Is this talking about year upratings only of up to 5% RPI. Any thoughts. Worth a phone call.

[fly-catchers]

Guys. A few colleagues at our place are wondering if the proposed slash in pensionable pay , Royal Mail are attemping to introduce. next year will affect our final salary pensionable pay. We work nights a lot of us with over 30years in. My Question. If we lose our Night allowance pensionable pay and any other pensionable allowances. Will this bring down our final salary pensionable pay. lets say we take our pensions in a couple of years. Or will our current pensionable pay come 2018 be frozen. and new pensionable pay starts from 2018.

Thanks Guys.

This is on page 41 of RM proposal. Where it talks of Section C members, I am baffled. Is this talking about year upratings only of up to 5% RPI. Any thoughts. Worth a phone call.

I gather from that if you are a Section C member that after the 31st March your pension will stay linked to your current pay (2017/18) but will now increase each year by whatever the RPI is in September each year up to a max of 5% So if you say retire in 2020 the final salary part will be based on your wage of 2017/18 but would have also grown by inflation as well. A bit like the CARE pension which was de-linked from your salary in 2014 and has grown by the RPI since. So last year it worked in our favour as the pay rise was 1.6% and the RPI increase was 2%.