Can I get some simple pension advise (RMDCP)

[postiewhite]

Hi. Ive been a RM employee for 6 years, I have mainly paid the maximum of 6% of which RM put in 10%. I have recently put in an AVC of £20 a week. Anyway tonight ive decided to look into my pension account as I havent checked it for a couple of years so when I logged onto my Zurich account it says its been deactivated. How do I now get into my pension?
Also late last year I was sent a form for me to change from RMDCP to DBCBS. In idiots terms what is the actual difference based on what I put in each week and what will I end up with when I retire.?

[RobertT]

Hi. Ive been a RM employee for 6 years, I have mainly paid the maximum of 6% of which RM put in 10%. I have recently put in an AVC of £20 a week. Anyway tonight ive decided to look into my pension account as I havent checked it for a couple of years so when I logged onto my Zurich account it says its been deactivated. How do I now get into my pension?

Perhaps it's been deactivated because you haven't logged in for so long? Contact Zurich for guidance.

Also late last year I was sent a form for me to change from RMDCP to DBCBS. In idiots terms what is the actual difference based on what I put in each week and what will I end up with when I retire.?

Here's the main differences between the two options.

RMDCP:

Contribution levels of 6%(employee) and 10%(RM) based on basic pay only.
The ability to pay in more than 6% if you wish.
A choice of investment funds(12 I think).
Can be accessed from minimum legal age, currently 55.
Can be transferred out easily should you leave RM employment.

DBCBS:

Contribution levels of 6%(employee) and 13.6%(RM) based on basic pay and pensionable allowances. But minus the Lower Earnings Deduction.
No ability to pay more directly into DBCBS, but you do have access to Bonusplan(extra contribution off RM) & Flexiplan.
No choice of investments via DBCBS, but there is a choice with Bonusplan & Flexiplan.
DBCBS can't be accessed until 65 unless you're willing to take a reduction in value.

Nobody can really answer whether one scheme is better than the other, because it depends on age, circumstances, attitude to risk, etc. But watching this video will give you somewhere to start.

Personally if I was in the DC scheme, I'd probably be staying in it.

Also bear in mind that when the new CDC scheme is introduced, you'll probably be auto-enrolled into that.