Pension

snakel29 · Post by **snakel29** » 14 Jul 2020, 07:43

I have been working at royal mail for 10 years, and as far as I knew I was paying into my pension as everyone else was.

Got a letter through my door, apparently I've only got £6000 in my pension pot.

So while everyone was automatically putting in a required percentage royal mail obviously had me on a lower tier for some reason.

I feel like royal have screwed me over massively.

Anyone else had this happen?

Post by **RobertT** » 14 Jul 2020, 08:32

As far as I'm aware and I'm sure someone with RMDCP experience will correct me.

Up to 2018, contributions into the RMDCP were never automatically increased - it was up to the individual to do that themselves.

I think that changed following the 4 Pillars agreement which then put everyone in the entry level(you = 5%, RM = 3%) until 1 years service and then were automatically put in the standard level which has 3 different tiers:

You = 4%, RM = 8%
You = 5%, RM = 9%
You = 6%, RM = 10%

So what percentage did you choose to pay before 2018? And what percentage are you paying now?

Also, which funds are you invested in and what is their current value?(you can log into your account and find out).
You'll probably find today's value is higher than that of your statement date(31 March), which was shortly after the CV-19 market crash. Things have improved since then!

koolishy67 · Post by **koolishy67** » 14 Jul 2020, 20:33

Look like you are invested in low risk bond fund I am with Royal mail 10 years and my statement showing £28000 in my pension pot last year me and royal put it 3600 in my fund and fund return £1500 till 31 March invested in Sharia fund that 100% stocks I am still young so I don't mind to take risk