Moving a Royal Mail pension

atush

I expect the GF was a bank or insurance company FA, not a real IFA. So are just glorified salesmen.

Im not stupid I was asking a general question because im no financial advisor after all

No one is saying you are stupid (although IMHO the FA is ;-)

We are saying trying to transfer this most excellent pension (for the salary and money paid in) would be a Stupid thing to do.

jem16

suitable69 wrote: »

He was full time and our salary has never been great (over worked under paid :rotfl:)

Cheers

So what was his salary and what was his pension after 15 years of service?

grey_gym_sock

she might have meant that it was a low-paid job overall, even including the pension. what ppl are saying in this thread is that it's a very good pension in proportion to the salary.

or she might have picked up that her father-in-law felt hard done by, and told him what he wanted to know. and perhaps she qualified that in some way, but he didn't pass that on.

basically, you can't expect to get good financial advice when it's mediated through somebody who's probably got very strong opinions on the subject and not much financial knowledge. and when the adviser was only talking informally, not actually giving advice.

CRISPIANNE3

suitable69 wrote: »

Ive been working for Royal Mail for 22 years and I want to move my pension because of whats going on at the moment.
Is it possible?

Cheers

DO NOT MOVE IT. I have a Royal Mail pension and based on my final salary. Best thing I did and are now enjoying the benefits.

Also fully protected as the government have taken over responsability of paying it.

lvader

I put the blame squarely with Unions for misleading public sectors employees that they are receiving a raw deal when they aren't. Yes no one likes the erosion of benefits but the truth is that previous governments have been far too generous and it was completely unsustainable.

bigadaj

lvader wrote: »

I put the blame squarely with Unions for misleading public sectors employees that they are receiving a raw deal when they aren't. Yes no one likes the erosion of benefits but the truth is that previous governments have been far too generous and it was completely unsustainable.

Yes it is odd, with the strike I looked on the nut website today it just focused on how things are worse than they were, nothing in comparison to what is happening in the private sector for example,

mania112

lvader wrote: »

I put the blame squarely with Unions for misleading public sectors employees that they are receiving a raw deal when they aren't. Yes no one likes the erosion of benefits but the truth is that previous governments have been far too generous and it was completely unsustainable.

I had someone on Facebook moaning about his Fire Service pension, and you're right, although the changes are not nice for them (after being used to knowing when they're going to retire), it's still a much better pension than those publicly available.

atush

lvader wrote: »

I put the blame squarely with Unions for misleading public sectors employees that they are receiving a raw deal when they aren't. Yes no one likes the erosion of benefits but the truth is that previous governments have been far too generous and it was completely unsustainable.

Too true.

How do the Unions get away with lying to their members? Is it because they do it word of mouth and dont record their diatribes?

hyubh

atush wrote: »

How do the Unions get away with lying to their members? Is it because they do it word of mouth and dont record their diatribes?

Give us examples of this 'lying'. Go on, you can do it. Can't you...?

scott_lithgows

dasherman wrote: »

Ok i know my comment wasn't very constructive, apologies for that. But as RM pension scheme members we have recieved a certain amount of bumf concerning what RM want to do with the pension. None of it says that they want to take half of it to waste or give to shareholders.

I suppose you can do, but why would you want to quit a salary based pension with currently a 18% employer contribution for a DC scheme with less benefits.

They can't touch the pension you've already built up, however they can change future accruals.

In 2008 the final salary scheme was closed and replaced a average salary one. There are currently proposals that form part of the pay talks and possible industrial action that make occur soon. What are the other 2 changes?


I thought it was 13 years and I think increased longevity and poor investment management was equally to blame.

1.I,m looking at the Pension scheme letter which said that there was £4billion left after the changes,RM want to take £2 billion then pay £1.5billion back into the scheme over 5 years (5 year payment holiday?).£0.5billion is unallocated(new home for Moya Greene?)

2.Good point,I,m just lookin at options.From what I can make out Norwich Union run the scheme,cant see them handing RM cashback.If the scheme closes its worth knowing your options.

3.2008 changes then the Government rescue then the new changes.

4.13 years fair enough,Consignia were buying East European parcel companies and building Rail hubs with expensive trains the other two.