Pensions Alert

[The Gorilla]

I refer you honourable Gentlemen to my reply at the top of page 7. It still remains valid.

See here for how simple it is in civvie street!!

http://www.railwaypensions.co.uk/mem...?intMemGroup=4

Go to "a guide to benefits page"

[Roland sizzers]

The PA question is a big one, as the pension increases under current terms are pathetic.

Paper does say that PRESERVED pensions will slip to 65 - ie (I think!!) those (paid and index linked) pensions awarded to people leaving at 38/44 etc and which currently kick in at 55.

Also the scheme of a reduced/frozen pension, paid from exit date, will be replaced by ERD payments which will probably/definitely be less.

It does however state that the IMMEDIATE pension paid at 55 will continue under an exemption for police/ armed forces.

It isn't very clear, but as far as I can see those NOT PLANNING to stay to 55 should opt to remain (option up to Apr07) on the existing terms and then they should remain on such terms until exit.

I am staring the PA spine hard in the face, offers me a chance for some more fun flying and extra cash. Details of this pension sceme and how it affects the hairy old Spec Aircrew Branch are eagerly awaited.

[Nignog]

As I understand it you only get a preserved pension if you leave before your initial pension point. Under the current sceme this preserved pension is paid at age 60 but is being moved to age 65 at some date in the future. However, this change does NOT affect you if you take your pension at or after your initial pension point when the rules will remain as they curently are.

[Roland Pulfrew]

Chaps and Chapesses

Thought I would just add this link to the debate. Telegraph doesn't seem to rate the new deal very much!!! Seems the average married person looses out for the minorities - again!!

http://www.telegraph.co.uk/money/mai...ontperson.html

[day1-week1]

From PMS 26/03 (I Think):

"....Current members...existing pensions scheme...pension rights protected....except that, for furture service from a date yet to be decided, preserved pensions will be paid at age 65 rather than at 60."

What the F**k does that mean?

[BEagle]

It means "Bend over, touch your toes and try this bat for size"......

[Shaka]

Yeah, and you can bet that the 'date yet to be decided' will not allow you to get out under your present terms....when it is eventually promulgated....or am I being cynical?
To quote the great BEagle.....'I'm reaching for the black and yellow'. Apologies in advance for any mis-quote!

Beers.

[Nignog]

If you look in the documentation for the current pension it explains clearly the difference between a pension, an initial pension and a preserved pension. A preserved pension ONLY applies if you retire before your initial pension point (38/16 or whatever) and strangely enough is the pension that is preserved (ie not paid) until 60 or 65 from TBD date. If you reach your initial pension point not of the above applies and will remain exactly as we currently know and love. Hope that helps.

[Hueymeister]

Still confused...I am due to go in Jun 2008, does that mean for example that if the date they introduce for the new scheme is ,say, Jun 2006, that I will leave in Jun 2008 with only 14/16ths the pension/gratuity, as the last 2 yrs will be counted under the new scheme?

Worryingly they have not made reference to commutation of the pension for those of us under the old scheme...can we still do it tax-free.

anyone?

[gijoe]

Not the way I understand it. It you leave in 2008 you will get what you expect to get now in 2008 - if you leave in 2007 ( ie before your 16/38 point) you will have to wait an extra 5 years until you are 65 years of age to get the preserved benefits.