CWS
Printed Collateral
36 page Brochure
A5 Leaflets & Flyers
PENSIONRULESARECHANGING FROM6APRIL 2015
Pension Rules Are Changing
From 6 April 2015
Frequently Asked
Questions
Can I get these flexibilities from
all of my pension schemes?
No.
These flexibilitiesdo not apply toDefinedBenefitSchemes. In
addition, not allDefinedContribution (DC)Schemeswillbe offering
these flexibilities in their own scheme, so youmay need to transfer your
DCpensionpot to another suitable arrangement to get access to all of
these flexibilities.
Will I still be able to receive
25% tax free?
Yes.
The exact size of the tax free lump sumwilldepend on theway
you access yourpensionbenefitsbut the general rule of thumb is that
the first 25%of yourbenefits that you access in a flexiblewaywillbe
free of tax.
Once I begin to access my
benefits in a flexible way is there
any change to my future pension
savings?
Yes therewillbeachange.
If you receive anypension income under
the new flexibility rules then any future contributions to aDefined
Contribution schemewillbe limited to £10,000 a year.
Glossary
Annuity –
amethod of receiving a guaranteed income from your
DefinedContributionpensionwhere you “buy” the income in exchange
for yourpensionpot. There are a number ofdifferent options regarding
deathbenefits and future increaseswhich aredecided at the outset.
EnhancedAnnuity –
if you have a health condition/lifestylewhich
may result in a shorter life expectancy youmayqualify for anEnhanced
Annuity thatwillpay out at a higher rate than a regular annuity.
DefinedContribution
pension schemes (often calledMoney
Purchase) arepensionbenefitswhere you have a fund value
determinedby the contributions you (and/or your employer)make, any
investment return your fund receives less any charges leviedby the
fundmanagers and administrators.
DefinedBenefit
(often called FinalSalary schemes) arepension
schemeswhere yourbenefit is calculated as aproportion of your salary
determinedby the numberof years youwere in the scheme.
CashEquivalentTransfer
Value the value offered to amember
of aDefinedBenefitpension scheme thatwouldbepaid aDefined
Contribution scheme in lieu of any furtherbenefit in the scheme.
PensionsLiberation –
away of accessing yourpensionbenefits,
usuallybefore age 55, via complicated loans or investments. Thiswill
usuallybe accompaniedby excessive charges andpotential for large
tax charges.Yourpensionwouldbe at risk and these should
be avoided.
04618 Publishedby theCommunicationWorkersUnion2015
Creative:www.parkhouse-evans.co.uk 15_0057
150TheBroadway
Wimbledon
LondonSW19 1RX
020 8971 7200
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1
CONFERENCE
2015
CWU International Reception
Refreshments
provided
WE LOOK FORWARD TO MEETING YOU AT
2015 CONFERENCE
CWU
CONFERENCE
2015
MONDAY
27 APRIL
12:45pm
Bay View Suite 2,
Bournemouth
International
Centre
Refreshments
provided
Background
InternationalWorkersMemorialDay takes
place annually around theworld onApril28
every year.On thisday, theCWU alongwith
otherUnions across theWorld remember those
workers, especiallyCWUmembers,who have
died atwork. Trade unionists around theworld
join together tomark thisdayofmourning.
Thisworldwidedayof reflection is adayof
remembrance forworkers killed, injured ormade
illby theirworkwasdesignated to honour the
workerswho havedied atworkof occupational
injuries or illnesses and those injuredormade
illbywork every year. It is also adayonwhich
workers call for saferworkplaces andworking
conditions. TheWorkersMemorialDaypurpose
and sloganbehindWorkersMemorialDay is
“Remember theDead and Fight for the Living”.
Workers’MemorialDay is an opportunity
to highlight thepreventable natureofmost
workplace accidents and ill health and to
promote campaigns and unionorganisation
in the fight for improvements inworkplace
safety. TheTUC, allUK TradeUnions along
with those inEurope and across theWorldwill
be focusingon these areas,by considering
commemoration events ormemorials to
remember all those killed throughworkbut at
the same time committing to fight to ensure
that such tragedies are not repeated. That can
bestbedonebybuilding strong trade union
organisation, representation and campaigning
for stricter enforcement of safety laws and
standardswith higherpenalties forbreaches
of health& safety laws.Decadesof struggle
byworkers and theirUnions have resulted in
significant improvements inworking conditions.
But the tollofworkplace injuries, illnesses and
deaths remains enormous.Each year, 2million
workersdiedue to unsafe or unhealthywork
andworkplaces around the globe.Millionsmore
are injuredordiseasedbecause of their jobs.
Every yearmorepeople are killed atwork than
inwars.Mostdon’tdieofmystery ailments,
or in tragic “accidents”.Theydiebecause an
employerdecided their safety justwasn’t that
important apriority.Workers’MemorialDay
(WMD) commemorates thoseworkers.
The TUC andCWUbelieve thatwe should
use theday to highlight the need for strong
regulation an national,European and global
level.We need to stop companies in theUK
frombenefitting from the lack of health and
safety standards that lead todisasters such
as theStocklinePlastics factory explosion
inGlasgow, killing9 and injuring 33 and the
Bangladesh factory collapse that killedover
1,100workers.We also need a strong strategy
on health and safety from theEuropean
Commissionwhichwill raise standards
throughoutEurope,while in theUKwe need an
end to the cuts in enforcement and regulation
and instead action to tackle the huge number of
occupationaldiseases and injuries.
Dave Joyce
NationalHealth,Safety&
EnvironmentOfficer
(WMDHistory,Statistics,Events,Resources,
DamageDone toH&Sby theCoalition
Government,CWUH&SManifesto, LabourParty)
workers memorial day
28 april 2015
Removing Exposure
to Hazardous Substances
in the Workplace
4,000 dying
fromwork-
related chronic
obstructive
airways disease
each year.
4,000dying
fromwork-
related chronic
obstructive
airwaysdisease
each year.
Each YEar ExposurE to
hazardous substancEs
cost WorkErs LivEs
WorkErsmEmoriaLdaY 28apriL 2015
8,000
die from
Cancereachyear.
13,000
newcasesof
Cancereach year.
4,000
dying from
work-related
chronicobstructive
airwaysdisease
eachyear.
600,000
killedor
injuredatwork
ordevelopinga
newwork related
diseaseeach year.
2,000,000
people
sufferingahealth
problem related to
theirwork.
mourn forthEdEad,
fight forthELiving
removingexposure tohazardous
substances in theworkplace
Unseendangerscanbedeadly
Your LocalEvent:
Time&Place:
Contact:
DaveJoyce -NationalHealthandSafetyOfficer
15_0089
EachYear Exposure to
Hazardous Substances
CostWorkers Lives
WorkErsmEmoriaLdaY
28apriL 2015
YourLocalEvent:
Time&Place:
Contact:
mourn forthEdEad,
fight forthELiving
removingexposure tohazardous
substances in theworkplace
Unseendangerscanbedeadly
4,000dying from
work-related
chronicobstructive
airwaysdisease
eachyear.
8,000
die from
Cancereach
year.
13,000
new
casesofCancer
each year.
600,000
killedor
injuredatwork
ordevelopinga
newwork related
diseaseeach year.
2,000,000
people
sufferingahealth
problem related
to theirwork.
DaveJoyce -NationalHealthandSafetyOfficer
15_0089
EachYear Exposure to
Hazardous Substances
CostWorkers Lives
E chYear Expo ure to
Hazardous Substances
CostWorkers Lives
8,000
die fromCancer
each year.
13,000
newcasesof
Cancereachyear.
4,000
dying fromwork-related
chronicobstructiveairways
diseaseeach year.
2,000,000
people suffering
ahealthproblem
related to their
work.
600,000
killedor injuredat
workordeveloping
anewwork related
diseaseeach year.
mourn forthEdEad,
fightforthE Living
removingexposure tohazardous
substances in theworkplace
Unseendangerscanbedeadly
Your LocalEvent:
Time&Place:
Contact:
WorkErsmEmoriaLdaY
28apriL 2015
DaveJoyce -NationalHealthandSafetyOfficer
15_0089
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PENSION
UNDERSTANDING YOUR ROYAL MAIL
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UNDERSTANDINGYOURROYALMAILPENSION
30
6. your State Pension
(Retiring from 6 April 2016)
This section applies to
you if you will reach your
State PensionAge after
5April 2016.
Thegovernmenthasannounced sweeping
changes toStatePensions foreveryone reaching
StatePensionAge from 6April 2016.Thedetailof
theseproposals isnot yet settledbut there isan
outlineofwhat isproposedbelow.
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UNDERSTANDINGYOURROYALMAILPENSION
31
Howdo Iqualify foraStatePension?
Single tier (flat-rate)
pension
Youwillqualify for the full single tierpension if youhave;
•
ReachedyourStatePensionAge (SPA);and
•
Made35 years’worthofNational Insurance (NI)contributions – ifyouhavemade less than
this,your single tierpensionwillbeadjusted to reflect thenumberofqualifyingyearsyou
have.
Youmusthaveaminimumof 10years’NI contributions toclaimany statepension
Thisnewflat ratepension replaces the current two-tier systemof theBasicStatePensionand
StateSecondPension. Italsomeans theendof ‘contracting-out’underwhich anemployer
couldprovide itsownpension scheme inplaceof theStateSecondPension schemeand in
returnpay lowerNational Insurancecontributions
StatePensionAge
When ismyState
PensionAge (SPA)?
•
Formen,SPA iscurrently65
•
Forwomen,SPAhasbegun to rise from60 in2010 to65 inNovember2018
SPAwill risegradually forbothmenandwomen fromDecember2018. ToworkoutyourSPA,use the
onlineStatePensioncalculatorat
Can Idelay takingmy
StatePension?
further informationcanbeobtainedhere:
Howmuch is theStatePension?
Single tier (flat-rate)
pension
Theamounthasnotbeendecidedyetbutwillnotbe less than£148.40perweek.
This is theamount thatanyonewho starts theirworking lifeafter6April2016andpaysNI
contributions forat least35yearswillget
Special rulesapply toeveryonewhoworkedandpaidNational Insurancecontributionsbefore6April
2016 tomake sure thechangeover is fairand that:
•
Theygetat leastasmuch statepension for the timeworkedup to6April2014as theywouldhave
gotunder theold ruleswhichappliedup to6April2016
•
Inworkingout theamountof thenew statepension taken tobealreadyearnedat6April2016a
deductionwillbemade forany time spent inacontractedoutpension scheme.This isbecause
contractedoutpension schemes replacepartof the statepension (theStateSecondPension)
TheRoyalMailPensionPlan
is
contractedoutofSSP so thisdeductionwouldapply toRMPP
members.Thegovernmenthasannouncedcontractingoutwillcease inApril2016
TheRoyalMailDefinedContributionPlan
isnot
contractedoutofSSP thisdeduction
wouldnot
apply toRMDCPmembers (unless theywerecontractedout inaprevious job)
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