Postal pensions

Postal workers’ unions have condemned Royal Mail’s decision to close its current Defined Benefit (DB) pension scheme for future accrual in March 2018.


According to the CWU, Royal Mail plans to put all members into money purchase alternatives which could see employees losing, on average, up to a third of their future pensions. 


Ray Ellis, acting deputy general secretary (postal) said that although Royal Mail’s own consultation exercise revealed “massive opposition” to its plan, “the company has decided to ignore the views of its workforce”.


The CWU has put forward an alternative proposal for a DB Wage in Retirement Scheme and has urged Royal Mail to withdraw its plans and enter into serious talks.


And the Unite union said that if a satisfactory outcome is not reached, it could not rule out an industrial action ballot on the issue.

www.cwu.org/media/news/2017/april/13/cwu-condemns-royal-mail-pension-closure

https://www.theguardian.com/business/2017/apr/13/royal-mail-union-industrial-action-pension-scheme