Royal Mail Pension Review Update
Terry Pullinger Deputy General Secretary (Postal) has written to all CWU Branches with postal members with an update on the Royal Mail pensions consultation exercise.
Following Royal Mail’s decision to consult on the future of the DB scheme from April 2018, Letter to Branches (LTB48/17) includes a briefing document from the Union which highlights the financial impact of the company’s pension proposals and a report on the feedback from the consultation to date.
The document is in two parts. The first part provides information on the average pension loss for people who are retiring at age 60 and 65, the numbers, ages and profiles of current DB members as well as specific examples for members in different sections of the scheme (at different salary levels and with different ages and length of service). It also includes information on current DC provision.
Part two reports on the feedback from Royal Mail’s consultation exercise with scheme members, detailing the most frequently asked questions and the key issues raised.
Tony Pullinger writes:
'As the company have now provided individual illustrations for every DB member, we are encouraging those who still have questions about their future pension to contact Royal Mail directly by calling the pensions consultation helpline or visit the question and answer section on the company's website.
We would also suggest that CWU members in the current DB scheme write to Royal Mail as part of the consultation process to reject their proposals and request that the company seek a negotiated settlement with the CWU that secures a decent wage in retirement for all members (DB and DC) as one of our four key Pillars of Security.
Finally, it is worth repeating that the CWU do not accept Royal Mail’s proposals. No agreement has yet been reached with the CWU and no final decision taken on future pension provision after April 2018. With your support, the CWU will continue in talks with Royal Mail to seek a pension solution that provides all members with security and dignity in retirement.'
CWU members can obtain the website address and postal address for the consultation exercise in the full LTB obtainable from their Branch Secretary.
Meanwhile you can down load the CWU's review of the pension proposals in pdf form here