Pension Review

Pension Review
Further to LTB 28/17 and Royal Mail’s decision to consult on the future of the DB scheme from April 2018, I attach a briefing document 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.
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 on: 0345 850 0081. Members can also visit the question and answer section at http://www.royalmail.com/pensions.
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. This can be done by post: Freepost MY PENSION, Pond Street, Sheffield, S98 6HR or by email: my.pension@royalmail.com (writing FEEDBACK in the subject header).
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.
Further updates will be provided to Branches in due course.
Any enquiries relating to this LTB should be addressed to the DGS(P) Department.
Yours sincerely
 
Terry Pullinger

Deputy General Secretary (Postal)
Email Attachments – Click to download
· LTB 048/17 – Pension Review

· Attachment 1 to LTB 048/17 – Pension Review