POST OFFICE: PENSION ARRANGEMENTS FOR POST OFFICE MEMBERS – POLICY TO PURSUE ROYAL MAIL AGREED CDC SCHEME
Branches will be aware that the Post Office closed its Defined Benefit (DB) pension scheme to future accrual on 31st March 2017 (despite the fact it had a healthy surplus) and imposed an unagreed Defined Contribution (DC) pension scheme.
We would like to advise Branches that we now have Postal Executive policy to pursue, on behalf of our Post Office members, a Collective Defined Contribution (CDC) pension agreement identical to that agreed with Royal Mail. As previously reported to Branches, this type of pension scheme requires regulatory and secondary legislative change. The DGS(P) Department, and also Royal Mail (and ideally the Post Office) are working together to lobby government in order to make these changes happen.
As a consequence of our policy we have submitted our claim to Paula Vennells, Post Office Group Chief Executive, and in doing so outline our policy whilst seeking a commitment that the Post Office will enter into negotiations in good faith to reach a Collective Agreement on pensions for our Post Office members.
A response from Paula Vennells is awaited and further developments will be reported as appropriate.
Any enquiries in relation to this LTB should be directed to Lea Sheridan on 020 8971 7361 or firstname.lastname@example.org.
Andy Furey – Assistant Secretary
Terry Pullinger – Deputy General Secretary (Postal)