New Wage in Retirement Pension Scheme for all our Royal Mail Group Members
In the Four Pillars Guiding Principles Agreement we recognised that we had a unique opportunity to take a leadership position to influence the world of pensions and provide innovative new pension arrangements. Against that backdrop, we agreed with Royal Mail Group a new Wage in Retirement scheme to replace the DB and DC schemes.
There has been many recent enquires regarding the progress of establishing the required legislation to allow our scheme to be introduced and today the Government’s Department of Work and Pensions released its response to the recent consultation.
This, along with the Government’s Press Release (please find attached both documents) represents a major milestone of progress and clearly demonstrates that the legislation to enable our scheme will now be drafted and introduced.
The consultation response clearly confirms that we are the pioneers in driving new forms of collective pension arrangements and that our scheme will be the first introduced, making history in this country. Without doubt our best day will be when our scheme opens but this is still a significant moment.
This is extremely positive progress and an important moment to remind all our Representatives and members that none of this would have been achieved without their support and our brand of strong workplace trade unionism.
Any enquiries in relation to the content of this LTB should be addressed to the DGS(P) Department.
Deputy General Secretary (Postal)