Pensions Issues – Correspondence
Branches will be aware of the concern amongst our members in respect of the provision of pensions and members’ benefits during this uncertain time.
Evidently huge pressure is being placed on the administration of pension schemes due to the continued Covid-19 crisis and our members are rightly seeking reassurances on a number of pension issues. The pensions industry itself has made it clear that both trustees and companies should work with the scheme administrators to ensure that critical processes continue to be delivered throughout the current pandemic.
Despite this and even during such a unique time there are still unfortunately also various scams taking place and as a result it is important to ensure that members are made aware of these and are not rushed into making hasty financial decisions that they may later regret. I have therefore taken the step of writing to Jon Millidge (Chief Risk & Governance Officer, RMG) to obtain the necessary guarantees that processes are in place to pay members’ benefits, process retirement benefits and bereavement cases, agree changes in operating procedures and other associated matters (a copy of the letter is attached). Jon replied advising me that the matters raised fell under the remit of the RMPP and as such I was contacted by Richard Law-Deeks (RMPP, Chief Executive Officer). Richard has confirmed the following:
- The RMPP have put a note on their website (copy attached) which they’re reviewing and will be updating on a weekly basis.
- There is a recorded message on their helpline when members call in. This is being reviewed and updated regularly.
- They will be writing to members shortly as part of the pension’s newsletter including a Covid-19 update.
- The Trustee Executive and the Pension Service Centre are keeping a careful eye on transfers out, have introduced additional controls and staff have been briefed on scams.
It has been agreed that a note for our members will be drafted in relation to the RMPP.
Branches should also note that the CWU Pensions Working Group have been notified of the actions taken so far by the RMPP and if deemed necessary a meeting involving the CWU’s Pensions Working Group and Richard Law-Deeks will be arranged.
Branches will also be kept fully updated on further developments as and when they occur.
Any enquiries in relation to the content of this LTB should be addressed to the DGS(P) Department.
Deputy General Secretary (Postal)