Post Office: Pension Scheme – Increasing Contributions
As part of the recently endorsed pay agreement a new top tier of pension contributions was introduced for our Post Office members. This important element of the pay agreement allows for members to increase their contribution to 8% and, in return for this, the employer will pay 12% into the scheme.
At the weekend it was being reported by members on social media that they were experiencing technical difficulties with the system in place to allow for increases to pension contributions. As a consequence, I made urgent representations to Lisa Cherry, the Group Chief People Officer, who has today responded positively. I am extremely grateful for Lisa’s prompt and helpful attention to this matter.
Whilst the cut-off for increasing pensions contributions is ordinarily linked to payroll cut-off, Lisa Cherry has exceptionally put in place an extension this month as follows: “we can honour requests received by midday on the 15th April at the absolute latest, due to our payroll timescales”.
To aid the above, the following temporary arrangements have been put in place on this occasion:
Colleagues who are unable to send requests through either their POL e-mail, or an e-mail address that they have previously registered on SuccessFactors as their private e-mail (for security reasons), can request changes by letter to the Bolton office, quoting their full name, payroll number and date of birth for verification. All requests must be in writing for audit purposes.
The address for the Bolton office is:
People Shared Service Centre
Post Office Ltd
Alternatively, the way to normally increase pension contributions is via the dedicated email address: POL.Pensions@Postoffice.co.uk
Lisa Cherry has also provided some excellent news in respect of members being proactive by increasing their pension contributions. In particular, I’m pleased to report the following: “We have had over 300 requests for colleagues to change their pension contributions since the result of the CWU ballot was announced and over 100 after the initial joint statement regarding the pay issue was first released pre-ballot.”
I am delighted so many members have responded to the opportunity to enhance their pension. Hopefully these numbers will continue to rise in the coming weeks. Indeed, it is imperative that we encourage members at every opportunity to have 20% of pay put into their pension (8% employee and 12% employer).
Branches and Representatives are urged to bring this LTB to the attention of our Post Office members.