Royal Mail Pension Plan review closed

Royal Mail Pension Plan review closed

In a notice published on the myroyalmail.com website today (13 March), Royal Mail said: “No decisions will be made until we have considered members’ views and have had an opportunity to discuss these with our unions. We will write to members once a decision has been made.

“We know how important pension benefits are to our colleagues. We are sorry we had to write to Plan members in January 2017 to say we believe that the current Plan will soon not be affordable.

“In the absence of an affordable alternative, from April 2018, we have proposed that future benefits for Plan members would be built up on a Defined Contribution basis. This could be either in a new section of the Plan or in the Royal Mail Defined Contribution Plan (RMDCP).”

As previously reported, Royal Mail launched the consultation in January because it believed that “the current Plan will soon not be affordable”.

Royal Mail has proposed changes which would mean that  – amongst other things – members would no longer build up future pension on a Defined Benefit basis, but would instead build up future benefits on a Defined Contribution basis.

More information on the 2018 Pension Review is available at www.myroyalmail.com/pensions.

 

About The Author

Ian Taylor

Ian Taylor is the Editor of Triangle’s Mail & Express Review Magazine and the www.postandparcel.info portal. Ian has been a business journalist for almost 30 years, editing and writing for a wide range of magazines and newspapers with a particular focus on the transport and logistics industries.

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