Royal Mail enters talks with unions over pension change

Unite will consider strike action if Royal Mail does not "Respond positively", and the CWU said "Unagreed" changes would face a ballot. Royal Mail wants members of the scheme to change to a defined contribution plan - in which the company and staff contribute to a pension pot with no guarantee of how much the eventual payment will be. The Royal Mail pension plan currently has a £1.7bn surplus but Royal Mail forecasts that it will run out in 2018 and that continuing contributions under the existing arrangement is "Not affordable". "It said:"With our unions, we have been actively exploring possible changes to potentially enable us to keep the plan open on a defined benefit basis after March 2018 as part of our pension review process. Shares in Royal Mail were down 2% to 454p..

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