Apr 13, 2017
Royal Mail to close defined benefit pension scheme
The FTSE 100 company said that while its pension plan - which has 90,000 members - was currently in surplus, that would run out in 2018. "We have concluded that there is no affordable solution to keeping the plan open in its current form," the company said. "Therefore, the company has come to the decision that the plan will close to future accrual on 31 March 2018, subject to trustee approval." Royal Mail wants members of the scheme to change to a defined contribution plan - in which the company and staff contribute to a pension fund with no guarantee of eventual income levels. In January, when the company began talks with unions over changes to the pension scheme, the Unite union said it would consider strike action if Royal Mail did not "Respond positively".
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