Apr 28, 2017

Union rejects latest Royal Mail pension offer

Royal Mail's latest pension offer has been rejected by the union representing front-line staff, pushing the postal operator closer to its first national strike since it was privatised four years ago. The company announced earlier this month that it would close its £7.4bn defined benefit pension scheme to future accruals from March 2018, prompting the union to obtain advance approval for a strike ballot. The CWU had billed its plan as a new kind of pension arrangement that would share some financial risks between workers and employers, and would have united the 90,000 members of Royal Mail's defined benefit scheme with the 40,000 defined contribution scheme members under a single umbrella. The CWU's conference on Tuesday endorsed "An immediate ballot for strike action" if Royal Mail tried to impose its plans or failed to "Positively respond" to the CWU's proposals by August. "The CWU may claim credit for [getting] a better deal than the defined contribution pension offered by Royal Mail, but in truth this is just smoke and mirrors, which does very little for Royal Mail employees," said Mr Ralfe.

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