Crozier's £1M pension pot

2nd Mar 09 : POSTMAN

Crozier's new found friends The Mirror have revealed that the Royal Mail CEO has "built up a Royal Mail pension pot of £1.1million."

And that "Royal Mail have also paid at least £1million in to a private pension scheme for him since he joined in 2003. And have also made payments to him of at least £348,000 in lieu of other pension contributions."

Crozier is one of only 150 Royal Mail managers granted entry to the gold plated pension scheme.

Our own pension scheme had a '13-year pension holiday' which has played a big part of the state it is in now.

The Mirror reports that Royal Mail paid £6million last year into a pension scheme open only to Crozier and a handful of senior managers,which was a 100 per cent increase in contributions.

Royal Mail

Royal Mail refused to say if money was paid in to the executive scheme between 1990 and 2003 when no cash was paid into the main scheme.

A spokesman has been reported to have said "These decisions are taken by the trustees of the scheme on independent actuarial advice. He claimed the executive scheme has a much higher deficit proportionally than the main plan."

CWU

Kevin Slocombe "Its one rule for the bosses and another for our members.Millions are being injected into their scheme to ensure its safe for the future while washing their hands of the main scheme and waiting for the taxpayer to sort out the mess.

Whats happening is shocking and totally outrageous. Their priority seems to be protecting their own gold-plated six-figure pensions."

TUC Investigation

Tuc general secretary Brendan Barber "At a time when companies have been keen to cut costs it is always the boardrooms that seem immune."

A survey by the TUC highlighted 'the astonishing gap' between the sums directors and rank-and-file employees can expect to retire on.

"It is not acceptable for top directors to hang on to their gold-plated pensions, topped up at every opportunity, when staff are facing risky pensions that have plummeted in value." Barber added.

The average postman earning £18,000 could get a pension of just £7,800 after 30 years service.

Adam Crozier and other top managers at Royal Mail would be in line for a six-figure annual pension.

Sources:Crozier's mates/The People

Registered members can see the original news article we have on this in our Royal Mail Pension forum...

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