Announcement in April

[markis]

What is the 'big announcement' going to be about this April 2012 , is it the privatization of royal mail ?

[fishtank]

I love a big announcement thread.
We haven't had one of these for ages.

[clashcityrocker]

I love a big announcement thread.
We haven't had one of these for ages.

Maybe it will involve lizards.
A big announcement about lizards.
Could it get any better?

[Lounge Lizard]

Tillyboo and Peter's wedding date and invitation list.

[DGP1]

I love a big announcement thread.
We haven't had one of these for ages.

Maybe it will involve lizards.
A big announcement about lizards.
Could it get any better?

MOC is bringing up the lizards on another thread so maybe he's part of the big announcement

[markis]

As far as I can gather, its RM 10 year plan for the future of the buisnness , offcom new regulations concerning the USO and deliveries, and also about restructuring and the future privatization that is looming around the corner.

[clashcityrocker]

MOC is bringing up the lizards on another thread so maybe he's part of the big announcement

Is it going to be news about a sweetheart deal?

[KREBB]

http://www.dma.org.uk/toolkit/royal-mai ... april-2012" onclick="window.open(this.href);return false;

VAT, on bulk mail.

[TrueBlueTerrier]

What is the 'big announcement' going to be about this April 2012 , is it the privatization of royal mail ?

I think I have just connected the dots.

At the moment the Government have a "case" at the EU about funding Royal Mails pension fund and whether its State Aid or if its legal etc.
Royal Mail are saying that they need a decision by April and that if the case is rejected then Royal Mail may well be insolvent.

So yes there is a decision expected by April - its whether the UK Government can take over the Pension Fund, and subsequently what effect the decision will have on Royal Mail as a company and Privatisation as a whole.

[davidwilshire]

TO: ALL BRANCHES WITH POSTAL MEMBERS


Dear Colleague

PENSIONS UPDATE

Further to LTB 1078/11 issued on the 20th December, the Union has continued regular dialogue with the government and the Royal Mail Group covering the full range of pension issues. The purpose of this LTB is to update Postal Branches on some of the key activities that are taking place.

CWU Policy

In our discussions the Union has set out to both government and Royal Mail our policy positions and in particular the assurances we require before the pensions solution is implemented. We have also had separate discussions with Royal Mail over our concerns on the new Defined Contributions Scheme, which applies for new entrants who joined after April 2008.

Secondary Legislation

In the last week, the Union has been provided with the Statutory Instruments of Secondary Legislation, due to go before Parliament, which subject to state aid clearance will implement the pensions solution. The Secondary Legislation is very detailed and incorporates the mechanics and rules of how the new government scheme will operate, how the split of assets and liabilities will be undertaken and the various safeguards required to protect members’ pension benefits. The legislative documents are currently with our lawyers and independent pension actuaries. Further dialogue will take place as appropriate.

Ongoing Work Streams

In our meetings the Union is regularly updated on the various work streams that are taking place in the background to support the pension changes that are due to take place on the 1st April 2012, subject to state aid clearance.

As part of this a team from CWU Headquarters has visited the Pensions Administration Centre in Chesterfield, to observe the work required to facilitate the distribution of members’ future pensions information.


A key work stream is the split of assets and liabilities at the point of transfer. This is about ensuring that the remaining RMPP Scheme is fully funded going forward, with not just the right level of assets - but also the right quality. Although the Pensions Trustees have a legal responsibility to oversee this work, the Union has also engaged our own independent actuaries, who we want to also verify the process. This work stream also covers the further split of assets and liabilities as part of the sectionalisation of the Royal Mail and POL schemes going forward.

Governance

The make up of the governance group for the new government scheme has been agreed and the CWU will have two nominees on this group. Given that this scheme is unfunded (i.e. no investment decisions required) this governance group will not have the same level of responsibilities as a normal trustee board. An independent Chair, Alan Pickering, has been appointed to lead the governance group.

Communications

The Pension Trustee Board has shared with us the communications they are planning in the coming weeks to explain what the government’s pension solution means to members of the scheme. We are also participating in a wider Stakeholder Forum that is discussing the need for accurate and timely information.

Separate from the above a CWU pensions pamphlet is being produced and this will set out a broader position covering the full range of pension issues.

Next Steps

You will see from the aforementioned that there is a lot of activity taking place on both the detail of the pension solution and the broader issues involved.

It appears there is now a high degree of confidence that the decision on state aid will be finalised in time for the pension solution to be implemented in April 2012.

In the meantime, our meetings and the activities outlined in this LTB will intensify over the next few weeks.

A further report will be issued in due course.

Yours sincerely


Dave Ward
Deputy General Secretary (P)

[fishtank]

pension solution
Makes it sound like a good thing doesn't it?

[clashcityrocker]

The Secondary Legislation is very detailed and incorporates the mechanics and rules of how the new government scheme will operate, how the split of assets and liabilities will be undertaken and the various safeguards required to protect members’ pension benefits. The legislative documents are currently with our lawyers and independent pension actuaries

Is there any chance they'll let you have a butchers at it Fish, then you can explain it to us lesser mortals?

[alwayskint]

Heard a rumour today,that RM are aiming for privatization in 15 months time,and all managers have to reaply for thier jobs.

[DGP1]

pension solution
Makes it sound like a good thing doesn't it?

Would it be final

[fishtank]

pension solution
Makes it sound like a good thing doesn't it?

Would it be final

No...that went in 2008.
I think it will be defined contribution based.