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Post Office steams ahead with DB closure for spring 2017

13 Oct 2016, 15:23

http://www.professionalpensions.com/pro ... pring-2017

The Post Office has moved a step closer to shutting its defined benefit (DB) scheme to future accrual in March 2017.

In a statement published on its website, the company confirmed the trustee of the Royal Mail Pension Scheme agrees with its proposal to close the Post Office section of the plan.

The closure is expected to affect around 3,200 staff and see members move to an enhanced defined contribution (DC) plan.


Post Office communications and corporate affairs director Marl Davies said: "The trustee and the Post Office are now liaising closely on next steps and we will work together to communicate fully with affected staff."

While the exact details behind the trustee's decision to support the DB closure and enhanced DC plan are not yet available, PP understands these should be released in the near future.

However, Unite, which organised managers to strike for 24 hours on 15 September, expressed its dismay at the decision.

Unite officer for the Post Office Brian Scott said: "We are disappointed and angered at today's announcement that the Post Office management has requested the pension scheme's trustees to close the scheme from the end of March 2017.

It warned 732 managers would protest and take further industrial action within the next month in conjunction with the Communication Workers Union (CWU).

According to Davies the company was "disappointed that our unions are again talking about strikes when we continue to try to reach a constructive way forward through talks at the Advisory, Conciliation and Arbitration Service."

However no significant disruption to services should occur if the strikes go ahead, he added.

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