MyRoyalMailCOM - Safeguarding your pension - Video

[TrueBlueTerrier]

Safeguarding your pension

https://www.myroyalmail.com/rmtv/safegu ... ur-pension" onclick="window.open(this.href);return false;

The Company and the unions are discussing possible changes to the Royal Mail Pension Plan. We want to tell all members of the Plan about them and how we are working to safeguard members’ pensions.


Todays WTL is brought to be "in shame" by RMC.

[heapsy]

So, let me get this straight. RM want to change, again, the pension plan, by moving the goalposts. It was mentioned in the interview that IF the unions can reach agreement with RM then all is sweet and we carry on as before. My question is this. Why isn't the current agreement "legally binding"? What this is saying is that basically we had a gentleman's agreement and RM have now decided to break that agreement. Surely they already knew about the future increases in costs? Surely the CWU and CMA/Unite knew about the increases in costs. Conned yet again by our own, ffs.

[RobertT]

So, let me get this straight. RM want to change, again, the pension plan, by moving the goalposts. It was mentioned in the interview that IF the unions can reach agreement with RM then all is sweet and we carry on as before. My question is this. Why isn't the current agreement "legally binding"? What this is saying is that basically we had a gentleman's agreement and RM have now decided to break that agreement. Surely they already knew about the future increases in costs? Surely the CWU and CMA/Unite knew about the increases in costs. Conned yet again by our own, ffs.

The only thing that's legally binding is the 'value' of your pension at the time of any change. After that date the pension can be whatever an employer decides to offer their staff.

[fishtank]

The only thing that's legally binding is the 'value' of your pension at the time of any change. After that date the pension can be whatever an employer decides to offer their staff.

Or closed entirely.

[RobertT]

The only thing that's legally binding is the 'value' of your pension at the time of any change. After that date the pension can be whatever an employer decides to offer their staff.

Or closed entirely.

Under auto-enrollment all companies now have to offer a pension to their staff or will have to by 2017 for smaller firms.

[fishtank]

The only thing that's legally binding is the 'value' of your pension at the time of any change. After that date the pension can be whatever an employer decides to offer their staff.

Or closed entirely.

Under auto-enrollment all companies now have to offer a pension to their staff or will have to by 2017 for smaller firms.

Close the CARE scheme down.
Auto-enrol into the Zurich DC scheme.

[RobertT]

Close the CARE scheme down.
Auto-enrol into the Zurich DC scheme.

It'll probably happen at some point, perhaps after this 5 year guarantee period that's been mentioned? But what percentage of our pay RM will be willing to pay is anyone's guess. Under auto-enrollment they only have to pay 1% at the moment, rising to 3% by 2018, so a lot less than the current 17%.