CWU and final salary pension scheme

[Chimps_tea_party]

Is it true that the likes of Dave Ward and Terry Pullinger still belong to a final salary pension scheme?

[RobertT]

The final salary scheme was due to be closed and replaced with a CARE scheme, although I'm not too sure what the exact timescale is. This article gives some info.

[Martin Walsh]

There are 3 pension schemes involving all staff and officers in the CWU. They are all closing and a new Care Schene being introduced. It is currently out to ballot with the staff represented by the GMB and officers by the CWU officers Branch.

Dave Ward and Terry Pullinger along with the other officers are supporting cuts to their own pensions as they are unsustainable.

[Lincox]

Cuts to a pension scheme based on salary in excess of £100k are not so onerous compared to cuts to pension schemes based on wages of £20k-£25K

[BELIAL]

Are profits unsustainable ,are dividends unsustainable ? Obviously the share price is sustainable with knobs on. Bit of a double standard going on don't you think?

[Martin Walsh]

The CWU pension scheme includes secretaries , PA’s , receptionists research staff some who are part time. So this is not about a few officers hence why the GMB have negotiated a CARE scheme. Don’t blame a union for wanting to look after the staff it employs better than Royal Mail does.

In terms of cutting costs there have been voluntary redundancies in CWU HQs , the costs of closing the 3 pension schemes and having just one will be a significant saving and the plan is to sell CWU HQs , The Elstead and Alverscot lodge within the next 18 months.

[Lincox]

What I was pointing out Dingo is that it is easier for Dave Parsons and Terry Pullinger to agree with a reduction in the value of their pension fund because of the size of their salaries as against the lower paid staff who this will make a huge difference to their standard of survival in retirement.