14th October 2019
New Wage in Retirement Pension Scheme for all our Royal Mail Group Members – Queen’s Speech
Further to LTB 165/19 issued on 18th March 2019. I am pleased to report that the Pensions Schemes Bill was announced as part of the Queen’s Speech earlier today.
This Bill will pave the way for the introduction of our historic DB/CDC (Collective Defined Contribution) scheme for all Royal Mail Group members. This wage in retirement scheme formed an integral part of the Four Pillars/Guiding Principles Agreement.
When our scheme is introduced it will be the first of its kind in the United Kingdom and will herald a historic moment for this Union. Furthermore the new innovative pension arrangements will ensure that present and future generations of postal workers will have both dignity and security in their retirement.
It is also worth remembering that this milestone would not have been achieved without the support of our members and a strong CWU presence in the workplace. Please find attached to this LTB the Press Release that the Union has circulated today which highlights our thanks to those that have ensured we have reached this stage.
It should be noted that this is only the first part of the Bill’s journey to become legislation but it is still a huge moment for this Union and its loyal membership. Branches and Representatives will be updated on further developments as and when they occur.
Any enquiries in relation to the content of this LTB should be addressed to the DGS(P) Department.
Deputy General Secretary Postal