Pension Funds Insider

Pension Funds Insider brings the latest pensions news and industry insights; from investment and governance updates to new mandate appointments and pensions regulatory information.

Unite rejects Royal Mail pensions cuts

Wednesday, August 21, 2013

Image for Unite rejects Royal Mail pensions cuts

Around 7,000 Royal Mail and Post Office managers have voted against cuts to their pensions in consultative ballots.

According to the Unite union, 78% of Royal Mail managers voted to reject the pension proposals, which could see annual pensions cut by £3,788, while around 800 Post Office managers voted by 89% to reject plans which could mean an employee on £15,000-a-year seeing their pension reduced by £544.

Unite said it will present the results to the managements of both companies before the consultation period ends on 25 August, and it has urged the company to listen to the views of its members.

Brian Scott, Unite officer for Royal Mail managers, said: "Our members have made it clear that the proposals put forward by the Post Office and Royal Mail to make changes to their pension arrangements are unacceptable.

"Our members have paid for their pensions during their working lives and it's immoral that their retirement income should be reduced in this arbitrary fashion. The respective managements should withdraw the proposals as they currently stand."

First published 21.08.2013

monique_simpson@wilmington.co.uk